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Deal Overview

Buyer:
United Bankshares, Inc.
Actual Acquirer:
United Bankshares, Inc.
Target:
Cardinal Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
8/17/2016
Announcement Date:
8/18/2016
Announced Deal Value ($ M):
929.44
Status:
Completed
Completion Date:
4/21/2017
Announced Deal Value Per Share ($ )
27.63

Consideration Breakout
Common Stock ($M) 967.1
Common Stock Issued 23,690,590

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 204.7 212.5
Price / Tangible Book (%) 223.1 230.4
Price / Earnings (x) 19.5 19.8
Price / Deposits (%) 28.64 28.69
Price / Assets (%) 22.14 22.83
Tangible Book Premium/ Deposits (%) 20.17 NA
Deal Terms
Description of Consideration

United Bankshares Inc. exchanged 0.71 shares of its common stock for each outstanding share of Cardinal Financial Corp. United Bankshares Inc. also assumed Cardinal Financial Corp.'s Trust Preferred Securities.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 614,000
Estimated Cost Savings (%) 25.00
Estimated Cost Savings ($ 000) 25,512
Est. Restructuring Charges ($ 000) 49,231
Maximum Termination Fee ($ 000) 36,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.710000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 28,724
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bowles Rice LLP
Seller Yes LeClairRyan