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Deal Overview

Buyer:
United Bankshares, Inc.
Actual Acquirer:
United Bank
Target:
George Mason Bankshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
9/11/1997
Announcement Date:
9/11/1997
Announced Deal Value ($ M):
208.40
Status:
Completed
Completion Date:
4/2/1998
Announced Deal Value Per Share ($ )
38.68

Consideration Breakout
Common Stock ($M) 236.4
Common Stock Issued 9,480,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 291.0 302.4
Price / Tangible Book (%) 291.9 NA
Price / Earnings (x) 26.3 28.4
Price / Deposits (%) 27.24 28.85
Price / Assets (%) 21.63 23.04
Tangible Book Premium/ Deposits (%) 21.18 NA
Deal Terms
Description of Consideration

George Mason shareholders received 1.7 shares of United Bankshares common stock for each share held. Deal value includes the exercise of George Mason's options.

Accounting Method Pooling of Interests
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) 20.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 9,000
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 1.700000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 32.3800
% of Shares Outstanding 19.90
Shares Under Option 1,018,000
Core Deposit Intangibles ($ 000) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes B. Riley FBR Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Sullivan & Cromwell LLP
Seller Yes Silver Freedman Taff & Tiernan