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Deal Overview

Buyer:
United Bankshares, Inc.
Actual Acquirer:
United Bankshares, Inc.
Target:
First Patriot Bankshares Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
2/19/1997
Announcement Date:
2/19/1997
Announced Deal Value ($ M):
39.10
Status:
Completed
Completion Date:
8/1/1997
Announced Deal Value Per Share ($ )
17.00

Consideration Breakout
Cash ($M) 39.1

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 236.4 232.9
Price / Tangible Book (%) 240.1 236.4
Price / Earnings (x) 18.7 17.2
Price / Deposits (%) 25.34 26.20
Price / Assets (%) 20.38 21.51
Tangible Book Premium/ Deposits (%) 18.09 18.74
Deal Terms
Description of Consideration

First Patriot shareholders received $17.00 in cash for each share held. The deal value includes the cashing out of First Patriot's options and warrants.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 26,291
Estimated Cost Savings (%) 20.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) NA
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) 1,837
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Baxter Fentriss & Company
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bowles Rice LLP
Seller Yes Chadbourne & Parke LLP