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Deal Overview

Buyer:
United Bankshares, Inc.
Actual Acquirer:
United Bankshares, Inc.
Target:
Eagle Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
8/21/1995
Announcement Date:
8/21/1995
Announced Deal Value ($ M):
93.40
Status:
Completed
Completion Date:
4/12/1996
Announced Deal Value Per Share ($ )
34.21

Consideration Breakout
Common Stock ($M) 91.4
Common Stock Issued 3,138,704

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 198.3 190.4
Price / Tangible Book (%) 198.3 190.4
Price / Earnings (x) 17.2 19.3
Price / Deposits (%) 30.38 30.49
Price / Assets (%) 24.33 23.15
Tangible Book Premium/ Deposits (%) 17.35 16.46
Deal Terms
Description of Consideration

Eagle shareholders received 1.15 shares of United Bankshares common stock for each share held. The exchange ratio was fixed. Eagle could have walked away from the deal if United's stock price fell below $25.00.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) 22.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,500
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 1.150000
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) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Wheat First Union
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bowles Rice LLP
Seller Yes Elias Matz Tiernan & Herrick