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Deal Overview

United Bankshares, Inc.
Actual Acquirer:
United Bankshares, Inc.
First Commercial Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
Announcement Date:
Announced Deal Value ($ M):
Completion Date:
Announced Deal Value Per Share ($ )

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 197.5 NA
Price / Tangible Book (%) 197.5 NA
Price / Earnings (x) 22.3 NA
Price / Deposits (%) 18.11 NA
Price / Assets (%) 16.17 NA
Tangible Book Premium/ Deposits (%) 9.66 NA
Deal Terms
Description of Consideration

First Commercial shareholders will receive either 1.12 shares of United common stock and $26.25 in cash or $52.57 in cash for each share held. The agreement is collared around the UBSI stock prices of $27 and $20.

Accounting Method Purchase
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) NA
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) 1.120000
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) NA
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 Robins Kaplan Miller Ciresi