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Deal Overview

Buyer:
United Bankshares, Inc.
Actual Acquirer:
United Bankshares, Inc.
Target:
Bank First, NA
Deal Type:
Bank & Thrift Company
Agreement Date:
12/8/1989
Announcement Date:
12/8/1989
Announced Deal Value ($ M):
10.00
Status:
Completed
Completion Date:
8/10/1990
Announced Deal Value Per Share ($ )
18.61

Consideration Breakout
Common Stock ($M) 8.7

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 214.7 181.1
Price / Tangible Book (%) 214.7 181.1
Price / Earnings (x) 14.3 19.8
Price / Deposits (%) 43.09 48.31
Price / Assets (%) 35.71 37.85
Tangible Book Premium/ Deposits (%) 30.07 27.39
Deal Terms
Description of Consideration

Bank First shareholders received 1.4043 shares of United common for each share held.

Accounting Method Pooling of Interests
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? NA
Goodwill Generated ($ 000) 0
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) 1.404300
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement NA
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 NA NA
Seller Yes McKinnon & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes McGrath Bowles & Rice
Seller Yes McGuireWoods LLP