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Deal Overview

Buyer:
United Bankshares, Inc.
Actual Acquirer:
United Bankshares, Inc.
Target:
Fed One Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
2/18/1998
Announcement Date:
2/18/1998
Announced Deal Value ($ M):
92.20
Status:
Completed
Completion Date:
10/1/1998
Announced Deal Value Per Share ($ )
36.47

Consideration Breakout
Common Stock ($M) 98.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 213.4 236.0
Price / Tangible Book (%) 222.8 245.3
Price / Earnings (x) 27.4 31.0
Price / Deposits (%) 35.90 38.01
Price / Assets (%) 25.34 26.43
Tangible Book Premium/ Deposits (%) 23.69 26.33
Deal Terms
Description of Consideration

Fed One shareholders received 1.5 shares of United common for each share held. Terms were in effect while United's stock price remained above $19.47.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) 50.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 1.500000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 33.5000
% of Shares Outstanding 19.90
Shares Under Option 474,800
Core Deposit Intangibles ($ 000) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes Ryan Beck & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bowles Rice LLP
Seller Yes Elias Matz Tiernan & Herrick