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United Bankshares (UBSI) To Buy Virginia Commerce (VCBI) For About $490.6 Mln

 January 30, 2013 09:24 AM
 


(By Mani) United Bankshares, Inc. (NASDAQ: UBSI) said it has agreed to acquire Virginia Commerce Bancorp Inc. (NASDAQ: VCBI) for about $490.6 million to expand its footprint in the Washington, D.C. and Northern Virginia. On the news, shares of Virginia Commerce were up 11 percent in the pre-market hours.

United Bankshares, which has completed and effectively integrated 28 acquisitions since 1982, would pay $14 for each share of Virginia Commerce, representing a premium of 15 percent over VCBI's closing price on Jan. 29, 2013, and 1.82 times VCBI's tangible book value at Dec. 31, 2012.

With this acquisition, United will hold the No.8 deposit market share position in the Washington, D.C. metropolitan statistical area (MSA). United Bankshares currently has $8.4 billion in assets and 115 full-service offices in Ohio, West Virginia, Virginia, Maryland, Pennsylvania and Washington, D.C.

Arlington-based Virginia Commerce has $2.8 billion in assets and 28 banking offices, one residential mortgage origination office and one wealth management office. With the acquisition of Virginia Commerce, United Bankshares'assets will grow to about $11.2 billion.

The deal, which has been unanimously approved by both companies Boards of Directors, is expected to close in the third quarter of 2013, pending regulatory and shareholder approvals.

Keefe, Bruyette & Woods, Inc. served as financial advisor for United Bankshares, while Sandler O'Neill + Partners, L.P. advised Virginia Commerce on the deal.

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