UBSI
United Bankshares, Inc.NASDAQ
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  • Thu, Aug. 18, 9:00 AM
    • Cardinal Financial (NASDAQ:CFNL) owners will receive 0.71 share of United Bankshares (NASDAQ:UBSI) for each share of CFNL they hold - a total deal value of about $912M, or $27.63 per share based on UBSI's close last night.
    • The price represents 2.24x Cardinal's tangible book value as of June 30.
    | Thu, Aug. 18, 9:00 AM
  • Thu, Aug. 18, 8:01 AM
    • According to a leak yesterday, a sale of Cardinal Financial (NASDAQ:CFNL) to United Bankshares (NASDAQ:UBSI) was in the works.
    | Thu, Aug. 18, 8:01 AM | 1 Comment
  • Wed, Aug. 17, 7:48 AM
    • A deal could be announced as early as this week (it could also fall through), according to the report.
    • Northern Virginia-based Cardinal (NASDAQ:CFNL) has total assets of $4.2B, and United Bankshres (NASDAQ:UBSI) - based out of D.C. and Charleston, WV - has about $14B in assets.
    • A deal would be the latest in regional bank mergers, as lenders - facing a revenue squeeze thanks to low rates, and an expense squeeze from post-crisis regulations - look to add value by getting bigger.
    • Cardinal reportedly put itself on the block in late July.
    • UBSI -0.6%, CFNL +3% premarket
    | Wed, Aug. 17, 7:48 AM | 2 Comments
  • Jan. 30, 2013, 8:32 AM

    More action in community bank M&A where Virginia Commerce Bancorp (VCBI) agrees to be acquired by United Bankshares (UBSI). The stock deal has a value of $14 based on the 10-day average closing price of United. VCBI closed at $12.21 yesterday, but were around $9.50 two weeks ago when the bank put itself on the block. Book value as of Sept. 30 was $7.63 ... nice.

    | Jan. 30, 2013, 8:32 AM | 1 Comment