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Stock Market & Financial Investment News

News Breaks
January 30, 2013
08:01 EDTUBSI, VCBIUnited Bankshares to acquire Virginia Commerce
United Bankshares (UBSI) Chairman and CEO, Richard M. Adams, announced the signing of a definitive merger agreement with Virginia Commerce Bancorp (VCBI). United will acquire 100% of the outstanding shares of VCBI in exchange for common shares of United. The exchange ratio will be fixed at 0.5442 of Unitedís shares for each share of VCBI which equates to a deal value of $14.00 per share, or approximately $490.6M in the aggregate, based on Unitedís ten-day average closing price of $25.73 as of January 29, 2013. The transaction, which has been unanimously approved by both Unitedís and VCBIís Boards of Directors, is expected to close in the third quarter of 2013, pending regulatory approvals and the approval of Unitedís and VCBIís shareholders. The aggregate consideration of the transaction is approximately $490.6M based on VCBIís common shares outstanding, plus outstanding options and warrants. The announced price represents a premium of 15% over VCBIís closing price on January 29, 2013, and 1.82 times VCBIís tangible book value at December 31, 2012.
News For UBSI;VCBI From The Last 14 Days
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October 29, 2014
07:51 EDTUBSIUnited Bankshares reports Q3 EPS 48c, consensus 50c
Third quarter of 2014 results produced a return on average assets of 1.10% and a return on average equity of 7.96%, respectively. For the first nine months of 2014, Unitedís return on average assets was 1.12% while the return on average equity was 8.22%. Unitedís Federal Reserve peer groupís most recently reported average return on assets and average return on equity were 0.93% and 8.20%, respectively, for the first half of 2014. Unitedís annualized returns on average assets and average equity were 1.04% and 8.64%, respectively, for the third quarter of 2013 while the returns on average assets and average equity was 1.05% and 8.72%, respectively, for the first nine months of 2013. The results for the third quarter and first nine months of 2014 included noncash, before-tax, other-than-temporary impairment charges of $4.7 million and $5.8 million, respectively, on certain investment securities. United continues to be well-capitalized based upon regulatory guidelines. Unitedís estimated risk-based capital ratio is 13.4% at September 30, 2014 while its Tier I capital and leverage ratios are 12.5% and 10.6%, respectively. The regulatory requirements for a well-capitalized financial institution are a risk-based capital ratio of 10%, a Tier I capital ratio of 6% and a leverage ratio of 5%.

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