New User:

-or-
Username:
Password:
Forgot your password?

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
Check below for free stories on UBSI;VCBI the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
July 29, 2014
07:51 EDTUBSIUnited Bankshares reports Q2 EPS 48c, consensus 47c
Second quarter of 2014 results produced a return on average assets of 1.13% and a return on average equity of 8.16%, respectively. For the first half of 2014, Unitedís return on average assets was 1.14% while the return on average equity was 8.36%. The results for the second quarter and first half of 2014 included noncash, before-tax, other-than-temporary impairment charges of $421 thousand and $1.1 million, respectively, on certain investment securities. The results for the second quarter and first half of 2013 included noncash, before-tax, other-than-temporary impairment charges of $137 thousand and $971 thousand, respectively, on certain investment securities. United continues to be well-capitalized based upon regulatory guidelines. Unitedís estimated risk-based capital ratio is 13.5% at June 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%.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use