United Bankshares Agrees to Buy Cardinal for $912 Million
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All-stock deal is expected to close in the middle of next year
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Cardinal operates 30 branches in Washington, D.C., region
United Bankshares Inc. agreed to buy Cardinal Financial Corp. in an all-stock deal valued at about $912 million to expand in the Washington, D.C., region.
The buyer will pay 0.71 United share for each Cardinal share, a price that represents 2.24 times Cardinal’s tangible book value as of June 30, the companies said Thursday in a statement. The deal is expected to close in the middle of next year, according to the statement.
“This merger aligns perfectly with our longstanding commitment to growth in the D.C. Metro area,” Richard M. Adams, United Bankshares’ chief executive officer, said in the statement. “By uniting, we reinforce our position as the largest locally headquartered community bank.”…
United Bankshares Agrees to Buy Cardinal for $912 Million
