Brief: United Bancorp To Acquire Powhatan Point Community Bancshares

United Bancorp

14/06/2018 12:40

June 14 (Reuters) - United Bancorp Inc  UBCP.O :
    * UNITED BANCORP, INC. ANNOUNCES AGREEMENT TO ACQUIRE
POWHATAN
POINT COMMUNITY BANCSHARES, INC.
    * UNITED BANCORP INC - MAIN OFFICE OF FIRST NATIONAL WILL
BECOME A
FULL-SERVICE BRANCH OF UNIFIED BANK
    * UNITED BANCORP INC - UPON COMPLETION OF DEAL, FIRST
NATIONAL
WILL BE MERGED INTO CO'S WHOLLY-OWNED SUBSIDIARY BANK, UNIFIED
BANK
    * UNITED BANCORP INC - TRANSACTION IS VALUED AT $129.10 FOR
EACH
POWHATAN SHARE OR APPROXIMATELY $6.836 MILLION IN AGGREGATE
    * UNITED BANCORP - POWHATAN SHAREHOLDERS TO GET 6.9233
SHARES OF
UBCP COMMON STOCK PLUS $38.75 IN CASH FOR EACH OUTSTANDING SHARE
OF COMMON STOCK
    * UNITED BANCORP - IN ADDITION, UBCP TO RESTRUCTURE
POWHATAN'S
INVESTMENT PORTFOLIO WITH EXPECTED 1.05 PERCENT YIELD
IMPROVEMENT
    * UNITED BANCORP - EXCLUDING ONE-TIME TRANSACTION COSTS,
WITH
FULLY-PHASED IN SYNERGIES, CO EXPECTS DEAL TO BE ABOUT 7 PERCENT
ACCRETIVE TO FULLY DILUTED EARNINGS PER SHARE

Source text for Eikon:  ID:nPn2t61TVa 
Further company coverage:  UBCP.O 

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