Brief: United Bankshares And Carolina Financial Corp To Combine

United Bankshares

18/11/2019 11:57

Nov 18 (Reuters) - United Bankshares Inc  UBSI.O :
    * PRESS RELEASE -  UNITED BANKSHARES, INC. AND CAROLINA
FINANCIAL
CORPORATION TO COMBINE TO FORM LEADING COMMUNITY BANK IN THE
SOUTHEAST AND MID-ATLANTIC
    * UNITED BANKSHARES INC - CO WILL ACQUIRE 100% OF
OUTSTANDING
SHARES OF CAROLINA FINANCIAL IN EXCHANGE FOR COMMON SHARES OF CO
    * UNITED BANKSHARES INC - COMBINED ORGANIZATION WILL BE
ABOUT $25
BILLION IN ASSETS
    * UNITED BANKSHARES INC - AGGREGATE TRANSACTION VALUE OF
ABOUT
$1.1 BILLION
    * UNITED BANKSHARES INC - EXCHANGE RATIO WILL BE FIXED AT
1.13 OF
CO'S SHARES FOR EACH SHARE OF CAROLINA FINANCIAL
    * UNITED BANKSHARES INC - MERGER AGREEMENT HAS BEEN
UNANIMOUSLY
APPROVED BY BOARDS OF DIRECTORS OF BOTH COMPANIES
    * UNITED BANKSHARES INC - CAROLINA FINANCIAL CEO JERRY
REXROAD
WILL JOIN CO AS A BOARD MEMBER & EXECUTIVE OFFICER
    * UNITED BANKSHARES - CAROLINA FINANCIAL TO MERGE INTO
UNITED, 
CRESCOM TO MERGE INTO UNITED BANK, WITH UNITED & UNITED BANK
BEING SURVIVING ENTITIES
    * UNITED BANKSHARES - REXROAD TO ALSO SERVE AS CHAIRMAN OF
CO'S
CAROLINAS FRANCHISE &  AS CHAIRMAN OF CRESCOM'S CRESCENT
MORTGAGE COMPANY
    * UNITED BANKSHARES INC - MERGER IS EXPECTED TO CLOSE IN Q2
OF
2020

Source text for Eikon:  ID:nBw2kkkfda 
Further company coverage:  CARO.O  UBSI.O 
    

 (Reuters.Briefs@thomsonreuters.com)