United Bankshares to buy Carolina Financial for $1.1 bln (updated)

United Bankshares

18/11/2019 12:24

(Adds details on deal, premium, advisers)
    Nov 18 (Reuters) - United Bankshares Inc  UBSI.O  said on
Monday it would buy CresCom Bank parent Carolina Financial Corp
 CARO.O  in a deal valued at $1.1 billion, expanding its banking
network in North and South Carolina.
    Carolina shareholders will get 1.13 United shares for each
share they hold, the companies said. (https://reut.rs/2Otne0W)
    The deal represents a premium of about 16% based on Friday's
close, according to Reuters calculations.
    "This transaction represents a significant step towards
continuing to grow United's presence in the Carolinas," United
Chief Executive Officer Richard Adams said.
    Carolina Financial Chief Executive Officer Jerry Rexroad
will join United Bankshares as a board member and executive
officer. United Bankshares has dual headquarters in Washington
DC and West Virginia.
    The deal, expected to close in the second quarter of 2020,
will create an entity with about $25 billion in assets and the
merger has been unanimously approved by the boards of both the
companies.
    Sandler O'Neill served as financial adviser to United
Bankshares, while Raymond James advised Carolina Financial.

 (Reporting by Bharath Manjesh in Bengaluru; Editing by Anil
D'Silva and Shounak Dasgupta)
 ((Bharath.ManjeshR@thomsonreuters.com;  outside U.S. +91 80
6749 8400;))