- United Bankshares (NASDAQ:UBSI) and Community Bankers Trust (ESXB) entered into a definitive merger agreement wherein the former will acquire 100% of the outstanding shares of the latter in exchange for common shares of United.
- The exchange ratio will be fixed at 0.3173 of United’s shares for each share of Community Bankers Trust thereby leading to a total transaction value of ~$303.3M.
- The combined company will have ~$29B in assets, ~250 locations and will strengthen United's position as one of the largest and best performing regional banking companies in the Mid-Atlantic and Southeast.
- Community Bankers Trust has assets of ~$1.7B and through the merger it will enhance existing presence in the DC Metro MSA and foray into new markets including Baltimore, Annapolis, Lynchburg, Richmond, and the Northern Neck of Virginia.
- Merger is expected to close in Q4.