Robert H. Smith School of Business
The Motley Fool

Market Foolery Featured Podcasts

  • MarketFoolery 11.25.2014
    Tiffany hits an all-time high.  Campbell's Soup rises on surprising profits.  Plus we discuss the importance of Black Friday and first-hand experience with Jack-In-The-Box's late night menu.
  • MarketFoolery 11.24.2014
    Motley Fool Funds analyst Bill Barker returns from Dubai to discuss the local investing scene, China lowering interest rates, Europe’s monetary policy, and (of course) coffee.
  • MarketFoolery 11.20.2014
    James Early returns from his trip to discuss China’s economy, investing in A shares, and why visitors should explore the country off the beaten path.
Capital Business
Posted at 11:29 AM ET, 01/30/2013

United Bankshares to buy Virginia Commerce for $490.6M

United Bankshares has agreed to buy Arlington-based Virginia Commerce Bancorp in a deal valued at $490.6 million, the companies announced Wednesday.

The all-stock acquisition, which would create the eighth largest bank in the Washington metropolitan area, comes less than three weeks after Virginia Commerce publicly announced that it had put itself up for sale.

Charleston, W.V.-based United Bankshares will pay $14 per share of Virginia Commerce stock, a 15 percent premium on Tuesday’s closing price of $12.21.

“We look forward to joining the United team,” Peter Converse, chief executive and president of Virginia Commerce, said in a statement. “Our merger creates superior value for our shareholders and will enable us to better serve our customers, employees and communities.”

The deal is expected to close in the third quarter of 2013.

Virginia Commerce has assets of $2.8 billion, as well as 28 branches, a residential mortgage office and wealth management office. United Bancorp, meanwhile, has assets of $8.4 billion and 114-branches throughout the Mid-Atlantic.

In December, Virginia Commerce announced that it had paid back all $71 million in funds that it received as part of the Treasury Department’s Troubled Asset Relief Program.

By  |  11:29 AM ET, 01/30/2013

 
Read what others are saying
     

    © 2011 The Washington Post Company