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Nov. 18, 2019, 7:03 a.m. EST

United Bankshares to buy Carolina Financial for a 16% premium, in a deal valued at $1.1 billion

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By Tomi Kilgore

United Bankshares Inc. /zigman2/quotes/202436974/composite UBSI -8.86% announced Monday a deal to buy Carolina Financial Corp. in a stock deal valued at $1.1 billion. Under terms of the deal, each Carolina Financial share will be exchanged for 1.13 United Bankshares shares. Based on Friday's stock closing prices, that values Charleston, South Carolina-based Carolina Financial shares at $44.65, or a 15.7% premium, and implies a market capitalization of about $993.4 million. The deal will result in a bank with combined assets of $25 billion. Shares of the regional banks are still inactive in premarket trading. Washington, D.C.-based United Bankshares' stock has rallied 27.0% year to date and Carolina Financial shares have run up 30.4%, while the SPDR S&P Regional Banking ETF /zigman2/quotes/200108291/composite KRE -5.48% has climbed 19.6% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -2.41% has advanced 24.5%.

/zigman2/quotes/202436974/composite
US : U.S.: Nasdaq
$ 21.60
-2.10 -8.86%
Volume: 579,462
Sept. 21, 2020 2:32p
P/E Ratio
10.32
Dividend Yield
6.45%
Market Cap
$3.08 billion
Rev. per Employee
$380,375
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/zigman2/quotes/200108291/composite
US : U.S.: NYSE Arca
$ 35.20
-2.04 -5.48%
Volume: 8.95M
Sept. 21, 2020 2:32p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,239.43
-80.04 -2.41%
Volume: 1.85B
Sept. 21, 2020 2:32p
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