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Mergers & Acquisitions

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Deal Overview

Buyer:
Union Bankshares Corporation
Actual Acquirer:
Union Bankshares Corporation
Target:
Prosperity Bank & Trust Company
Deal Type:
Bank & Thrift Company
Agreement Date:
10/31/2005
Announcement Date:
10/31/2005
Announced Deal Value ($ M):
35.96
Status:
Completed
Completion Date:
4/1/2006
Announced Deal Value Per Share ($ )
90.00

Consideration Breakout
Cash ($M) 36.0

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 335.9 316.0
Price / Tangible Book (%) 335.9 316.0
Price / Earnings (x) 24.5 21.9
Price / Deposits (%) 31.87 33.62
Price / Assets (%) 28.12 28.79
Tangible Book Premium/ Deposits (%) 25.14 25.60
Deal Terms
Description of Consideration

Union Bankshares Corp. paid $90.00 in cash for each outstanding share of Prosperity Bank & Trust Co.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 20,600
Estimated Cost Savings (%) 20.00
Estimated Cost Savings ($ 000) 500
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,440
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 5,500
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes LeClairRyan
Seller Yes Peter K. Stackhouse Esq.