Email page PDF view Print view Email Alert Social media sharing

Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Union First Market Bankshares Corporation
Actual Acquirer:
Union First Market Bankshares Corporation
Target:
StellarOne Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
6/9/2013
Announcement Date:
6/10/2013
Announced Deal Value ($ M):
444.53
Status:
Completed
Completion Date:
1/1/2014
Announced Deal Value Per Share ($ )
19.50

Consideration Breakout
Common Stock ($M) 549.1
Common Stock Issued 22,147,870

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 102.6 126.4
Price / Tangible Book (%) 141.7 173.9
Price / Earnings (x) 19.9 22.2
Price / Deposits (%) 17.95 22.47
Price / Assets (%) 14.75 17.84
Tangible Book Premium/ Deposits (%) 5.97 NA
Deal Terms
Description of Consideration

Union First Market Bankshares Corp. exchanged 0.9739 shares of its common stock for each outstanding share of StellarOne Corp. Prior to the completion, StellarOne Corp. repurchased warrants shares which was issued to the U.S. Treasury for approximately $2.92 million. In addition Union First Market Bankshares Corp. also assumed approximately $25.54 million in StellarOne Corp.'s subordinated debt. First Market Bankshares Corp. also acquired $32.0 million in trust preferred securities issued by StellarOne's finance subsidiaries.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 234,122
Estimated Cost Savings (%) 32.00
Estimated Cost Savings ($ 000) 28,000
Est. Restructuring Charges ($ 000) 30,000
Maximum Termination Fee ($ 000) 21,800
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.973900
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) 29,570
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Raymond James & Assoc. Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes LeClairRyan
Seller Yes Troutman Sanders LLP