Email page PDF view Print view Email Alert Social media sharing

Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Union Bankshares Corporation
Actual Acquirer:
Union Bankshares Corporation
Target:
Xenith Bankshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
5/19/2017
Announcement Date:
5/22/2017
Announced Deal Value ($ M):
699.80
Status:
Completed
Completion Date:
1/1/2018
Announced Deal Value Per Share ($ )
29.67

Consideration Breakout
Common Stock ($M) 785.2
Common Stock Issued 21,922,080

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 146.1 184.3
Price / Tangible Book (%) 156.2 198.2
Price / Earnings (x) 10.3 NM
Price / Deposits (%) 26.71 31.45
Price / Assets (%) 21.88 24.48
Tangible Book Premium/ Deposits (%) NA 18.91
Deal Terms
Description of Consideration

Union Bankshares Corp. exchanged 0.9354 shares of its common stock to acquire each outstanding share of Xenith Bankshares Inc.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 423,840
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 28,000
Est. Restructuring Charges ($ 000) 41,772
Maximum Termination Fee ($ 000) 26,500
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.935400
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) 38,470
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 Troutman Sanders LLP
Seller Yes Hunton Andrews Kurth LLP