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:
Rappahannock Bankshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
2/25/1998
Announcement Date:
2/25/1998
Announced Deal Value ($ M):
6.70
Status:
Completed
Completion Date:
6/30/1998
Announced Deal Value Per Share ($ )
6,723.88

Consideration Breakout
Common Stock ($M) 7.0
Common Stock Issued 316,418

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 261.5 261.5
Price / Tangible Book (%) 261.5 261.5
Price / Earnings (x) 25.0 23.0
Price / Deposits (%) 49.77 44.01
Price / Assets (%) 41.17 37.31
Tangible Book Premium/ Deposits (%) 34.72 32.68
Deal Terms
Description of Consideration

Rappahannock shareholders received 316,418 shares of Union Bankshares common for all outstanding shares. Seller's financials are for Rappahannock National Bank.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 300
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 316.418000
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) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Seller Yes McKinnon & Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Troutman Sanders LLP
Seller Yes Williams Mullen