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Mergers & Acquisitions

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Deal Overview

Buyer:
Union Bankshares Corporation
Actual Acquirer:
Union Bankshares Corporation
Target:
King George State Bank, Inc
Deal Type:
Bank & Thrift Company
Agreement Date:
3/13/1996
Announcement Date:
3/13/1996
Announced Deal Value ($ M):
6.70
Status:
Completed
Completion Date:
9/1/1996
Announced Deal Value Per Share ($ )
134.75

Consideration Breakout
Common Stock ($M) 6.9
Common Stock Issued 275,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 156.0 152.3
Price / Tangible Book (%) 156.0 152.3
Price / Earnings (x) 11.7 12.3
Price / Deposits (%) 16.26 16.11
Price / Assets (%) 14.44 14.29
Tangible Book Premium/ Deposits (%) 7.07 6.83
Deal Terms
Description of Consideration

King George shareholders received 5.5 shares of Union Bankshares common stock for each share held.

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) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 5.500000
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 Scott & Stringfellow LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes LeClairRyan
Seller Yes Troutman Sanders LLP