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Mergers & Acquisitions

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Deal Overview

Buyer:
Union Bankshares Corporation
Actual Acquirer:
Union Bankshares Corporation
Target:
Northern Neck Bankshares Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
1/11/1993
Announcement Date:
1/11/1993
Announced Deal Value ($ M):
NA
Status:
Completed
Completion Date:
7/12/1993
Announced Deal Value Per Share ($ )
NA

Deal Terms
Description of Consideration

In this merger of equals, Northern Neck shareholders received 1.4 shares of the new company for each share held. Union shareholders received 1 share of the new company for each share held.

Accounting Method Pooling of Interests
In-State Transaction? Yes
Merger of Equals? Yes
Geographic Expansion? NA
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 1.400000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement NA
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 Yes Scott & Stringfellow LLC
Seller Yes Scott & Stringfellow LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Troutman Sanders LLP
Seller Yes Ryland & Davis