United Bankshares buying Virginia company for $491M
ByThe Associated Press
CHARLESTON, W.Va. -- United Bank's parent company is expanding its presence in the Washington, D.C., area with the purchase of Virginia Commerce Bancorp Inc.United Bankshares Inc. announced Wednesday it is buying Arlington, Va.-based VCBI for $491 million, or about $14 a share.
VCBI has $2.8 billion in assets and 28 banking offices in northern Virginia. The deal is expected to close in the third quarter.Charleston-based United has $8.4 billion in assets and 115 branches in Ohio, West Virginia, Virginia, Maryland, Pennsylvania and Washington, D.C. United's shares fell 20 cents to $25.63 in midmorning trading Wednesday.