Aug 17 (Reuters) - United Bankshares Inc is in talks to buy rival lender Cardinal Financial Corp, Bloomberg reported on Wednesday, citing sources.
A deal could be reached as soon as this week, Bloomberg reported, citing people with knowledge of the matter. The people said the deal was yet to be finalized and could still fall through. (bloom.bg/2bmyYSq)
The companies were not immediately available for comment.
Cardinal, which has total assets worth $4.2 billion, had a market value of about $837 million as of Tuesday’s close.
United has headquarters in Washington D.C. and Charleston, West Virginia, with offices in Virginia, Maryland, Ohio, and Pennsylvania. Cardinal’s offices are in Virginia, Maryland and Washington D.C.
Cardinal shares were up about 3 percent at $26.55 in light premarket trading. United shares were down 0.6 percent at $38.77. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Saumyadeb Chakrabarty)