August 17, 2016 / 12:42 PM / 2 years ago

UPDATE 1-United Bankshares in talks to buy Cardinal Financial - source

(Adds source)

Aug 17 (Reuters) - United Bankshares Inc is in talks to buy rival lender Cardinal Financial Corp in an all-stock deal, a person familiar with the transaction told Reuters on Wednesday.

The deal is within days of being announced, the person said.

The companies were not immediately available for comment.

Cardinal Financial, which has total assets worth $4.2 billion, had a market value of about $837 million as of Tuesday’s close. Its offices are in Virginia, Maryland and Washington D.C.

United Bankshares is headquartered in Washington D.C. and Charleston, West Virginia, with offices in Virginia, Maryland, Ohio, and Pennsylvania.

Cardinal Financial shares were up about 3 percent at $26.55 in light premarket trading. United Bankshares stock was down 0.6 percent at $38.77.

Bloomberg reported of the potential transaction earlier on Wednesday, saying the deal could still fall through and had not been finalized yet. ( (Reporting by Mike Stone in New York and Richa Naidu in Bengaluru; Editing by Saumyadeb Chakrabarty and Savio D'Souza)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below