United Bankshares in Charleston, W.Va., has agreed to buy Cardinal Financial in Tysons Corner, Va.
The $14.3 billion-asset United said in a press release Thursday that it will pay $912 million, or $27.69 a share, in stock for the $4.2 billion-asset Cardinal. The deal, which is expected to close in mid-2017, values Cardinal at 224% of its tangible book value.
"This merger aligns perfectly with our long-standing commitment to growth in the D.C. metro area," Richard Adams, United's chairman and chief executive, said in the release.
Cardinal has 30 branches, along with mortgage lender George Mason Mortgage and wealth management firm Cardinal Wealth Services.
United said it expects the deal to be immediately accretive to its earnings per share. The company plans to cut about a quarter of Cardinal's expenses; merger-related costs are expected to be around $32 million.
Bernard Clineburg, Cardinal's executive chairman, is expected to join United's board.
Keefe, Bruyette & Woods and Bowles Rice advised United. Sandler O'Neill and LeClairRyan advised Cardinal.
