Community Bankers Trust Corporation [NASDAQ: ESXB] to be acquired by United Bankshares, Inc [NASDAQ: UBSI]. Both the firms have inked a merger agreement. It has been disclosed that the merged corporation will be nearly $29 billion in assets and rank as the 38th largest banking firm in the U.S. based on market capitalization.
This merger will combine two high-performing banking firms and reinforce the position of United as one of the largest and best acting regional banking firms in the Mid-Atlantic and Southeast. Community Bankers Trust owns assets of nearly $1.7 billion. It is based in the greater Richmond, Virginia market. This deal signifies the 33rd buying of the current administration of United. It will result in a merged firm with nearly 250 locations in some of the most wanted banking markets in the nation.
Shares of Community Bankers Trust Corporation [NASDAQ: ESXB] soared 30.00% as it gained +2.76 at the time of writing on Thursday. The firm has reported a trading volume of 2.98 million as compared to the average volume of 88.40K. In the past 52-week of the trading session, the share of the firm surged 168.39% and 28.71% from its 52-week low and high, respectively. The firm has a total market cap of $204.42 million at the time of writing.
Furthermore, in accordance with the merger agreement, United will buy 100% of the outstanding shares of Community Bankers Trust in exchange for the common shares of United. The exchange ratio will be fixed at 0.3173 of United’s shares for each share of Community Bankers Trust. It caused an aggregate transaction value of nearly $303.3 million.
Both the firm’s shareholder has provided the authorization for merger agreement. The merger is anticipated to be executed in the Q4 of 2021. The execution is dependent on the fulfillment satisfaction of usual closing conditions, including receipt of customary regulatory authorization and consent by the shareholders of Community Bankers Trust.