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United Bankshares buying Va company for $491M

Wednesday - 1/30/2013, 11:13am  ET

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.

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