Cardinal Bank to be acquired by United Bank

FILE -- United Bankshares is reportedly in talks to acquire McLean, Virginia-based Cardinal Bank. (Courtesy United Bankshares Inc.)

WASHINGTON — United Bankshares confirmed Thursday it will acquire McLean-based Cardinal Financial in a deal worth about $912 million.

It will be United Bank’s 10th acquisition in the Washington metro area, including its takeover of Bank of Georgetown in April and Virginia Commerce Bank in 2013.

United Bank gets Cardinal’s $4.2 billion in assets; 30 banking branches in Virginia, Maryland and D.C., and its residential mortgage business, George Mason Mortgage LLC. Once closed, the acquisition will boost United Bankshares assets to $20 billion.

United Bank will also be the top community bank by deposits in the D.C. area.

“Cardinal is one of the most successful community banks in the country and has a significant presence in one of the best markets in the USA,” said United Bank CEO Richard Adam.

Under terms of the acquisition, United will acquire each of Cardinal’s outstanding shares in exchange for 0.71 United shares, about twice Cardinal’s tangible book value as of June 30, according to Bloomberg data.

The boards of both banks have approved the merger. It is expected to close in mid-2017.

United Bankshares, with dual headquarters in Washington and Charleston, West Virginia, currently has 129 branches in the District, Virginia, Maryland, Ohio, Pennsylvania and West Virginia.

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