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19.08.2016 18:44:00

United Bank -- Moody's affirms United Bankshares' subsidiary banks' ratings (Issuer Rating Baa1) following announcement of Cardinal Financial acquisition

New York, August 19, 2016 -- Moody's Investors Service affirmed all the ratings and assessments of United Bank and United Bank, Inc., the subsidiary banks of United Bankshares, Inc. (collectively United), following the announcement that it will acquire Tysons Corner, VA-based Cardinal Financial Corporation (Cardinal, unrated) in an all-stock transaction valued at approximately $912 million. The transaction is expected to close in mid-2017. United Bank and United Bank, Inc. have long- and short-term deposit ratings of A1 and Prime-1, respectively, and issuer ratings of Baa1. The banks have standalone baseline credit assessments (BCA) and adjusted BCAs of a3 and long- and short-term Counterparty Risk (CR) Assessments of A2(cr) and Prime-1(cr). The rating outlook is stable. The holding company is not rated.

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