• NASDAQ : ANCX

  • Price $ 22.13
  • Change $ (0.32) - (1.43)%
  • Volume 40,865
  • As of December 18, 2018 3:58 PM ET Minimum 20 minute delay.

Mergers & Acquisitions

For Merger Presentation kindly click here

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Deal Overview

Buyer:
Union Bankshares Corporation
Actual Acquirer:
Union Bankshares Corporation
Target:
Access National Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
10/4/2018
Announcement Date:
10/5/2018
Announced Deal Value ($ M):
617.97
Status:
Pending
Completion Date:
NA
Announced Deal Value Per Share ($ )
29.19

Consideration Breakout
Common Stock ($M) 615.0
Common Stock Issued 16,210,090

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 139.8 NA
Price / Tangible Book (%) 243.4 NA
Price / Earnings (x) 22.3 NA
Price / Deposits (%) 29.06 NA
Price / Assets (%) 21.16 NA
Tangible Book Premium/ Deposits (%) NA NA
Deal Terms
Description of Consideration

Union Bankshares Corp. will exchange 0.75 shares of its common stock for each of the outstanding share of Access National Corp. Access National Corp. options will be converted into Union Bankshares options. Union Bankshares will also assume Access National Corp trust preferred securities.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 229,267
Estimated Cost Savings (%) 30.00
Estimated Cost Savings ($ 000) 24,578
Est. Restructuring Charges ($ 000) 40,506
Maximum Termination Fee ($ 000) 25,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.750000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 45,625
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Covington & Burling LLP
Seller Yes Troutman Sanders LLP