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United Bankshares to buy Carolina Financial for $1.1 bln

Credit: REUTERS/JOSE LUIS GONZALEZ

United Bankshares Inc, owner of United Bank, said on Monday it would buy CresCom Bank parent Carolina Financial Corp in a deal valued at $1.1 billion. Carolina shareholders will receive 1.13 United shares for each share they hold.

Nov 18 (Reuters) - United Bankshares Inc UBSI.O, owner of United Bank, said on Monday it would buy CresCom Bank parent Carolina Financial Corp CARO.O in a deal valued at $1.1 billion.

Carolina shareholders will receive 1.13 United shares for each share they hold, the companies said in a statement. (https://reut.rs/2Otne0W)

The deal, expected to close in the second quarter of 2020, will create an entity with about $25 billion in assets.

(Reporting by Bharath Manjesh in Bengaluru; Editing by Anil D'Silva)

((Bharath.ManjeshR@thomsonreuters.com; outside U.S. +91 80 6749 8400;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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