HUNTINGTON BANCSHARES WEST VIRGINIA, INC. AGREES TO MERGER AND SALE OF BANKING OFFICES TO UNITED BANKSHARES INC.
COLUMBUS, April 2 /PRNewsire/ -- Huntington Bancshares West Virginia, Inc. (Morgantown, West Virginia) and United Bankshares, Inc. (Parkersburg, West Virginia) announced today that they have signed, jointly with CB&T Financial Corp. (Fairmont, West Virginia), a letter of intent with respect to a merger of CB&T-Westover Bank with United National Bank, a wholly-owned subsidiary of United Bankshares Inc. Under the same agreement, United National Bank will buy the Star City Branch of Community Bank and Trust, N.A. CB&T Westover Bank and Community Bank and Trust, N.A. are subsidiaries of CB&T Financial Corp., which will have merged with Huntington by the time these transactions are consummated. CB&T-Westover Bank's two branches and the Star City Branch of Community Bank & Trust, N.A. are located in Monongalia County, West Virginia. The transaction is contingent upon the merger of CB&T Financial Corp. into Huntington Bancshares West Virginia, Inc. that was announced on November 12, 1992. CB&T shareholders approved the transaction at a special meeting on March 30. Regulatory approval of that merger is pending. The transaction is expected to be completed early in the third quarter. Consummation of the United merger and branch sale is also subject to customary closing conditions, including approvals by appropriate regulatory authorities. Huntington Bancshares West Virginia, Inc. is a wholly-owned subsidiary of Huntington Bancshares Incorporated, a $14 billion regional bank holding company headquartered in Columbus, Ohio. The company's banking subsidiaries operate 275 offices in Ohio, Florida, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia. Huntington's common stock is traded on the NASDAQ National Market System under the symbol "HBAN." -0- 4/2/93 /CONTACT: Debra Dendahl Hadley of Huntington Bancshares Incorporated, 614-463-4304, or Steven E. Wilson of United Bankshares, Inc., 304-424-8800/ (HBAN)
CO: Huntington Bancshares Inc; United Bankshares, Inc. ST: Ohio, West Virginia IN: FIN SU: TNM
BM -- CL007 -- 2404 04/02/93 09:32 EST
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|Date:||Apr 2, 1993|
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