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United Bankshares, Virginia Commerce extend merger termination date.

BANKING AND CREDIT NEWS-December 2, 2013--United Bankshares, Virginia Commerce extend merger termination date

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2 December 2013 -- Washington US-based bank holding company United Bankshares Inc (NASDAQ: UBSI) and Virginia Commerce Bancorp Inc (NASDAQ: VCBI) said that they have entered into a joint waiver and agreement with respect to an agreement and plan of reorganization.

According to the firms, the agreement, dated as of January 29, 2013, was agreed among United Bankshares, Inc its subsidiary George Mason Bankshares, Inc and Virginia Commerce Bancorp, Inc.

The firms agreed to extend from November 30, 2013 to January 31, 2014 the termination date for the merger agreement, and establish January 31, 2014 as the closing date for the merger of Virginia Commerce with and into George Mason consistent with the currently scheduled data conversion.

On October 17, 2013 and October 21, 2013, respectively, the Merger was approved by the shareholders of Virginia Commerce and United, respectively. United and Virginia Commerce have received regulatory approval for the Merger from the Virginia State Corp. Commission, but have not yet received regulatory approval from the board of Governors of the Federal Reserve System.

The targeted January 31, 2014 closing date would coordinate closing the Merger of Virginia Commerce with and into George Mason with the planned consolidation (including data conversion) of Virginia Commerce Bank, a wholly owned subsidiary of Virginia Commerce, with and into United Bank, a wholly owned subsidiary of George Mason.

On October 17, 2013 and October 21, 2013, respectively, the merger was approved by the shareholders of Virginia Commerce and United, respectively.

Find out more at www.ubsi-inc.com.

1 USD = 0.611 GBP

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Publication:M2 Banking & Credit News (BCN)
Date:Dec 2, 2013
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