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United Bankshares and Virginia Commerce Bancorp extends merger termination date.

Global Banking News-December 2, 2013--United Bankshares and Virginia Commerce Bancorp extends merger termination date

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Global Banking News - 02 December 2013

United Bankshares, Inc (NASDAQ: UBSI) and Virginia Commerce Bancorp Inc (NASDAQ: VCBI) have said that they have entered into a joint waiver and agreement with respect to the Agreement and Plan of Reorganisation, dated January 29, 2013, as amended.

Accordingly, the termination date for the merger agreement among United Bankshares Inc, its subsidiary, George Mason Bankshares Inc, and Virginia Commerce Bancorp Inc, will be extended from November 30, 2013 to January 31, 2014, while, January 31, 2014 will be established as the closing date for the merger of Virginia Commerce with and into George Mason, consistent with the currently scheduled data conversion.

Richard M. Adams, chairman and chief executive officer of United, said: 'United and Virginia Commerce are pleased to announce that we have agreed to extend our merger termination date and closing date to January 31, 2014, which is also the date of our data conversion. Our merger has now been approved by the shareholders of both companies and by the Virginia State Corporation Commission. We are looking forward to having the largest community bank headquartered in the Washington, D.C. MSA.'

On October 17, 2013, and October 21, 2013, respectively, the merger was approved by the shareholders of Virginia Commerce and United, respectively. While the banks have received regulatory approval for the merger from the Virginia State Corporation Commission, the board of governors of the Federal Reserve System are yet to approve the plan.

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Publication:Global Banking News (GBN)
Date:Dec 2, 2013
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