M&A Deal Summary

United Bank Acquires Carolina Financial

On November 18, 2019, United Bank acquired financial services company Carolina Financial for 1.1B USD

Acquisition Highlights
  • This is United Bank’s 19th transaction in the Financial Services sector.
  • This is United Bank’s largest (disclosed) transaction.
  • This is United Bank’s 20th transaction in the United States.
  • This is United Bank’s 1st transaction in South Carolina.

M&A Deal Summary
Date 2019-11-18
Target Carolina Financial
Sector Financial Services
Buyer(s) United Bank
Deal Type Merger
Deal Value 1.1B USD
Advisor(s) Raymond James - Investment Banking (Financial)
Nelson Mullins Riley & Scarborough (Legal)

Target

Carolina Financial

Charleston, South Carolina, United States
website
Carolina Financial Corp. is the holding company of CresCom Bank, which also owns and operates Atlanta-based Crescent Mortgage Company. Carolina offers a variety of traditional community banking services to individuals and businesses. Carolina Financial was established in 1996 and is based in Charleston, South Carolina.

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Buyer(S) 1

Buyer

United Bank

Charleston, West Virginia, United States

website

Category Company
Founded 1982
Sector Financial Services
Employees3,051
Revenue 1.0B USD (2022)
DESCRIPTION

United Bank is a bank holding company with full service banking offices in West Virginia, Virginia, Washington, DC, Maryland, Ohio, and Pennsylvania. United Bank was founded in 1982 and is based in Charleston, West Virginia.

DEAL STATS #
Overall 20 of 21
Sector (Financial Services) 19 of 20
Type (Merger) 2 of 3
State (South Carolina) 1 of 1
Country (United States) 20 of 21
Year (2019) 1 of 1
Size (of disclosed) 1 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-18 Cardinal Financial

McLean, Virginia, United States

Cardinal Financial Corp. is a financial holding company serves the washington metropolitan region through its wholly-owned subsidiary Cardinal Bank with over 30 conveniently located banking offices. Cardinal, with $4.2 billion in assets, provides banking services through its subsidiary bank, Cardinal Bank, which has a network of 30 branches throughout Virginia, Maryland and Washington, D.C

Buy $912M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-03 Essex Bank

Richmond, Virginia, United States

Community Bankers Trust is a well-capitalized, single bank holding company headquartered in the greater Richmond, Virginia market with approximately $1.7 billion in assets as of March 31, 2021. Community Bankers Trust is the holding company for Essex Bank, a Virginia state-chartered bank with 24 full-service offices, 18 of which are in Virginia and six of which are in Maryland. Essex Bank also operates two loan production offices.

Buy $303M
Mergr

Product

Company

Legal