Two Large West Virginia Bank Holding Companies to Merge

American Banker, July 9, 1986 | Go to article overview

Two Large West Virginia Bank Holding Companies to Merge


Two Large West Virginia Bank Holding Companies to Merge

Two of the largest bank holding companies in West Virginia have announced they will merge.

Intermountain Bancshares Inc., Charleston, the parent of the Kanawha Banking & Trust Co., also of Charleston, will disappear as a result of its merger with United Bankshares Inc., Parkersburg. United will remain the third largest bank holding company in the state.

Both Kanawha Banking & Trust and the Half Dollar Trust and Savings Bank, Wheeling--Intermountain's other subsidiary--will continue to operate under their own names for at least three years.

The last barrier in the way of the merger fell on June 25, when the West Virginia Board of Banking and Financial Institutions approved the application for the United-Intermountain merger. Previously, stockholders of both banks and federal regulators had approved the merger.

Under the terms of the merger as outlined in proxy statements, Intermountain stockholders will receive 2.2 shares of United for each Intermountain share they hold.

According to values as of Dec. 31, 1985, United's stock had a book value of $19.98 a share, while Intermountain's book value was $49.99 a share. However, United's stock has been trading above its book value, while Intermountain's had been selling below it. United does not intend to issue fractional shares, so it will pay cash for less than one share based on a market price of $26 for a full share.

United will move its headquarters to Charleston.

Richard M. Adams, the chairman of United, will continue in that post with the combined companies. I.N. Smith Jr., the president and chief executive officer of Intermountain, will become the president.

H. David Hale, who was the president, secretary, and treasurer of United, was to be the vice chairman and secretary of the merged companies. However, United officials said that Mr. Hale has left the company for a banking job in Kentucky. No replacement has been named. Joseph William Sowards of Kanawha Banking & Trust is to be the treasurer.

In addition to Kanawha's offices in Charleston and Teays Valley, United includes the United National Bank-- the former Parkersburg National Bank --which also has offices in South Charleston, Dunbar, Huntington, and Vienna; and the First National Bank of Ripley.

Will Have Assets of $700 Million

United, which had grown into the third largest bank holding company in the state, will have assets of more than $700 million, keeping it in third place between the One Valley Bancorp of West Virginia Inc. and Key Centurion Bancshares. United will have deposits of more than $600 million, and total capital of $54 million will give it a lending capacity of more than $9 million.

United also plans to increase the number of shares that it is authorized to issue from two million to 10 million. …

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