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UBCP

United Bancorp

$12.50

-0.6 (-4.58%)

07:33
06/14/18
06/14
07:33
06/14/18
07:33

United Bancorp to acquire Powhatan Point Community Bancshares in $6.8M deal

United Bancorp and Powhatan Point Community Bancshares announce that they have signed a definitive merger agreement whereby United will acquire Powhatan in a stock and cash transaction. Upon completion, First National will be merged into UBCP's wholly-owned subsidiary bank, Unified Bank. At that time, the main office of First National will become a full-service branch of Unified Bank. Powhatan operates one full-service office in Belmont County, Ohio and has approximately $59M in assets, $7.9M in loans, $53.6M of deposits and $5.2M in consolidated equity as of March 31, 2018. The transaction significantly increases UBCP's presence in Belmont County improving the pro forma deposit market share to 15.9%. The acquisition is expected to close in the fourth quarter of 2018 and is subject to Powhatan shareholder approval, regulatory approval, and other conditions set forth in the merger agreement. Subject to the terms of the merger agreement, which has been unanimously approved by the Board of Directors of each company, Powhatan shareholders will receive 6.9233 shares of UBCP common stock plus $38.75 in cash for each outstanding share of Powhatan common stock, subject to adjustment based on closing equity and other factors. Based on the UBCP closing share price of $13.05 on June 13, 2018, the transaction is valued at $129.10 for each Powhatan share or approximately $6.836M in aggregate. Excluding one-time transaction costs, and with fully-phased in synergies, UBCP expects the transaction to be approximately 7% accretive to fully diluted earnings per share. Tangible book value per share dilution earnback will be approximately 2.2 years using the crossover method. These estimates include fully-phased in cost savings of 21%. In addition, UBCP will restructure Powhatan's investment portfolio with an expected 1.05% yield improvement.

TODAY'S FREE FLY STORIES

NWN

Northwest Natural Gas

$62.63

0.075 (0.12%)

, PCG

PG&E

$42.98

2.44 (6.02%)

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Northwest Natural to sell Gill Ranch Storage to SENSA Holdings »

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NWN

Northwest Natural Gas

$62.63

0.075 (0.12%)

PCG

PG&E

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2.44 (6.02%)

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ORLY

O'Reilly Automotive

$285.90

-1.18 (-0.41%)

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O'Reilly Automotive's O'Reilly sells 19,250 common shares »

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SJI

South Jersey Industries

$33.15

0.02 (0.06%)

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South Jersey Industries announces approval of Elizabethtown Gas purchase »

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WAAS

AquaVenture

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0.12 (0.79%)

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NSANY

Nissan

$0.00

(0.00%)

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Nissan chooses Thailand for hybrid's first export market, Nikkei reports »

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TROV

Trovagene

$0.81

-0.0068 (-0.83%)

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CVM

CEL-SCI

$3.26

0.005 (0.15%)

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Breaking Syndicate news story on CEL-SCI »

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ACM

Aecom

$33.49

-0.15 (-0.45%)

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Aecom to compete for $148.5M U.S. Army contract »

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LMT

Lockheed Martin

$298.95

-1.39 (-0.46%)

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LMT

Lockheed Martin

$298.95

-1.39 (-0.46%)

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  • 22

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XLE

Energy Select Sector SPDR

$75.21

1.59 (2.16%)

, XLU

Utilities SPDR

$50.75

0.36 (0.71%)

17:14
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General news
Week ending ETF Scorecard: Utilities and Real Estate advance, Industrials slump »

S&P500 SECTORS:…

XLE

Energy Select Sector SPDR

$75.21

1.59 (2.16%)

XLU

Utilities SPDR

$50.75

0.36 (0.71%)

IYR

DJ US Real Estate Index Fund

$80.69

0.56 (0.70%)

XLP

Consumer Staples Sector SPDR

$51.62

0.42 (0.82%)

XLY

Consumer Discretionary Sector SPDR

$111.34

-0.15 (-0.13%)

XLB

S&P Select Materials SPDR

$58.49

0.79 (1.37%)

XLF

Financial Select Sector

$27.07

-0.145 (-0.53%)

XLV

Health Care Select Sector SPDR

$84.91

0.35 (0.41%)

XLK

Technology Select Sector SPDR

$70.78

-0.24 (-0.34%)

XLI

Industrial Select Sector SPDR

$72.59

0.22 (0.30%)

GLD

SPDR Gold Trust

$120.33

0.27 (0.22%)

SLV

iShares Silver Trust

$15.49

0.135 (0.88%)

USO

United States Oil Fund

$14.02

0.71 (5.33%)

UNG

United States Natural Gas Fund

$23.87

-0.24 (-1.00%)

HYG

iShares iBoxx $ High Yield Corporate Bond

$85.91

-0.015 (-0.02%)

LQD

iShares iBoxx $ Investment Grade Corporate Bond

$113.99

0.105 (0.09%)

TLT

iShares 20+ Year Treasury Bond Fund

$120.57

0.06 (0.05%)

IEF

iShares 7-10 Year Treasury Bond ETF

$102.11

0.03 (0.03%)

SHY

iShares 1-3 Year Treasury Bond

$83.30

0.005 (0.01%)

IWD

iShares Russell 1000 Value

$122.51

0.56 (0.46%)

IWF

iShares Russell 1000 Growth

$146.24

-0.2 (-0.14%)

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PFNX

Pfenex

$5.43

0.14 (2.65%)

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BXE

Bellatrix Exploration

$1.00

-0.0101 (-1.00%)

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LOGI

Logitech

$44.24

0.25 (0.57%)

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PAGS

PagSeguro Digital

$30.35

0.925 (3.14%)

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  • 22

    Jun

APLS

Apellis

$21.75

-0.2 (-0.91%)

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Conference/Events
Apellis to host research and development day »

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SPX

S&P 500

$0.00

(0.00%)

, SPY

SPDR S&P 500 ETF Trust

$274.75

0.47 (0.17%)

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Periodicals
SEC investigates whether companies rounded up earnings, WSJ reports »

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SPX

S&P 500

$0.00

(0.00%)

SPY

SPDR S&P 500 ETF Trust

$274.75

0.47 (0.17%)

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THRM

Gentherm

$38.20

-0.75 (-1.93%)

16:45
06/22/18
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Conference/Events
Gentherm to hold a strategic update »

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MGTX

MeiraGTx

$11.86

-0.97 (-7.56%)

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Breaking Hot Stocks news story on MeiraGTx »

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MDT

Medtronic

$86.80

0.51 (0.59%)

16:39
06/22/18
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Conference/Events
Medtronic to hold an analyst and investor briefing »

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    Jul

FOXA

21st Century Fox

$48.59

0.25 (0.52%)

, FOX

21st Century Fox

$48.28

0.31 (0.65%)

16:35
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Hot Stocks
21st Century Fox extends CFO John Nallen's employment contract to 2021 »

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FOXA

21st Century Fox

$48.59

0.25 (0.52%)

FOX

21st Century Fox

$48.28

0.31 (0.65%)

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FENC

Fennec

$10.97

0.5 (4.78%)

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Breaking Hot Stocks news story on Fennec »

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SBBP

Strongbridge Biopharma

$6.20

-0.15 (-2.36%)

16:33
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Breaking Hot Stocks news story on Strongbridge Biopharma »

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  • 25

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16:30
06/22/18
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16:30
06/22/18
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Options
Preliminary option volume of 16.8M today »

Preliminary option volume…

COOL

PolarityTE

$38.91

-0.09 (-0.23%)

16:28
06/22/18
06/22
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16:28
Conference/Events
PolarityTE to hold a meeting »

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