United Bankshares To Acquire Liberty

CHARLESTON, W.Va. -- United Bankshares Inc. said it has agreed to acquire Liberty Bankshares, setting the stage for a presence in southern West Virginia.

United has $1.2 billion in assets, and its lead bank is United National of Parkersburg. Liberty, based in Montgomery, has two banks with a total of $96 million in assets.

Under proposed terms, Liberty stockholders would exchange each of their shares for 1.8 shares of United. The merger is subject to a definitive agreement and approvals by regulators and Liberty shareholders.

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