Moody’s affirms United Bank on acquisition

Moody's Investors Service said it affirmed all the ratings and assessments of United Bank and United Bank, Inc., the subsidiary banks of United Bankshares, Inc., following the announcement that it will acquire Cardinal Financial Corp. (unrated) in an all-stock transaction valued at roughly $912 million.

The transaction is expected to close in mid-2017.

United Bank and United Bank, Inc. have long- and short-term deposit ratings of A1 and Prime-1, respectively, and issuer ratings of Baa1. The banks have standalone baseline credit assessments (BCA) and adjusted BCAs of a3 and long- and short-term counterparty risk assessments of A2(cr) and Prime-1(cr).

The outlook is stable.

The holding company is not rated.

Moody’s said the affirmations and stable outlooks reflects its view that the proposed acquisition of Cardinal will not weaken United's overall credit profile.

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