United Bankshares, Inc. and Carolina Financial Corporation to Combine to Form Leading Community Bank in the Southeast and Mid-Atlantic

WASHINGTON, D.C. and CHARLESTON, WV-- United Bankshares, Inc. (“United”)(NASDAQ: UBSI), the parent company of United Bank (“United Bank”), and Carolina Financial Corporation (“Carolina Financial”) (NASDAQ: CARO), the parent company of CresCom Bank (“CresCom”), today announced that they have entered into a definitive merger agreement.

The combined organization will be approximately $25 billion in assets and will rank in the top 35 largest banks in the U.S. based on market capitalization. The merger brings together two of the best-performing banking companies in the country, and uniquely positions the pro forma franchise as the leading community bank in the Southeast and Mid-Atlantic. The transaction will result in a combined company with more than 200 locations in some of the most desirable banking markets in the nation.

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