Acquisition of Virginia Commerce Bancorp, Inc. by United Bankshares, Inc. May Not Be in Virginia Commerce Bancorp, Inc.

Acquisition of Virginia Commerce Bancorp, Inc. by United Bankshares, Inc. May
    Not Be in Virginia Commerce Bancorp, Inc. Shareholders' Best Interests

PR Newswire

SAN DIEGO and ARLINGTON, Va., Jan. 31, 2013

SAN DIEGO andARLINGTON, Va., Jan. 31, 2013 /PRNewswire/ -- Shareholder rights
attorneys at Robbins Arroyo LLP are investigating the acquisition of Virginia
Commerce Bancorp, Inc. (NASDAQ: VCBI) by United Bankshares, Inc.
(NASDAQ:UBSI). Virginia Bancorp operates as the bank holding company for
Virginia Commerce Bank, which provides business and consumer banking services
in Northern Virginia and the Metropolitan Washington, D.C. area. 

(Logo: http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)

On January 30, 2013, United Bankshares announced that it had entered into an
agreement to acquire all the outstanding stock of Virginia Bancorp. Pursuant
to the agreement, Virginia Bancorp's shareholders will receive 0.5442 shares
of United Bankshares stock for each share of Virginia Bancorp owned. The
transaction has been approved by the board of directors of both companies and
is expected to close in the third quarter of 2013.

The Board of Directors' Actions May Prevent Virginia Bancorp Shareholders from
Receiving the Maximum Value for Their Stock

Robbins Arroyo LLP's investigation focuses on whether the board of directors
at Virginia Bancorp is undertaking a fair process to obtain maximum value and
adequately compensate its shareholders in light of the proposed acquisition.
The proposed acquisition price represents a mere 15% premium over Virginia
Bancorp's closing price of $12.21 on January 29, 2013, the day before the
transaction was announced. Similar regional bank mergers in the past year
have resulted in significantly higher one-day premiums, ranging from 22% to
85%. Further, during the fourth quarter of 2012, the company experienced
positive growth, with total loans increasing $42.4 million, an annualized
growth rate of 7.9%, and demand, savings, and interest-bearing deposits
increasing $51.0 million, an annualized growth rate of 13%. Also, as Peter A.
Converse, President and CEO of Virginia Bancorp, noted, for the fourth quarter
of 2012, not only were loans 30-89 days past due at their lowest levels in
three years, but that quarterly net charge-offs were down to $1.1 million,
their lowest level since the first quarter of 2008.

Given these facts, the firm is examining the board of directors' decision to
sell Virginia Bancorp now rather than allow shareholders to continue to
participate in the company's continued success and future growth prospects. 

Virginia Bancorp shareholders have the option to file a class action lawsuit
against the company to secure the best possible price for shareholders and the
disclosure of material information so shareholders can vote on the transaction
in an informed manner. Virginia Bancorp shareholders interested in information
about their rights and potential remedies can contact Darnell R. Donahue at
(800) 350-6003, ddonahue@robbinsarroyo.com, or via the shareholder information
form on the firm's website.

Robbins Arroyo LLP is a nationally recognized leader in securities litigation
and shareholder rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested. For more information, please
go to http://www.robbinsarroyo.com.

Press release link:
http://www.robbinsarroyo.com/shareholders-rights-blog/virginia-commerce-bancorp/

Attorney Advertising. Past results do not guarantee a similar outcome.

Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com

SOURCE Robbins Arroyo LLP

Website: http://www.robbinsarroyo.com
 
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