First Citizens BancShares (NASDAQ:FCNCA) EPS Under Review on United Western (Nasdaq:UWBK) Acquisition

After the announcement First Citizens BancShares (NASDAQ:FCNCA) will be acquiring United Western Bank (Nasdaq:UWBK), FBR said they have the company under review until further visibility.

FBR says, "On Friday, First Citizens announced the acquisition of United Western Bank, a $2.1 billion bank headquartered in Denver, Colorado (Nasdaq:UWBK)(Not Rated), in an FDIC loss-sharing transaction. Given the meaningful size of this deal as well as First Citizens' impending 4Q10 results, we consider our estimates under review pending further disclosure. We note our price target of $230 currently represents 1.35x our current 2011 TBV estimate of $169.41, we believe a relatively cheap valuation for the most-acquisitive bank in government-assisted transactions in the United States since the savings and loan crisis in the 1990s."

FBR Capital maintains an "Outperform" rating on First Citizens BancShares (FCNCA), which closed Monday at $199.00, up $3.44, or 1.76 percent. FBR has a price target of $230 on First Citizens.