United Bankshares Expands Mid-Atlantic and Southeast Presence with Piedmont Bancorp Acquisition
Strategic Move Enhances Regional Footprint
United Bankshares, the parent company of United Bank, has successfully completed its acquisition of Piedmont Bancorp, owner of The Piedmont Bank. This significant move strengthens United’s presence in the Mid-Atlantic and Southeast regions of the United States.
Merger Agreement Details
The companies signed a definitive merger agreement in May 2024, outlining the acquisition of all outstanding Piedmont shares by United. The transaction’s total value reached nearly $267 million, with Piedmont shares exchanged at a fixed ratio of 0.300 of United’s shares for each Piedmont share.
Acquisition Highlights
This acquisition marks United’s 34th, expanding its assets to over $32 billion and its network to more than 240 locations. Piedmont Bank, headquartered in Peachtree Corners, brings assets worth around $2.1 billion to the table. Following the merger, Piedmont Bank will merge into United Bank, with both United and United Bank emerging as the surviving entities.
Shared Values and Cultures
Piedmont’s former chairman and CEO, Monty Watson, expressed enthusiasm about joining United, citing the organizations’ similar cultures and values. “This merger will allow us to meet the evolving needs of customers in our communities while preserving our focus on relationship-based banking and local decision-making,” Watson said.
Operational Continuity
The former Piedmont offices will continue operations under the United Bankshares brand. As of September 30, 2024, United had consolidated assets of nearly $30 billion and operated more than 225 offices across nine states.
United Bankshares CEO Weighs In
Richard M. Adams Jr., CEO of United Bankshares, emphasized the companies’ shared commitment to serving customers and communities with a relationship-focused approach. “The greater Atlanta area is the perfect addition to UBSI’s footprint, and we look forward to being a part of the vibrant and fast-growing communities there,” Adams said.
Disclaimer
The information provided is for general informational purposes only and should not be relied upon as advice. It is essential to seek professional or specialist advice before taking any action based on the content.
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