Both the banks have inked a definitive merger agreement to this effect.
Based in Washington, DC, Bank of Georgetown has total assets worth of $1.2bn with 11 branches and 3 business development offices throughout Washington, DC, Montgomery County, Maryland and Northern Virginia.
With this acquisition, United Bankshares will have an extended footprint in Washington, D.C. metro region.
Upon completion of the deal, Bank of Georgetown will be merged into United Bankshares’ Virginia chartered bank, United Bank.
The deal will increase United Bank’s assets to close to $8.5bn and United Bankshares assets are expected to grow to close to $13.8bn.
Bank of Georgetown president and CEO Michael P. Fitzgerald said: "We have respected United as a consistently high performing competitor and we are absolutely delighted to have this opportunity to join forces with them. Our customers and the community will benefit from a broader array of products and services, and continue to receive excellent relationship service.
"We believe this partnership is an outstanding reward for their commitment and that the similar quality of people and culture coming together will further advance Washington’s preeminent community bank."
Subject to regulatory approvals and the approval of Bank of Georgetown’s shareholders, the acquisition is expected to be completed by mid-2016.
The deal will be the current administration’s 30th acquisition, and the 9th in the Washington, DC metro area.
United Bankshares currently has 129 full-service offices in Washington, DC, Virginia, Maryland, Ohio, Pennsylvania, and West Virginia.
Image: United Bankshares has signed a definitive merger agreement with Bank of Georgetown. Photo: courtesy of Chaiwat / FreeDigitalPhotos.net.
