United Bank’s parent company United Bankshares has obtained all necessary regulatory approvals for its previously announced $267m merger with Piedmont Bancorp, the parent company of Piedmont Bank.
The proposed merger is expected to bolster United Bankshares’ presence across the Mid-Atlantic and Southeastern US.
The combined organisation will manage assets exceeding $32bn and operate a network of more than 240 locations across eight states and Washington, D.C.
The boards of directors of both United Bankshares and Piedmont Bancorp have approved the merger. The deal has also gained the approval of Piedmont Bancorp’s shareholders.
Announced in May 2024, the agreement will see United Bankshares acquire 100% of Piedmont Bancorp in an all-stock deal.
Under the terms of the definitive merger agreement, Piedmont Bancorp shareholders will receive 0.3 shares of United Bankshares’ stock for each Piedmont Bancorp share.
The merger is anticipated to close in early 2025, subject to the fulfilment of customary conditions.
Following the transaction, Piedmont Bancorp will merge into United Bankshares and Piedmont Bank will integrate into United Bank. United Bankshares and United Bank will be the surviving entities.
The former Piedmont branches in Georgia will operate under the “United Bankshares” name. The operational conversion is anticipated to take place in late Q1 2025.
United Bankshares CEO Richard Adams, Jr. said: “We are pleased to have received regulatory approval from the Federal Reserve and state banking authorities for this merger, and we remain excited about expanding our footprint into the greater Atlanta area.
“We look forward to bringing these two strong companies together to deliver excellence in service to customers and communities across this thriving market.”
Listed on the NASDAQ Global Select Market, United Bankshares has consolidated assets of around $30bn as of 30 September 2024.
Piedmont Bancorp is a $2.1bn asset bank holding company. Piedmont Bank offers service and innovative products for both business and personal banking.
