United Bankshares, Inc. Announces Acquisition of Piedmont Bancorp, Inc

United Bankshares, Inc. (“United”) (NASDAQ: UBSI), the parent company of United Bank, and Piedmont Bancorp, Inc. (“Piedmont”), the parent company of The Piedmont Bank, have officially announced a definitive merger agreement where United will acquire Piedmont. This strategic move will unite two esteemed banking entities, bolstering United’s presence in the Mid-Atlantic and Southeast regions and positioning it as the 39th largest banking company in the U.S. based on market capitalization. Notably, this marks United’s 34th acquisition.

“We are excited to bring these two great companies together,” expressed Richard M. Adams, Jr., CEO of United Bankshares, Inc. “We share similar commitments to serving our 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.”

The combined entity will boast over $32 billion in assets and a robust network of more than 240 locations spanning eight states and Washington, D.C., encompassing some of the nation’s most coveted banking markets. Headquartered in Peachtree Corners, Ga., Piedmont currently manages assets totaling approximately $2.1 billion across 16 locations.

Per the merger agreement terms, United will acquire 100% of Piedmont’s outstanding shares in exchange for common shares of United, with an exchange ratio set at 0.300 of United’s shares for each share of Piedmont. This arrangement signifies an aggregate transaction value of roughly $267 million and has received unanimous approval from both companies’ Boards of Directors.

“Piedmont is thrilled to join the United Bank family,” remarked Monty Watson, Chairman and CEO of The Piedmont Bank. “We believe this merger will allow us to better serve our current customers and reach new audiences with enhanced products and services, all while maintaining our personalized community bank approach.” Upon merger completion, Monty Watson will assume the role of Regional President responsible for Georgia operations at United.

The merger is anticipated to conclude late in the fourth quarter of 2024 or early in the first quarter of 2025, pending customary closing conditions, including shareholder approval from Piedmont and regulatory clearance, including that of the Federal Reserve. Following the merger, Piedmont will merge into United, with The Piedmont Bank merging into United Bank, and United and United Bank emerging as the surviving entities.

Raymond James acted as financial advisor, and Bowles Rice LLP and Sullivan & Cromwell LLP served as legal counsel to United. On the other hand, Piper Sandler & Co. and Burke Stelling Group, LLC provided financial advisory services to Piedmont, with Burke Stelling Group offering a fairness opinion. Legal counsel for Piedmont was provided by Alston & Bird LLP.

About United Bankshares, Inc.

As of March 31, 2024, United reported consolidated assets of approximately $30 billion. United Bank, its subsidiary, operates over 225 offices situated across Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. United’s stock trades on the NASDAQ Global Select Market under the quotation symbol “UBSI”.

About Piedmont Bancorp, Inc.

Piedmont Bancorp, Inc. is a $2.1 billion asset bank holding company headquartered in Peachtree Corners, Ga. Operating through its subsidiary, The Piedmont Bank, Piedmont manages 16 locations in the Atlanta area and North Georgia, dedicated to delivering exceptional service and innovative products for both business and personal banking.

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