United Bankshares, Inc. (“United”) (NASDAQ: UBSI), the parent company of United Bank, has announced it has received all necessary regulatory approvals for its proposed merger with Piedmont Bancorp, Inc. (“Piedmont”), the parent company of The Piedmont Bank.
“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,” said Richard M. Adams, Jr., CEO of United Bankshares, Inc. “We look forward to bringing these two strong companies together to deliver excellence in service to customers and communities across this thriving market.”
The merger strengthens United’s presence in the Mid-Atlantic and Southeast regions, creating a combined organization with over $32 billion in assets and a network of more than 240 locations across eight states and Washington, D.C. This transaction marks United’s 34th acquisition, further solidifying its position in some of the nation’s most desirable banking markets.
The boards of directors of both United and Piedmont previously approved the merger agreement, with Piedmont’s stockholders also voting in favor. Under the terms of the agreement, United will acquire 100% of Piedmont’s outstanding shares in exchange for common shares of United.
The merger is expected to close in early 2025, pending the satisfaction of customary closing conditions. Following the merger, Piedmont will merge into United, and The Piedmont Bank will integrate into United Bank, with United and United Bank as the surviving entities. Piedmont’s former offices in Georgia will operate under the DBA United Bankshares. The operational conversion is anticipated to be completed by late Q1 2025.
