United Bankshares To Acquire Piedmont Bancorp In All-stock Deal Of About $267 Mln
(RTTNews) - United Bankshares, Inc. (UBSI), the parent company of United Bank, and Piedmont Bancorp, Inc., the parent company of The Piedmont Bank, announced Friday they have entered into a definitive merger agreement under which United will acquire 100 percent of the outstanding shares of Piedmont in an all-stock deal valued at about $267 million.
This merger will bring together two high-performing banking companies and strengthen United's position in the Mid-Atlantic and Southeast.
The combined organization will have more than $32 billion in assets and a network of over 240 locations across eight states and Washington, D.C. The merger, approved by the Boards of Directors of both companies, is expected to close late in the fourth quarter of 2024 or early in the first quarter of 2025, subject to the satisfaction of customary closing conditions, including approval by the shareholders of Piedmont and the receipt of required regulatory approvals which at the Federal level include the approval of the Federal Reserve.
Piedmont will merge into United, and The Piedmont Bank will merge into United Bank, with United and United Bank being the surviving entities.
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