United Bankshares, Inc. Receives Final Regulatory Approval for Piedmont Bancorp Acquisition

WASHINGTON, D.C. & CHARLESTON, W.Va.--(BUSINESS WIRE)--December 02, 2024-- 

United Bankshares, Inc. ("United") $(UBSI)$, the parent company of United Bank, today announced it has received all requisite 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."

This merger strengthens 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., in some of the nation's most desirable banking markets. This transaction represents United's 34(th) acquisition.

The respective boards of directors of United and Piedmont previously approved the merger agreement. In addition, the stockholders of Piedmont have approved the merger. Under the agreement, United will acquire 100% of the outstanding shares of Piedmont in exchange for common shares of United. The merger is expected to close in early 2025, subject to the satisfaction of customary closing conditions. At that time, Piedmont will merge into United, and The Piedmont Bank will merge into United Bank, with United and United Bank being the surviving entities. The former Piedmont offices will operate under the DBA United Bankshares in the State of Georgia. The operational conversion is anticipated to take place in late first quarter of 2025.

About United Bankshares, Inc.

As of September 30, 2024, United had consolidated assets of approximately $30 billion. United is the parent company of United Bank, which comprises more than 225 offices located throughout Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. United's stock is traded on the NASDAQ Global Select Market under the quotation symbol "UBSI".

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    CONTACT:    Investor Contact: W. Mark Tatterson Chief Financial Officer 

(800) 445-1347 ext. 8716

Media Contact: Jacquie Toppings

VP, Director of Communications

Jacquie.Toppings@bankwithunited.com

(END) Dow Jones Newswires

December 02, 2024 10:46 ET (15:46 GMT)