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West Virginia-based United Bank to acquire bank located in Georgia

Charleston Gazette-Mail

CHARLESTON, W.Va. — United Bankshares, Inc., the parent company of United Bank, announced Friday it is acquiring The Piedmont Bank in a merger agreement.

According to a news release from United, the merger will make United Bank the 39th largest banking company in the U.S. based on market capitalization. This transaction represents United’s 34th acquisition. The deal is valued at approximately $267 million.

“We are excited to bring these two great companies together,” Richard Adams, Jr., CEO of United Bankshares, Inc., said in the release. “We share similar commitments to serving our customers and communities with a relationship-focused approach.”

Combined, the organization will have more than $32 billion in assets and over 240 locations in eight states and Washington, D.C. United, based in Parkersburg, also acquires 100% of the outstanding shares of Piedmont in exchange for common shares of United. The merger has been approved by the boards of directors of both companies.

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