United Bankshares, the parent company of United Bank, on Friday completed its acquisition of Atlanta-based Piedmont Bancorp, the parent company of Piedmont Bank, in a deal valued at $267 million.
ƵWe are thrilled to have Piedmont join the United family,Ƶ Richard M. Adams Jr., CEO of United Bankshares, said in the announcement. ƵThis transaction allows us to grow our presence in one of the most desirable banking markets in the nation. We look forward to serving the employees, customers, and communities in our new footprint.Ƶ
The acquisition is UnitedƵs 34th. The combined organization has more than $32 billion in assets and a network of more than 240 locations across Georgia; South Carolina; North Carolina; Virginia; Maryland; Washington, D.C.; West Virginia; Ohio; and Pennsylvania. The former Piedmont offices will operate under the DBA United Bankshares.
The acquisition was announced in May 2024, when it was approved by the boards of directors of both companies. At the time, United Bankshares had more than 225 offices and assets of about $30 billion. Piedmont had 16 locations in the Atlanta area and assets of about $2.1 billion.
United received regulatory approvals for the acquisition in early December. At that time, United said it expected the operational conversion of Piedmont offices into United to occur in the first quarter of this year.
ƵOur organizationsƵ similar cultures and values will greatly benefit our customers, employees, and shareholders,Ƶ said Monty Watson, former chairman and CEO of Piedmont. ƵThis merger will allow us to meet the evolving needs of customers in our communities while preserving our focus on relationship-based banking and local decision-making.Ƶ
Watson will serve as regional president responsible for the former Piedmont locations.
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