Upon receiving all necessary regulatory approvals, United Bankshares, Inc., can move forward with its merger with Piedmont Bancorp, increasing United’s presence in the Mid-Atlantic and Southeast regions.
The combined entity will have $32 billion in total assets and more than 240 locations across eight states.
“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,” United Bankshares CEO Richard Adams, Jr. said in a press release. “We look forward to bringing these two strong companies together to deliver excellence in service to customers and communities across this thriving market.”
The Federal Reserve approved the proposed $267 million deal, allowing United, based in Charleston, W.V., to merge with the Georgia-based Piedmont Bancorp, thereby indirectly acquiring The Piedmont Bank, less than seven months after the agreement was announced. It is the 34th acquisition by United, according to the release.
The respective boards of directors of United and Piedmont previously approved the merger agreement, as have Piedmont’s stockholders. The agreement stipulates that United will acquire 100 percent 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.