United Bankshares Closes Piedmont Bancorp Acquisition
Deal News | Jan 18, 2025 | EIN
United Bankshares Inc., the parent company of United Bank, has announced the completion of its acquisition of Piedmont Bancorp Inc., headquartered in Atlanta. This transaction marks United Bankshares' 34th acquisition, further expanding its presence in a significant banking market. As part of the merger, Piedmont offices will operate under the United Bankshares name. Monty Watson, the former chairman and CEO of Piedmont, will transition to a regional president role for the new locations. The combined entity boasts over $32 billion in assets and a network of more than 240 locations across multiple states and the District of Columbia. The deal exemplifies a strategic move to enhance customer service, driven by shared cultural values.
Sectors
- Banking
- Financial Services
Geography
- United States – The acquisition impacts multiple states across the U.S., including Georgia, South Carolina, North Carolina, Virginia, Maryland, West Virginia, Ohio, Pennsylvania, and Washington, D.C.
Industry
- Banking – The acquisition involves United Bankshares Inc. expanding its banking operations by acquiring Piedmont Bancorp Inc.
- Financial Services – The deal signifies consolidation within the financial services sector, increasing United Bankshares’ market presence and service offerings.
Financials
- $32 billion – The combined assets of United Bankshares Inc. after the acquisition of Piedmont Bancorp Inc.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| United Bankshares Inc. | Acquiring Company | Company | The parent company of United Bank, expanding its network through strategic acquisitions. |
| Piedmont Bancorp Inc. | Target Company | Company | An Atlanta-based banking company, the parent of The Piedmont Bank, recently acquired by United Bankshares Inc. |
| Richard M. Adams Jr. | CEO of United Bankshares Inc. | Person | Leading United Bankshares to expand its banking presence through strategic acquisitions. |
| Monty Watson | Former Chairman and CEO of Piedmont | Person | Transitioned to a regional president role at United Bankshares Inc. after the acquisition. |