United Bankshares Finalizes Acquisition of Piedmont Bancorp
Deal News | Jan 13, 2025 | EIN
United Bankshares, the parent company of United Bank, has completed the acquisition of Piedmont Bancorp, owner of The Piedmont Bank, for nearly $267 million. The definitive merger agreement was signed in May 2024, with the transaction enhancing United Bankshares' presence in the Mid-Atlantic and Southeast U.S. The deal involved a share exchange at a fixed ratio of 0.300 United shares for each Piedmont share. This marks United's 34th acquisition, expanding its assets to over $32 billion and its network to more than 240 locations. Piedmont Bank will merge into United Bank, continuing operations under the United Bankshares brand. The acquisition supports United's strategy of providing relationship-based banking while facilitating local decision-making.
Sectors
- Banking
- Financial Services
Geography
- United States – The transaction expands United Bankshares' reach in the Mid-Atlantic and Southeast regions of the U.S.
Industry
- Banking – The article involves banking institutions United Bankshares and Piedmont Bancorp, highlighting a merger and acquisition transaction in the banking industry.
- Financial Services – The acquisition deals with financial service providers in regions across the U.S., emphasizing their service offerings.
Financials
- 267,000,000 – Total value of the acquisition of Piedmont Bancorp by United Bankshares.
- 32,000,000,000 – The approximate total assets of United Bankshares post-acquisition.
- 300 – The fixed ratio of United shares exchanged for each share of Piedmont Bancorp.
- 2,100,000,000 – Piedmont Bancorp's assets value before the acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| United Bankshares | Bidding Company/Buyer | Company | A financial institution and parent company of United Bank, acquiring Piedmont Bancorp. |
| Piedmont Bancorp | Target Company | Company | A financial institution owning The Piedmont Bank, acquired by United Bankshares. |
| The Piedmont Bank | Target Company | Company | Subsidiary of Piedmont Bancorp, involved in the merger with United Bank. |
| Monty Watson | Former Chairman and CEO of Piedmont Bancorp | Person | Previous leader of Piedmont Bancorp, speaks on the merger benefits. |
| Richard M Adams Jr | CEO of United Bankshares | Person | Leader of United Bankshares, comments on the merger. |