United Bankshares Moves Forward with Piedmont Acquisition

United Bankshares, a prominent financial institution, has received final regulatory approval from both the Federal Reserve and state banking authorities for its proposed merger with Piedmont Bancorp Inc., which operates as the parent company of The Piedmont Bank. The merger, anticipated to finalize in early 2025, promises to fortify United Bankshares’ standing in the competitive Mid-Atlantic and Southeastern U.S. markets, particularly around the Atlanta area. Richard M. Adams Jr., CEO of United Bankshares, expressed enthusiasm about the expansion potential and the enhanced service quality for their customers. The boards of both companies and Piedmont's stockholders have already ratified the merger agreement, which will see United acquiring 100% of Piedmont’s outstanding shares through a stock exchange. With this merger, United Bankshares will command over $32 billion in assets and expand its branch network to over 240 locations across eight states and Washington, D.C. This strategic acquisition marks United's 34th transaction to date.