United Bankshares Completes Acquisition of Piedmont Bancorp, Inc., Strengthens Southeast Presence

United Bankshares, Inc. recently announced the completion of its acquisition of Piedmont Bancorp, Inc., a move that bolsters United’s footprint across the Southeast region. The acquisition, effective as of January 10, 2025, marked a significant milestone for United, further solidifying its position in the banking sector.

Under the terms of the Agreement and Plan of Merger dated May 9, 2024, United Bankshares took over all obligations of Piedmont, including the assumption of outstanding subordinated notes. Additionally, following the merger, The Piedmont Bank, a subsidiary of Piedmont, merged into United Bank, a wholly-owned subsidiary of United, with United Bank surviving the Bank Merger.

As part of the merger, each outstanding share of Piedmont Common Stock was converted into the right to receive 0.300 of a share of United common stock, along with cash paid in lieu of fractional shares – a detail outlined in the Agreement. Furthermore, all Piedmont Stock Options and Warrants were deemed fully vested and exercisable, leading to a lump sum cash payment for each.

In a press release issued on January 10, 2025, United shared details of the completion of the acquisition, illustrating a favorable outlook for both companies. With the acquisition adding more than $32 billion in assets to United and expanding its network to over 240 locations, the move represents United’s 34th successful acquisition, enhancing its market presence significantly.

The association of United and Piedmont brings with it the promise of a shared vision, as highlighted by Richard M. Adams, Jr., CEO of United Bankshares, Inc. The merging of the organizations is expected to uphold a customer-centric approach while strengthening community relationships and decision-making processes.

Following the acquisition, Monty Watson, former Chairman and CEO of Piedmont, will assume the role of regional president overseeing the former Piedmont locations. Expressing enthusiasm for the partnership, Watson emphasized the aligning cultures and values of the two entities, aiming to bring added value to customers, employees, and shareholders in the regions serviced.

United Bankshares, Inc., as of September 30, 2024, reported consolidated assets of approximately $30 billion. The integration of Piedmont into the United umbrella is set to further enhance its operations across various states, including Georgia, South Carolina, North Carolina, Virginia, Maryland, Washington, D.C., West Virginia, Ohio, and Pennsylvania. United’s stock is publicly traded on the NASDAQ Global Select Market under the symbol “UBSI.”

As United Bankshares embarks on this new phase of expansion and integration, both companies are anticipative of delivering enhanced banking services and maintaining a strong customer-centric focus in their respective markets.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read United Bankshares’s 8K filing here.

United Bankshares Company Profile

United Bankshares, Inc, through its subsidiaries, primarily provides commercial and retail banking products and services in the United States. It operates through two segments, Community Banking and Mortgage Banking. The company accepts checking, savings, and time and money market accounts; individual retirement accounts; and demand deposits, statement and special savings, and NOW accounts.