PARKERSBURG — United Bankshares Inc. announced its 34th acquisition, a merger with Piedmont Bancorp Inc., the Georgia-based parent company of The Piedmont Bank.

The merger will strengthen United’s position in the Mid-Atlantic and Southeast and make United Bank’s parent company the 39th largest banking company in the country based on market capitalization.

“We are excited to bring these two great companies together,” said Richard M. Adams Jr., CEO of United Bankshares Inc. “We share similar commitments to serving our customers and communities with a relationship-focused approach. The greater Atlanta area is the perfect addition to UBSI’s footprint, and we look forward to being a part of the vibrant and fast-growing communities there.”

According to a release from the companies, the combined organization will have more than $32 billion in assets and a network of over 240 locations across eight states and Washington, D.C. Headquartered in Peachtree Corners, Ga., Piedmont has assets of approximately $2.1 billion and 16 locations.

Pursuant to the merger agreement, United will acquire 100% of the outstanding shares of Piedmont in exchange for common shares of United. The exchange ratio will be fixed at 0.300 of United’s shares for each share of Piedmont, resulting in an aggregate transaction value of approximately $267 million.

The merger has been approved by both companies’ boards of directors.

“Piedmont is thrilled to join the United Bank family,” said Monty Watson, chairman and CEO of The Piedmont Bank. “We believe this merger will allow us to better serve our current customers and reach new audiences with enhanced products and services, all while maintaining our personalized community bank approach.”

Watson will serve as regional president responsible for Georgia operations at United upon the closing of the merger. That’s expected to come late in the fourth quarter of 2024 or early in the first quarter of 2025, subject to the satisfaction of customary closing conditions, including approval by the shareholders of Piedmont and the receipt of required regulatory approvals.

Piedmont will merge into United, and The Piedmont Bank will merge into United Bank, with United and United Bank being the surviving entities.