United Bankshares receives final regulatory approval for Piedmont acquisition

The corporate offices of United Bankshares, parent company of United Bank, that received regulatory approvals for the acquisition of Piedmont Bancorp. (Photo Provided by United Bankshares)
PARKERSBURG — United Bankshares has received all requisite regulatory approvals for its proposed merger with Piedmont Bancorp Inc., the parent company of The Piedmont Bank.
“We are pleased to have received regulatory approval from the Federal Reserve and state banking authorities for this merger, and we remain excited about expanding our footprint into the greater Atlanta area,” said Richard M. Adams Jr., CEO of United Bankshares, the parent company of United Bank. “We look forward to bringing these two strong companies together to deliver excellence in service to customers and communities across this thriving market.”
A release from United said the merger strengthens United’s position in the Mid-Atlantic and Southeast. The combined organization will have more than $32 billion in assets and a network of more than 240 locations in eight states and Washington, D.C., in some of the nation’s most desirable banking markets.
This transaction is United’s 34th acquisition.
The boards of directors of United and Piedmont previously approved the merger agreement. In
addition, the stockholders of Piedmont have approved the merger.
Under the agreement, United will acquire 100% of the outstanding shares of Piedmont in exchange for common shares of United. The merger is expected to close in early 2025, subject to the satisfaction of customary closing conditions. At that time, Piedmont Bancorp will merge into United Bancorp and the Piedmont Bank will merge into United Bank, with United and United Bank being the surviving entities.
The former Piedmont offices will operate under United Bankshares in Georgia. The operational conversion is anticipated to take place late in the first quarter of 2025.
As of Sept. 30, United had consolidated assets of approximately $30 billion. United Bank operates more than 225 offices in West Virginia, Ohio, Virginia, Maryland, North Carolina, South Carolina, Pennsylvania, Georgia and Washington, D.C.