{"id":791592,"date":"2024-12-02T10:49:02","date_gmt":"2024-12-02T15:49:02","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/united-bankshares-inc-receives-final-regulatory-approval-for-piedmont-bancorp-acquisition\/"},"modified":"2024-12-02T10:49:02","modified_gmt":"2024-12-02T15:49:02","slug":"united-bankshares-inc-receives-final-regulatory-approval-for-piedmont-bancorp-acquisition","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/united-bankshares-inc-receives-final-regulatory-approval-for-piedmont-bancorp-acquisition\/","title":{"rendered":"United Bankshares, Inc. Receives Final Regulatory Approval for Piedmont Bancorp Acquisition"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>United Bankshares, Inc. Receives Final Regulatory Approval for Piedmont Bancorp Acquisition<\/b><\/p>\n<p>WASHINGTON, D.C. &amp; CHARLESTON, W.Va.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nUnited Bankshares, Inc. (\u201cUnited\u201d) (NASDAQ: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fubsi-inc.com%2Fhome%2Fdefault.aspx&amp;esheet=54160088&amp;newsitemid=20241202749534&amp;lan=en-US&amp;anchor=UBSI&amp;index=1&amp;md5=e6a04cc89da53129aefdde9a933a1a15\">UBSI<\/a>), the parent company of United Bank, today announced it has received all requisite regulatory approvals for its proposed merger with Piedmont Bancorp, Inc. (\u201cPiedmont\u201d), the parent company of The Piedmont Bank.<\/p>\n<p>\n\u201cWe 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,\u201d said Richard M. Adams, Jr., CEO of United Bankshares, Inc. \u201cWe look forward to bringing these two strong companies together to deliver excellence in service to customers and communities across this thriving market.\u201d<\/p>\n<p>\nThis merger strengthens United\u2019s position in the Mid-Atlantic and Southeast. 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., in some of the nation&#8217;s most desirable banking markets. This transaction represents United\u2019s 34<sup>th<\/sup> acquisition.<\/p>\n<p>\nThe respective 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 will merge into United, 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 the DBA United Bankshares in the State of Georgia. The operational conversion is anticipated to take place in late first quarter of 2025.<\/p>\n<p><b>About United Bankshares, Inc.<\/b><\/p>\n<p>\nAs of September 30, 2024, United had consolidated assets of approximately $30 billion. United is the parent company of United Bank, which comprises more than 225 offices located throughout Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. United\u2019s stock is traded on the NASDAQ Global Select Market under the quotation symbol &#8220;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.ubsi-inc.com&amp;esheet=54160088&amp;newsitemid=20241202749534&amp;lan=en-US&amp;anchor=UBSI&amp;index=2&amp;md5=368003d72e9b8030483788f41ed0de53\">UBSI<\/a>&#8220;.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241202749534r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20241202749534\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20241202749534\/en\/<\/a><\/span><\/p>\n<p>\nInvestor Contact: W. Mark Tatterson Chief Financial Officer<br \/>\n<br \/>(800) 445-1347 ext. 8716<br \/>\n<\/p>\n<p>\nMedia Contact: Jacquie Toppings<br \/>\n<br \/>VP, Director of Communications<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Jacquie.Toppings@bankwithunited.com\">Jacquie.Toppings@bankwithunited.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America West Virginia Georgia District of Columbia<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Banking Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20241202749534\/en\/3343\/3\/UBSI_Green_U.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>United Bankshares, Inc. Receives Final Regulatory Approval for Piedmont Bancorp Acquisition WASHINGTON, D.C. &amp; CHARLESTON, W.Va.&#8211;(BUSINESS WIRE)&#8211; United Bankshares, Inc. (\u201cUnited\u201d) (NASDAQ: UBSI), the parent company of United Bank, today announced it has received all requisite regulatory approvals for its proposed merger with Piedmont Bancorp, Inc. (\u201cPiedmont\u201d), the parent company of The Piedmont Bank. \u201cWe 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,\u201d said Richard M. Adams, Jr., CEO of United Bankshares, Inc. \u201cWe look forward to bringing these two strong companies together to deliver excellence in service to customers and communities across this thriving market.\u201d This &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/united-bankshares-inc-receives-final-regulatory-approval-for-piedmont-bancorp-acquisition\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;United Bankshares, Inc. Receives Final Regulatory Approval for Piedmont Bancorp Acquisition&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-791592","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>United Bankshares, Inc. Receives Final Regulatory Approval for Piedmont Bancorp Acquisition - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/united-bankshares-inc-receives-final-regulatory-approval-for-piedmont-bancorp-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"United Bankshares, Inc. Receives Final Regulatory Approval for Piedmont Bancorp Acquisition - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"United Bankshares, Inc. Receives Final Regulatory Approval for Piedmont Bancorp Acquisition WASHINGTON, D.C. &amp; CHARLESTON, W.Va.&#8211;(BUSINESS WIRE)&#8211; United Bankshares, Inc. (\u201cUnited\u201d) (NASDAQ: UBSI), the parent company of United Bank, today announced it has received all requisite regulatory approvals for its proposed merger with Piedmont Bancorp, Inc. (\u201cPiedmont\u201d), the parent company of The Piedmont Bank. \u201cWe 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,\u201d said Richard M. Adams, Jr., CEO of United Bankshares, Inc. \u201cWe look forward to bringing these two strong companies together to deliver excellence in service to customers and communities across this thriving market.\u201d This &hellip; Continue reading &quot;United Bankshares, Inc. 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