Piedmont Bank customers will soon do business under a different name. The parent company, Piedmont Bancorp, is merging with United Bankshares.
The two financial institutions announced this week they have entered into a definitive merger agreement. A news release said United will acquire Piedmont. The merger will combine the two companies and strengthen United’s position as the 39th largest banking company in the U.S. based on market capitalization, the release states.
“We are excited to bring these two great companies together,” says Richard M. Adams, Jr., CEO of United Bankshares, Inc. “We share similar commitments to serving our customers and communities with a relationship-focused approach.”
Terms of agreement
Under the terms of the agreement, United will acquire 100% of Piedmont’s outstanding shares in exchange for common shares of United.
“Piedmont is thrilled to join the United Bank family,” says Piedmont Chairman and CEO Monty Watson. “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 merger’s closing.
This marks United’s 34th acquisition. The companies expect to close the merger at the end of this year or early next year, subject to approval by Piedmont’s shareholders and the Federal Reserve.
Piedmont, headquartered in Peachtree Corners, Georgia, has assets of approximately $2.1 billion and 16 locations, including Cleveland, Blue Ridge, Jefferson, and Gainesville. United Bankshares, Inc. is a financial services company with consolidated assets of nearly $30 billion, according to its website. The combined organization will have over $32 billion in assets and a network of over 240 locations across eight states and Washington, D.C.
