News Summary
United Bankshares, Inc. has announced its acquisition of Piedmont Bancorp, Inc., marking its 34th acquisition. This merger will enhance banking services across eight states and Washington, D.C., bringing United Bankshares’ total assets to over $32 billion. The transition will see former Piedmont offices operate under the United brand, providing improved service and increased accessibility for customers, particularly in the Atlanta area. This move has been approved by regulators and stockholders, indicating a promising future for the combined banking entity.
Atlanta Welcomes a New Banking Giant
Atlanta, Georgia, is buzzing with exciting news in the banking world! United Bankshares, Inc., the proud parent company of United Bank, has just completed the acquisition of Piedmont Bancorp, Inc., giving them a significant boost in their mission to provide exceptional banking services. This exciting merger is making waves, marking United’s 34th acquisition and further strengthening their foothold in the southeastern region of the United States.
A Tale of Growth and Expansion
The combination of both companies signifies a major milestone for United Bankshares, bringing their total assets to an impressive over $32 billion. This newly expanded organization will serve customers through a vast network of more than 240 locations spread across eight states and Washington, D.C. The states included in this expansive network are Georgia, South Carolina, North Carolina, Virginia, Maryland, West Virginia, Ohio, and Pennsylvania. It’s an exciting time for customers in these regions!
Piedmont Bancorp Changes Hands
With this acquisition, the former offices of Piedmont Bancorp will now operate under the trade name of United Bankshares. This transition brings a world of opportunities for both organizations, allowing the combined entity to enhance service capabilities and extend access to customers, particularly in the greater Atlanta area and its surrounding communities.
Leadership and Vision
Monty Watson, the former Chairman and CEO of Piedmont, has joined the team as the Regional President, overseeing the transition for all former Piedmont locations. His experience in the banking industry will help steer the newly combined organization toward success in meeting the needs of their customers.
Tremendous Opportunities Ahead
The unity between United Bankshares and Piedmont Bancorp promises a landscape rich with opportunities for growth in a highly desirable banking market. It’s a win-win situation, as customers can look forward to improved services, greater accessibility, and a stronger support network. The operational conversion of Piedmont locations to the United Bank brand is set to take place in late Q1 of 2025, post-merger, and work is already underway to ensure a smooth transition.
The Nuts and Bolts of the Merger
As for the transaction itself, it involved an exchange of common shares of United for 100% of the outstanding shares of Piedmont, which totals an aggregate transaction value of approximately $267 million. Excitingly, the merger has been a smooth road thus far, as it has received all necessary regulatory approvals from the Federal Reserve and state banking authorities. Stockholders of Piedmont have also given their thumbs up, endorsing the merger agreement.
What Lies Ahead
United Bankshares had already consolidated assets amounting to roughly $30 billion as of September 30, 2024, and with the integration of Piedmont, the bank is poised for even greater accomplishments. As the operational leaders prepare for the upcoming changes, customers can rest assured knowing that they will receive exceptional service and a supportive banking environment.
A Bright Future for Banking in Atlanta
The announcement of this acquisition has undoubtedly fired up the banking landscape in Atlanta and surrounding areas. Both United Bankshares and Piedmont Bancorp have made significant strides in creating a friendly, accessible, and trustworthy banking experience for their customers. With their combined strength, it’s truly an exciting time for banking in Georgia!
Deeper Dive: News & Info About This Topic
- Business Wire: United Bankshares Completes Acquisition
- WilmingtonBiz: United Bank to Acquire The Piedmont Bank
- Star Tribune: US Bancorp Bank Net Interest Income Fell
- Wikipedia: Banking in the United States
- News and Sentinel: United Bankshares Receives Approval
- Google Search: United Bankshares Piedmont Bancorp news
Author: STAFF HERE IRMO
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