United Bankshares Expands Its Horizons with Piedmont Acquisition
United Bankshares, Inc. (NASDAQ: UBSI), a significant player in the banking sector, has recently completed its acquisition of Piedmont Bancorp, Inc. Based in Atlanta, Piedmont is the parent company of The Piedmont Bank. This acquisition marks an important milestone for United, as it strengthens its foothold in a competitive banking landscape.
Leadership Praise and New Opportunities
The CEO of United Bankshares, Richard M. Adams, Jr., expressed great enthusiasm regarding this important step. “We are thrilled to have Piedmont join the United family,” he stated. This acquisition is pivotal in enhancing their presence in one of the nation’s most sought-after banking markets. The incorporation of Piedmont's resource pool promises to elevate service offerings to employees, customers, and the communities they serve.
Understanding the Scale of the Acquisition
With this acquisition, United will see its assets grow to over $32 billion, establishing a robust network of more than 240 locations. These branches span across several states, including Georgia, South Carolina, North Carolina, Virginia, Maryland, Washington, D.C., West Virginia, Ohio, and Pennsylvania, solidifying their market dominance.
Commitment to Community Banking
Monty Watson, the former Chairman and CEO of Piedmont, also shared his excitement about the merger. He remarked, “Our organizations’ similar cultures and values will greatly benefit our customers, employees, and shareholders.” This collaboration intends to enhance the evolving needs of their clientele while maintaining a steadfast focus on personal relationships and local decision-making. Mr. Watson will transition to the role of regional president, overseeing the former Piedmont locations.
About United Bankshares, Inc.
As of the recent reporting period, United Bankshares boasts consolidated assets approximating $30 billion. The company operates more than 225 offices, primarily located throughout the D.C. metropolitan area and extending into Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. United Bankshares continues to be publicly traded on the NASDAQ Global Select Market under the ticker symbol "UBSI." Their strategic growth initiatives highlight a commitment to strong community ties and adaptability within shifting market trends.
Frequently Asked Questions
What was the reason for United Bankshares to acquire Piedmont Bancorp?
The acquisition aims to expand United Bankshares' presence in desirable banking markets and enhance service offerings to customers.
How many assets does United Bankshares hold after the acquisition?
Post-acquisition, United Bankshares' assets exceed $32 billion, increasing their market influence considerably.
Will the former Piedmont branches retain their branding?
No, after the acquisition, former Piedmont offices will operate under the DBA United Bankshares.
Who is leading the Piedmont locations in the new structure?
Monty Watson, former Chairman, will serve as the regional president responsible for the former Piedmont Bank locations.
How many locations does United operate following this acquisition?
United Bankshares will have over 240 locations spread across multiple states, enhancing their service capabilities.
