United Bankshares receives final regulatory approval for Piedmont acquisition

United Bankshares (UBSI) has received all requisite regulatory approvals for its proposed merger with Piedmont Bancorp. This 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 over 240 locations across eight states and Washington, D.C., in some of the nation’s most desirable banking markets. This transaction represents United’s 34th acquisition. The 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.