United Bankshares, Inc. Completes Acquisition of Piedmont Bancorp, Inc.

Rhea-AI Summary

United Bankshares (NASDAQ: UBSI) has completed its acquisition of Atlanta-based Piedmont Bancorp, marking United's 34th acquisition. The merger expands United's presence in the Southeast, creating a combined organization with over $32 billion in assets and more than 240 locations across nine states including Georgia, South Carolina, North Carolina, Virginia, Maryland, Washington, D.C., West Virginia, Ohio, and Pennsylvania.

Former Piedmont offices will operate under the United Bankshares name, with Monty Watson, former Chairman and CEO of Piedmont, serving as regional president for the former Piedmont locations. The merger aims to enhance customer service while maintaining relationship-based banking and local decision-making principles.

Positive

• Expansion into attractive Southeast banking market
• Combined assets exceed $32 billion
• Network expansion to over 240 locations across 9 states
• Retention of Piedmont's leadership for regional operations

Negative

• None.

Insights

Banking M&A Expert

This strategic acquisition marks a significant expansion for United Bankshares, boosting its total assets to $32 billion and expanding its footprint in the lucrative Southeast market. The deal strengthens UBSI's competitive position by adding Piedmont's established presence in Atlanta, one of the fastest-growing banking markets in the US. The retention of Piedmont's leadership in regional roles suggests a thoughtful integration strategy that should help preserve valuable customer relationships and local market knowledge.

The transaction represents UBSI's 34th acquisition, demonstrating its proven track record in executing and integrating mergers. This experience typically translates to lower integration risks and faster realization of cost synergies. The combined network of over 240 locations across nine states creates enhanced scale efficiencies and cross-selling opportunities that should drive revenue growth. The merger particularly strengthens UBSI's presence in Georgia, a market characterized by strong demographic trends and business-friendly environment.

Market Research Analyst

The Southeast banking market presents compelling growth dynamics, with Atlanta standing out as a particularly attractive target. The metro area's robust population growth (2.1% annually), thriving business ecosystem and status as a major financial hub make this acquisition strategically valuable. For context, Atlanta's banking market has shown deposit growth rates consistently above the national average.

The deal's timing aligns with broader industry consolidation trends, where regional banks are seeking scale to compete effectively with larger institutions and invest in necessary technology upgrades. UBSI's expanded presence in high-growth markets should help offset any pressure in its legacy territories and provide new avenues for organic growth. The preservation of local decision-making structure is crucial, as it addresses a common concern in bank mergers about maintaining relationship-based banking services.

Merger strengthens United’s growing presence across the Southeast

WASHINGTON & CHARLESTON, W.Va.--(BUSINESS WIRE)-- United Bankshares, Inc. (“United”) (NASDAQ: UBSI), parent company of United Bank, today announced the completion of its acquisition of Atlanta-based Piedmont Bancorp, Inc. (“Piedmont”), parent company of The Piedmont Bank.

“We are thrilled to have Piedmont join the United family,” said Richard M. Adams, Jr., CEO of United Bankshares, Inc. “This transaction allows us to grow our presence in one of the most desirable banking markets in the nation. We look forward to serving the employees, customers, and communities in our new footprint.”

The acquisition is United’s 34^th, and the combined organization has more than $32 billion in assets and a network of over 240 locations across Georgia, South Carolina, North Carolina, Virginia, Maryland, Washington, D.C., West Virginia, Ohio, and Pennsylvania. The former Piedmont offices will operate under the DBA United Bankshares.

“We are excited to become a part of United,” said Monty Watson, former Chairman and CEO, Piedmont. “Our organizations’ similar cultures and values will greatly benefit our customers, employees, and shareholders. This merger will allow us to meet the evolving needs of customers in our communities while preserving our focus on relationship-based banking and local decision-making.” Watson will serve as regional president responsible for the former Piedmont locations.

About United Bankshares, Inc.
As 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’s stock is traded on the NASDAQ Global Select Market under the quotation symbol "UBSI."

View source version on businesswire.com: https://www.businesswire.com/news/home/20250110714388/en/

Investor Contact:

W. Mark Tatterson

Chief Financial Officer

(800) 445-1347 ext. 8716

Media Contact:

Jacquie Toppings

VP, Director of Communications

Jacquie.Toppings@bankwithunited.com

Source: United Bankshares, Inc.

FAQ

What is the total asset size of United Bankshares (UBSI) after the Piedmont acquisition?

After the Piedmont acquisition, United Bankshares has more than $32 billion in assets.

How many locations does UBSI have after acquiring Piedmont Bancorp?

Following the Piedmont acquisition, UBSI now has a network of over 240 locations across nine states.

What states does United Bankshares (UBSI) now operate in after the Piedmont merger?

UBSI now operates in Georgia, South Carolina, North Carolina, Virginia, Maryland, Washington, D.C., West Virginia, Ohio, and Pennsylvania.

What role will former Piedmont CEO Monty Watson have at UBSI?

Monty Watson will serve as regional president responsible for the former Piedmont locations.

How many acquisitions has United Bankshares (UBSI) completed to date?

The Piedmont acquisition marks United Bankshares' 34th acquisition.