United Bankshares, Inc. Completes Acquisition of Piedmont Bancorp, Inc.
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.
United Bankshares (NASDAQ: UBSI) ha completato l'acquisizione di Piedmont Bancorp, con sede ad Atlanta, segnando la trentatreesima acquisizione di United. La fusione espande la presenza di United nel sud-est, creando un'organizzazione combinata con oltre 32 miliardi di dollari in attivi e più di 240 sedi in nove stati, tra cui Georgia, Carolina del Sud, Carolina del Nord, Virginia, Maryland, Washington D.C., Virginia Occidentale, Ohio e Pennsylvania.
Le ex filiali di Piedmont opereranno sotto il nome di United Bankshares, con Monty Watson, ex Presidente e CEO di Piedmont, che assumerà il ruolo di presidente regionale per le ex sedi di Piedmont. L'obiettivo della fusione è migliorare il servizio clienti mantenendo i principi del banking relazionale e delle decisioni locali.
United Bankshares (NASDAQ: UBSI) ha completado su adquisición de Piedmont Bancorp, con sede en Atlanta, marcando la trigésima cuarta adquisición de United. La fusión expande la presencia de United en el sureste, creando una organización combinada con más de 32 mil millones de dólares en activos y más de 240 ubicaciones en nueve estados, incluyendo Georgia, Carolina del Sur, Carolina del Norte, Virginia, Maryland, Washington D.C., Virginia Occidental, Ohio y Pennsylvania.
Las antiguas oficinas de Piedmont operarán bajo el nombre de United Bankshares, con Monty Watson, ex Presidente y CEO de Piedmont, desempeñándose como presidente regional para las antiguas ubicaciones de Piedmont. La fusión tiene como objetivo mejorar el servicio al cliente mientras se mantienen los principios de la banca basada en relaciones y la toma de decisiones local.
United Bankshares (NASDAQ: UBSI)는 애틀랜타에 본사를 둔 Piedmont Bancorp의 인수를 완료하였으며, 이는 United의 34번째 인수를 의미합니다. 이번 합병은 United의 동남부 지역 내 존재감을 확대하여 조지아, 사우스캐롤라이나, 노스캐롤라이나, 버지니아, 메릴랜드, 워싱턴 D.C., 웨스트버지니아, 오하이오, 펜실베이니아 등 9개 주에 걸쳐 320억 달러 이상의 자산과 240개 이상의 지점을 가진 통합 조직을 만듭니다.
이전의 Piedmont 사무소는 United Bankshares라는 이름으로 운영되며, Monty Watson(전 Piedmont 회장 겸 CEO)이 이전 Piedmont 지사의 지역 사장으로 활동합니다. 이번 합병은 고객 서비스를 향상시키는 것을 목표로 하면서 관계 기반 은행업무 및 지역 의사 결정 원칙을 유지합니다.
United Bankshares (NASDAQ: UBSI) a terminé son acquisition de Piedmont Bancorp, basé à Atlanta, marquant la 34ème acquisition de United. La fusion augmente la présence de United dans le Sud-Est, créant une organisation combinée avec plus de 32 milliards de dollars d'actifs et plus de 240 emplacements dans neuf États, y compris la Géorgie, la Caroline du Sud, la Caroline du Nord, la Virginie, le Maryland, Washington D.C., la Virginie-Occidentale, l'Ohio et la Pennsylvanie.
Les anciens bureaux de Piedmont fonctionneront sous le nom de United Bankshares, avec Monty Watson, ancien président et CEO de Piedmont, servant comme président régional pour les anciens emplacements de Piedmont. La fusion vise à améliorer le service client tout en maintenant les principes de la banque relationnelle et de la prise de décision locale.
United Bankshares (NASDAQ: UBSI) hat die Übernahme der in Atlanta ansässigen Piedmont Bancorp abgeschlossen, was die 34. Übernahme von United markiert. Die Fusion erweitert die Präsenz von United im Südosten und schafft eine kombinierte Organisation mit über 32 Milliarden Dollar an Vermögenswerten und mehr als 240 Standorten in neun Bundesstaaten, darunter Georgia, South Carolina, North Carolina, Virginia, Maryland, Washington D.C., West Virginia, Ohio und Pennsylvania.
Ehemalige Piedmont-Büros werden unter dem Namen United Bankshares betrieben, wobei Monty Watson, ehemaliger Vorsitzender und CEO von Piedmont, als regionaler Präsident für die ehemaligen Piedmont-Standorte fungiert. Die Fusion zielt darauf ab, den Kundenservice zu verbessern und gleichzeitig die Prinzipien des beziehungsorientierten Bankings und der lokalen Entscheidungsfindung aufrechtzuerhalten.
- 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
- None.
Insights
This strategic acquisition marks a significant expansion for United Bankshares, boosting its total assets to
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.
The Southeast banking market presents compelling growth dynamics, with Atlanta standing out as a particularly attractive target. The metro area's robust population growth (
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
“We are thrilled to have
The acquisition is United’s 34th, and the combined organization has more than
“We are excited to become a part of United,” said Monty Watson, former Chairman and CEO,
About United Bankshares, Inc.
As of September 30, 2024, United had consolidated assets of approximately
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Investor Contact:
W. Mark Tatterson
Chief Financial Officer
(800) 445-1347 ext. 8716
Media Contact:
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Source: United Bankshares, Inc.
FAQ
What is the total asset size of United Bankshares (UBSI) after the Piedmont acquisition?
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