United Bankshares, Inc. has successfully completed the acquisition of Piedmont Bancorp, Inc., strengthening its presence across the Southeast. With this acquisition, United now has over $32 billion in assets and a network of more than 240 locations across various states.
As of September 30, 2024, United had consolidated assets of approximately $30 billion. With the addition of Piedmont, this figure has now increased to over $32 billion, demonstrating significant growth in assets for United Bankshares, Inc.
The acquisition also expands United's geographic footprint, particularly in Georgia, South Carolina, North Carolina, Virginia, Maryland, Washington, D.C., West Virginia, Ohio, and Pennsylvania. This expansion provides United with a broader market reach and customer base.
Additionally, the former Piedmont offices will now operate under the DBA United Bankshares, allowing for the integration of Piedmont's operations into United's existing network of offices.
The press release also highlights the appointment of Monty Watson, former Chairman and CEO of Piedmont, as the regional president responsible for the former Piedmont locations. This move aims to ensure a smooth transition and continuity of service for customers in the acquired regions.
Following these announcements, the company's shares moved -3.2%, and are now trading at a price of $35.74. For more information, read the company's full 8-K submission here.
