United Bankshares, Inc. (NASDAQ:UBSI) announced on Friday that it entered into a definitive merger agreement under which United would acquire Piedmont Bancorp.
The exchange ratio will be fixed at 0.300 of United's shares for each share of Piedmont, resulting in an aggregate transaction value of approximately $267 million.
The merger will strengthen United's position in the Mid-Atlantic and Southeast.
"The greater Atlanta area is the perfect addition to UBSI's footprint, and we look forward to being a part of the vibrant and fast-growing communities there," said Richard M. Adams Jr., CEO of United Bankshares.
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.
Piedmont, headquartered in Peachtree Corners, Georgia, has assets of approximately $2.1 billion and 16 locations.
The merger is expected to close late in the fourth quarter of 2024 or early in the first quarter of 2025.
According to Benzinga Pro, UBSI stock has gained over 18% in the past year. Investors can gain exposure to the stock via First Trust NASDAQ ABA Community Bank Index Fund (NASDAQ:QABA).
UBSI Price Action: United Bankshares shares are trading higher by 0.011% to $46.77 at last check Friday.
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