This acquisition marks United’s 34th. Credit: Romeo Pj/Shutterstock.

United Bankshares (United), the parent company of United Bank, has closed the deal to buy Piedmont Bancorp, which owns The Piedmont Bank.

This move is set to enhance United’s footprint in the Mid-Atlantic and Southeast US.

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The companies signed a definitive merger agreement in May 2024, which stipulated the acquisition of all outstanding Piedmont shares by United.

The shares were exchanged at a fixed ratio of 0.300 of United’s shares for each Piedmont share, bringing the transaction’s total value to nearly $267m.

This acquisition marks United’s 34th and expands its assets to over $32bn and its network to more than 240 locations.

Headquarters in Peachtree Corners, Piedmont has assets worth around $2.1bn.

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Piedmont Bank will subsequently merge into United Bank, with both United and United Bank emerging as the surviving entities.

Piedmont former chairman and CEO Monty Watson said: “We are excited to become a part of United. Our organisations’ 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.”

In light of the merger, the former Piedmont offices will continue operations under the United Bankshares brand.

As of 30 September 2024, United had consolidated assets of nearly $30bn and operated more than 225 offices across nine states.

United Bankshares CEO Richard M Adams Jr said: “We are excited to bring these two great companies together. We share similar commitments to serving our customers and communities with a relationship-focused approach.

“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.”