United Bankshares to acquire Piedmont Bancorp for $267M

United Bankshares and Piedmont Bancorp announced they have entered into a definitive merger agreement under which United will acquire Piedmont. The combined organization will have more than $32B in assets and a network of over 240 locations across eight states and Washington, D.C., in some of the most desirable banking markets in the nation. Piedmont, headquartered in Peachtree Corners, Georgia, has assets of approximately $2.1B and 16 locations. Pursuant to the merger agreement, United will acquire 100% of the outstanding shares of Piedmont in exchange for common shares of United. 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 $267M. The merger has been approved by the boards of directors of both companies. The merger is expected to close late in the fourth quarter of 2024 or early in the first quarter of 2025, subject to the satisfaction of customary closing conditions, including approval by the shareholders of Piedmont and the receipt of required regulatory approvals which at the Federal level include the approval of the Federal Reserve. Piedmont will merge into United, and The Piedmont Bank will merge into United Bank, with United and United Bank being the surviving entities.