United Bankshares Receives Regulatory Approval for Merger with Piedmont Bancorp

United Bankshares, Inc. announced on November 29, 2024, that it has received regulatory approval from the Board of Governors of the Federal Reserve System for the merger of Piedmont Bancorp, Inc. with and into United. This approval paves the way for the merger of The Piedmont Bank, a wholly-owned direct subsidiary of Piedmont, with and into United Bank, a wholly-owned direct subsidiary of United.

The merger, in accordance with the Agreement and Plan of Merger dated May 9, 2024, has also received the necessary state banking regulatory approvals and approval from Piedmont’s stockholders. The transaction is set to close in early 2025, subject to the completion of customary closing conditions.

Upon completion, the former Piedmont offices will operate under the banner of United Bankshares in the State of Georgia. The operational conversion is projected to occur in the late first quarter of 2025.

United Bankshares concluded the announcement by noting that W. Mark Tatterson, Executive Vice President and Chief Financial Officer, signed the report on behalf of the company on December 2, 2024.

This significant development indicates a strategic move for United Bankshares, enhancing its market presence and positioning in the region.

The information provided offers insight into the progression of United Bankshares and its strategic merger activities as the company moves forward with its expansion plans to broaden its reach and service offerings in the market.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read United Bankshares’s 8K filing here.

About United Bankshares

United Bankshares, Inc, through its subsidiaries, primarily provides commercial and retail banking products and services in the United States. It operates through two segments, Community Banking and Mortgage Banking. The company accepts checking, savings, and time and money market accounts; individual retirement accounts; and demand deposits, statement and special savings, and NOW accounts.