A community bank with an expanding presence in the mid-Atlantic and Southeastern U.S. is buying Peachtree Corners-based Piedmont Bank in a $267 million deal, the companies announced Friday.
United Bankshares Inc., which has dual headquarters in West Virginia and the Washington, D.C. area, said the merger will be complete either late this year or early next. The combined organization, which will operate as United Bank, will have more than $32 billion in assets and a network of more than 240 locations in eight states and Washington, D.C.
“We share similar commitments to serving our customers and communities,” said Richard M. Adams, Jr., the chief executive of parent company United Bankshares in a statement, calling the Atlanta area “the perfection addition” to its footprint.
United Bank is not related to an existing Georgia-based United Bank, which has 16 locations, including its home office in Zebulon, south of Atlanta.
The United-Piedmont deal will make the combined company the nation’s 39th largest banking company in terms of the value of its stock. Much of its growth has been through acquisition and Piedmont represents its 34th purchase of another bank, officials said.
Piedmont has assets of approximately $2.1 billion in assets and 16 locations. Piedmont reported $1.65 billion in deposits as of June 2023, ranking as the 23rd largest bank by deposits in Georgia, according to the most recent Federal Deposit Insurance Corp. data.
The $267 million value of the transaction is based on United acquiring Piedmont’s stock in exchange for shares in United.
The agreement calls for Monty Watson, currently chairman and chief executive of Piedmont, to become United’s regional president responsible for Georgia operations.
“We believe this merger will allow us to better serve our current customers and reach new audiences with enhanced products and services, all while maintaining our personalized community bank approach,” he said in a statement.
Before closing, the deal must receive approval of Piedmont shareholders and federal regulatory approvals, officials said.
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