WASHINGTON — United Bankshares may be poised to add to its recent string of D.C. bank acquisitions and is reportedly in talks to acquire Cardinal Financial.
Cardinal stock rose 5 percent in early Wednesday trading on the news.
Bloomberg News cites people familiar with the talks who say a deal could be announced as soon as this week. Bloomberg cites unnamed sources who say the deal has not been finalized and could still fall through.
McLean, Virginia-based Cardinal Bank has about 50 branches and mortgage offices in the D.C. area and is the 12th largest bank in the region, according to data compiled by the Washington Business Journal. The bank has $3 billion in deposits.
United Bankshares, with dual headquarters in D.C. and Charleston, West Virginia, is the 10th largest bank in the region by deposits.
Earlier this year, United Bankshares completed its acquisition of Bank of Georgetown for about $270 million. In 2013, United Bankshares acquired Virginia Commerce Bank for $490 million.
