WASHINGTON — United Bankshares’ $912 million acquisition of Cardinal Bank, the latest in a string of local bank acquisitions for United Bank, is set to close April 21, making United Bank the largest community bank by deposits in the D.C. area.
The acquisition was announced last August.
In what will be its last financial report as a separate bank, Cardinal Financial Corporation reported $4.3 billion in total assets at the end of the first quarter, up 5.5 percent from a year ago. Total deposits grew 8.8 percent to $3.4 billion.
Cardinal shareholders approved the United Bank merger during the bank’s special shareholders meeting April 7.
United Bank will get 30 Cardinal Bank branches in Virginia, Maryland and D.C., as well as its residential mortgage business, George Mason Mortgage LLC.
The deal will boost United Bankshares assets to $20 billion.
United Bankshares has dual headquarters in Washington and Charleston, West Virginia, and currently has 129 branches in the District, Virginia, Maryland, Ohio, Pennsylvania and West Virginia. It has made 10 bank acquisitions in the D.C. area, including Bank of Georgetown last year and Virginia Commerce Bank in 2013.
