United Bankshares, Inc., with dual headquarters in Charleston, West Virginia, and D.C., has completed its $303 million acquisition of Richmond, Virginia-based Community Bankers Trust, the parent company of Essex Bank.
It is United Bank’s 33rd banking acquisition, including Bank of Georgetown, Virginia Commerce, and Cardinal Bank, and makes it the 41st largest banking company in the U.S. based on market capitalization.
With the Essex Bank acquisition, United Bank gains $1.7 billion in assets.
The deal also takes United Bank to new markets including Baltimore, Annapolis and Virginia’s Northern Neck.
“We have been looking forward to the opportunity to broaden our footprint throughout Virginia and Maryland, and this transition will allow us to enhance our presence in some of the most desirable banking markets in the nation,” said United Bank CEO Richard Adams.
United Bank now has $29 billion in assets with nearly 250 offices in Virginia, Maryland, the District, North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia and Ohio.
Former Community Bankers Trust president Rex Smith III will continue to serve as regional president responsible for former Essex Bank locations in Virginia.