United Bankshares, with dual headquarters in D.C. and Charleston, West Virginia, has agreed to acquire Piedmont Bancorp, headquartered in the Atlanta suburb of Peachtree Corners, in a deal valued at $267 million.
Piedmont Bank has 16 branches in Atlanta and North Georgia.
Piedmont Bank is United Bank’s 34th acquisition. In 2021, it acquired Richmond-based Community Bankers Trust, the parent company of Essex Bank, for $303 million.
United Bank’s other acquisitions have included Bank of Georgetown, Virginia Commerce, and Cardinal Bank.
The addition of Piedmont Bank brings United Bank’s footprint to eight states, with 240 branches at $32 billion in assets. United Bank said the acquisition makes it the 39th-largest bank by market capitalization in the country.
Pending shareholder and regulatory approval, the Piedmont Bank acquisition is expected to close in late-2024 or early 2025.
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