United Bankshares Expands into Atlanta with Acquisition of Piedmont Bancorp, Eyes $267M Deal – United Bankshares (NASDAQ:UBSI), First Trust NASDAQ ABA Community Bank Index Fund (NASDAQ:QABA)

United Bankshares, Inc. (NASDAQ: UBSI) announced Friday that it has entered into a definitive merger agreement under which United will acquire Piedmont Bancorp.

The exchange ratio will be set at 0.300 shares of United for each share of Piedmont, resulting in an overall transaction value of approximately $267 million.

The merger will strengthen United’s position in the Mid-Atlantic region and the Southeast.

“The greater Atlanta area is the perfect complement to UBSI’s footprint, and we look forward to being a part of this region’s vibrant, fast-growing communities,” said Richard M. Adams Jr.CEO of United Bankshares.

The combined organization will have more than $32 billion in assets and a network of more than 240 locations across eight states and Washington, DC.

Piedmont, headquartered in Peachtree Corners, Georgia, has approximately $2.1 billion in assets and 16 locations.

The merger is expected to be completed at the end of the fourth quarter of 2024 or the beginning of the first quarter of 2025.

According to Benzinga Pro, UBSI stock has gained more than 18% over the past year. Investors can gain exposure to the stock via First Trust NASDAQ ABA Community Bank Index Fund (NASDAQ:QABA).

UBSI Price action: Shares of United Bankshares are trading up 0.011% at $46.77 at last check Friday.

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