Mark R. Nesselroad, a director at United Bankshares Inc. (NASDAQ:UBSI), has reported the sale of 6,000 shares of common stock, according to a recent SEC filing. The shares were sold at an average price of $39.16 each, totaling approximately $234,965. The transaction occurred at a premium to the current trading price of $37.76, with InvestingPro analysis indicating the stock is currently undervalued. The $5.1 billion market cap company maintains a "GOOD" overall financial health score. Following this transaction, Nesselroad retains indirect ownership of 35,424 shares through his spouse and additional holdings of 14,141 shares directly and 18,358 shares indirectly through a corporation. The company stands out for its impressive dividend track record, having maintained payments for 41 consecutive years with annual increases for 36 years straight. InvestingPro subscribers can access additional insights, including 6 more key investment tips for UBSI.
In other recent news, United Bankshares has achieved a significant milestone, receiving the final regulatory approval for its merger with Piedmont Bancorp. This approval marks the culmination of regulatory procedures initiated with an agreement dated May 9, 2024. The merger, which has also been approved by state banking regulators and Piedmont's stockholders, is set to be finalized in early 2025.
Following the merger, Piedmont Bancorp will be integrated into United Bankshares, with the former's subsidiary, The Piedmont Bank, merging into United's own subsidiary, United Bank. The integration process will see Piedmont's former locations continue operations in Georgia under the United Bankshares brand, with the operational conversion expected to wrap up in late Q1 2025.
This strategic move is part of United Bankshares' wider strategy to strengthen its market position and expand its banking services, particularly in the Southeastern region of the United States. The merger announcement was made in compliance with the SEC reporting standards, confirmed by W. Mark Tatterson, Executive Vice President and CFO of United Bankshares. The information regarding this merger is based on the latest SEC filing by United Bankshares.
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