United Bankshares , Inc. (NASDAQ:UBSI), a state commercial bank headquartered in West Virginia, announced today that it has received the final regulatory approval from the Board of Governors of the Federal Reserve System for its upcoming merger with Georgia-based Piedmont Bancorp, Inc. This approval marks a significant milestone following the initial agreement dated May 9, 2024, and completes the necessary regulatory endorsements needed to proceed with the merger.
The merger, which has also gained approval from state banking regulators and the affirmative vote of Piedmont's stockholders, is poised to be finalized in early 2025, pending customary closing conditions. Post-merger, Piedmont Bancorp will be integrated into United Bankshares, with Piedmont's subsidiary, The Piedmont Bank, merging into United Bankshares' own subsidiary, United Bank.
As part of the integration process, the former Piedmont locations will continue operations in Georgia under the United Bankshares brand. The completion of the operational conversion is expected to occur in the late first quarter of 2025.
This strategic move is anticipated to enhance United Bankshares' presence and client services in the Southeastern region of the United States. The announcement was made in compliance with the SEC reporting standards and signifies the culmination of a series of regulatory procedures required for such financial mergers.
W. Mark Tatterson, Executive Vice President and Chief Financial Officer of United Bankshares, confirmed the company's compliance with the SEC requirements and the report was signed on behalf of the registrant on Monday.
This consolidation is part of United Bankshares' broader strategy to strengthen its market position and expand its banking services. The company's shares are traded on the NASDAQ Global Select Market under the ticker UBSI. Information regarding this merger is based on the latest SEC filing by United Bankshares.
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