United Bankshares Acquires Piedmont Bancorp, Expanding Southeast and Mid-Atlantic Banking Presence

United Bankshares Expands Footprint with Acquisition of Piedmont Bancorp

United Bankshares, Inc. has successfully completed its acquisition of Piedmont Bancorp, Inc., a move that significantly enhances its position in the competitive banking market of the Southeast and Mid-Atlantic regions. This acquisition marks United's 34th merger, allowing it to expand its operational footprint to more than 240 locations across several states, including Georgia, South Carolina, North Carolina, Virginia, Maryland, Washington, D.C., West Virginia, Ohio, and Pennsylvania. With this strategic move, United Bankshares now reports over $32 billion in assets, solidifying its status as a major player in regional banking.

The merger not only broadens United's geographical reach but also aligns with its commitment to relationship-driven banking. Richard M. Adams, Jr., the CEO of United Bankshares, expresses optimism about the expanded service capabilities the acquisition brings for employees, customers, and local communities alike. He emphasizes that the merger allows United to better meet the evolving needs of its customer base, a critical aspect of the company’s growth strategy. The former Piedmont offices will now operate under the United Bankshares brand, signaling a seamless integration aimed at preserving existing customer relationships while enhancing service offerings.

Monty Watson, the former Chairman and CEO of Piedmont, will transition into the role of regional president overseeing the newly acquired locations. Watson remarks on the cultural alignment between the two organizations, which he believes will facilitate a smooth transition and enable the bank to focus on local decision-making and personalized customer service. This cultural synergy is pivotal in maintaining the trust and loyalty of existing customers while attracting new ones in the newly expanded markets.

In addition to its recent merger, United Bankshares continues to reinforce its position within the banking industry by maintaining a focus on local relationships and decision-making. As of September 30, 2024, the company reported consolidated assets of approximately $30 billion and operates over 225 branches. This strategic acquisition not only fortifies United's market presence but also aims to adapt to the dynamic needs of its customer base, ensuring that the bank remains responsive and relevant in a rapidly evolving financial landscape.

Overall, United Bankshares’ acquisition of Piedmont Bancorp represents a significant step in its growth strategy, as it seeks to leverage its expanded footprint to deliver improved banking services and foster stronger community ties.