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Hungry for acquisitions, United Bank buys Georgia Bank

United Bankshares, dually based in D.C. and Charleston, West Virginia, has agreed to acquire Piedmont Bancorp, based in the Atlanta suburb of Peachtree Corners, in a deal valued at $267 million.

United Bankshares, dually based in D.C. and Charleston, West Virginia, has agreed to acquire Piedmont Bancorp, based 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.

Other United Bank acquisitions included Bank of Georgetown, Virginia Commerce, and Cardinal Bank.

The addition of Piedmont Bank expands United Bank’s reach to eight states, with 240 branches and $32 billion in assets. United Bank said the acquisition would make it the nation’s 39th-largest bank by market capitalization.

Pending shareholder and regulatory approval, the acquisition of Piedmont Bank is expected to be completed in late 2024 or early 2025.

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