United Bankshares to acquire Piedmont Bancorp for ~$267M in stock

UNITED BANKSHARES INC/WV

United will acquire all Piedmont shares at 0.300x UBSI shares; total consideration ~$267M.
Combined entity will have >$32B in assets, 240+ branches across 8 states and D.C.
Piedmont has $2.1B assets, 16 GA locations; expected close late Q4 2024 or early Q1 2025.
Piedmont CEO Monty Watson to serve as Regional President for Georgia post-close.
Transaction is United's 34th acquisition; subject to Piedmont shareholder and regulatory approvals.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

UNITED BANKSHARES INC/WV entered into Agreement and Plan of Merger with Piedmont Bancorp, Inc. valued at United will issue approximately 7,756,514 shares of United Common Stock; merger consideration is 0.3 (effective 2024-05-09).

Action: entry
Agreement: merger
Counterparty: Piedmont Bancorp, Inc.
Value: United will issue approximately 7,756,514 shares of United Common Stock; merger consideration is 0.3
Effective: 2024-05-09

Exact text from the filing

On May 9, 2024, United Bankshares, Inc. (“United”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Piedmont Bancorp, Inc., a Georgia corporation (“Piedmont”).

View on SEC.gov

291 material agreements filed in the last 30 days. Browse all material agreements →

UNITED BANKSHARES INC/WV filing history →

Source: SEC EDGAR

accession 0001193125-24-135753

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.