United Bankshares completes acquisition of Piedmont Bancorp; combined assets >$32B

UNITED BANKSHARES INC/WV

Each Piedmont share converted into 0.300 share of UBSI common stock plus cash for fractional shares.
Combined organization has over $32 billion in assets and 240+ locations across nine states.
United assumed $20M of Piedmont subordinated notes due 2030 as part of the deal.
Monty Watson, former Piedmont CEO, to serve as regional president for former Piedmont locations.
Merger effective as of 5:01 p.m. on January 10, 2025.

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