United Bancshares, headquartered in Washington, D.C. and Charleston, West Virginia, has agreed to acquire Piedmont Bancorp, headquartered in the Atlanta suburb of Peachtree Corners, in a deal valued at $267 million.
United Bancshares, headquartered in Washington, D.C. and Charleston, West Virginia, has agreed to acquire Piedmont Bancorp, headquartered 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 acquisitions by United Bank include Bank of Georgetown, Virginia Commerce, and Cardinal Bank.
With the addition of Piedmont Bank, United Bank's footprint expands to eight states, 240 branches and $32 billion in assets. United Bank said the acquisition would make it the nation's 39th largest bank by market capitalization.
The acquisition of Piedmont Bank is expected to close in late 2024 or early 2025, pending shareholder and regulatory approvals.
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