United Bankshares Strengthens Southeast Presence with Piedmont Bancorp Acquisition
AInvestFriday, Jan 10, 2025 5:17 pm ET
2min read
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United Bankshares, Inc. (UBSI) has recently completed its acquisition of Piedmont Bancorp, Inc. (PBIP), a strategic move that bolsters United's presence in the Southeast and solidifies its position as the 39th largest banking company in the U.S. based on market capitalization. This merger brings together two high-performing banking companies, creating a combined organization with over $32 billion in assets and a network of over 240 locations across eight states and Washington, D.C.



The acquisition of Piedmont, headquartered in Peachtree Corners, Ga., with assets of approximately $2.1 billion and 16 locations, allows United to expand its footprint in the fast-growing Atlanta area. This expansion will enable United to better serve its current customers and reach new audiences with enhanced products and services, all while maintaining its personalized community bank approach. Monty Watson, Chairman and CEO of The Piedmont Bank, will serve as Regional President responsible for Georgia operations at United upon the closing of the merger.

The merger is expected to bring several strategic synergies to United, including:

1. Expansion into the Southeast market: Piedmont's 16 locations in the Atlanta area and North Georgia will allow United to strengthen its presence in the Southeast, providing access to new customers and markets.
2. Complementary banking services: Both United and Piedmont share a commitment to serving customers and communities with a relationship-focused approach. By combining their operations, United can offer Piedmont's customers enhanced products and services, such as investment and financial advisory services, while maintaining Piedmont's personalized community bank approach.
3. Cost savings and revenue enhancements: The merger is expected to result in cost savings and enhancements to revenue, which will accrue to reported earnings. These synergies can be achieved through operational efficiencies, such as streamlining processes and reducing overhead costs.
4. Talent acquisition and retention: By merging with Piedmont, United gains access to Piedmont's experienced management team, including Monty Watson, who will serve as Regional President responsible for Georgia operations at United. This talent acquisition can help United maintain Piedmont's personalized community bank approach and drive growth in the Southeast market.
5. Diversification of revenue streams: United's acquisition of Piedmont will diversify its revenue streams by adding Piedmont's business and personal banking services to its existing portfolio. This diversification can help United better navigate economic cycles and maintain steady growth.

In conclusion, United Bankshares' acquisition of Piedmont Bancorp is a strategic move that strengthens its competitive position in the Southeast market. By leveraging the synergies outlined above, United can drive growth, better serve its customers, and create value for its shareholders. As the combined organization continues to grow and adapt to the ever-changing banking landscape, it is well-positioned to remain a strong player in the U.S. banking industry.
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