The Bank Slate


United in W.Va. moving into Atlanta with Piedmont Bank acquisition

United Bankshares in Charleston, W.Va., has agreed to buy Piedmont Bancorp in Peachtree Corners, Ga.

The $30 billion-asset United said in a press release that it will pay $267 million in stock for the $2.1 billion-asset Piedmont. The deal, which is expected to close in the fourth quarter, priced Piedmont at 145% of its tangible book value.

Piedmont has 16 branches, $1.8 billion of deposits and $1.7 billion of loans.

“We are excited to bring these two great companies together,” Richard Adams Jr., United’s CEO, said in the release. “We share similar commitments to serving our customers and communities with a relationship-focused approach. The greater Atlanta area is the perfect addition to United’s footprint, and we look forward to being a part of the vibrant and fast-growing communities there.”

Monty Watson, Piedmont’s chairman and CEO, will serve as regional president responsible for United’s Georgia operations.

The deal is expected to be 7.6% accretive to United’s 2025 earnings per share. It should take nearly three years to earn back an estimated 3.5% dilution to United’s tangible book value.

United plans to cut a quarter of Piedmont’s annual noninterest expense. The company expects to incur $27.6 million of merger-related expenses.

Raymond James, Bowles Rice and Sullivan & Cromwell advised United. Piper Sandler, Burke Stelling Group and Alston & Bird advised Piedmont.

Leave a Reply

Your email address will not be published. Required fields are marked *