Vienna, Virginia-based , the seventh-largest bank by customer deposits in the D.C. region, has completed its acquisition of Atlanta-based Piedmont Bancorp in an all-stock transaction valued at $267 million.
Piedmont branches will now operate under the United Bank name.
It is the 34th acquisition for United Bank, and marks its first entry into Georgia, gaining 16 Piedmont branches in Atlanta and North Georgia.
United Bank now operates more than 240 branches across Georgia, South Carolina, North Carolina, Virginia, Maryland, D.C., West Virginia, Ohio and Pennsylvania.
Its Piedmont acquisition boosts total assets to more than $32 billion. United Bank had $95.3 million in net income for its most recently reported quarter.
United Bank鈥檚 growth through acquisition plan has included some of D.C.鈥檚 most-established institutions, including Bank of Georgetown, Cardinal Bank and Virginia Commerce.
United Bank opened its first branch in Parkersburg, West Virginia, in 1839. United Bank has duel headquarters in Vienna and in Charleston, West Virginia.
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