United Bankshares Expands Into Atlanta With Piedmont Bancorp Acquisition, Eyes $267M Deal
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United Bankshares, Inc. (NASDAQ:UBSI) has announced its plan to acquire Piedmont Bancorp, expanding its footprint into the Atlanta area. The deal, valued at approximately $267 million, involves an exchange ratio of 0.300 of United's shares for each share of Piedmont. This merger is expected to close between late Q4 2024 and early Q1 2025, enhancing United's presence in the Mid-Atlantic and Southeast with over $32 billion in assets and more than 240 locations. UBSI stock has seen an 18% increase over the past year.
May 10, 2024 | 2:26 pm
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POSITIVE IMPACT
Investors can gain exposure to UBSI, which is part of the First Trust NASDAQ ABA Community Bank Index Fund (QABA), benefiting from UBSI's strategic acquisition and potential growth.
QABA, which includes UBSI in its index, may see a positive impact from United Bankshares' acquisition of Piedmont Bancorp due to the potential growth and expansion of UBSI. This strategic move could attract more investors to QABA, benefiting its performance.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
United Bankshares' acquisition of Piedmont Bancorp for $267 million expands its presence into Atlanta, signaling strategic growth. The merger is expected to close by early 2025, potentially enhancing UBSI's asset base and geographical footprint.
The acquisition of Piedmont Bancorp by United Bankshares is a significant strategic move, indicating growth and expansion. The merger's completion will likely enhance UBSI's market position and asset base, positively impacting its stock in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100