(Cleveland)- United Bankshares, Inc. the parent company of United Bank, and Piedmont Bancorp, Inc. the parent company of The Piedmont Bank, has announced they have entered into a definitive merger agreement.

A news release from United Bank said United will acquire Piedmont. The merger will combine the two high-performing banking companies and strengthen United’s position as the 39th largest banking company in the U.S. based on market capitalization.

“We are excited to bring these two great companies together,” said Richard M. Adams, Jr., CEO of United Bankshares, Inc. “We share similar commitments to serving our customers and communities with a relationship-focused approach.

Pursuant to the merger agreement, United will acquire 100% of the outstanding shares of Piedmont in exchange for common shares of United.

“Piedmont is thrilled to join the United Bank family,” said Monty Watson, Chairman and CEO, of The Piedmont Bank. “We believe this merger will allow us to better serve our current customers and reach new audiences with enhanced products and services, all while maintaining our personalized community bank approach.”

Watson will serve as Regional President responsible for Georgia operations at United upon the closing of the merger.

This transaction represents United’s 34th acquisition. The merger is expected to close late in the fourth quarter of 2024 or early in the first quarter of 2025, subject to the satisfaction of customary closing conditions, including approval by the shareholders of Piedmont and the receipt of required regulatory approvals which at the Federal level include the approval of the Federal Reserve.