United Bank’s parent firm United Bankshares has completed the acquisition of Community Bankers Trust, which is the parent company of Essex Bank.
The $303.3m deal, which was announced in June this year, will create the 41st largest banking firm in the US in terms of market capitalisation.
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United noted that the deal strengthens its position as a regional banking company in the Mid-Atlantic and Southeast.
United now has nearly $29bn in assets with approximately 250 offices in Virginia, Maryland, Washington, D.C., North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia, and Ohio.
United chairman and CEO Richard Adams said: “We are extremely pleased to have Community Bankers Trust joining United. We have been looking forward to the opportunity to broaden our footprint throughout Virginia and Maryland, and this transaction will allow us to enhance our presence in some of the most desirable banking markets in the nation.”
The acquired firm brings $1.7bn in assets and 24 full-service offices of its subsidiary Essex Bank.
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By GlobalDataCommunity Bankers Trust former president and CEO Rex Smith III said: “We are excited to become a part of the United Bank family. United will provide the products and technology to meet the needs of individuals and businesses in our community while preserving relationship-based banking and local decision-making.”
Currently, Smith is the regional president responsible for the former Essex Bank locations in Virginia.
