United Bankshares has signed a definitive agreement to acquire Carolina Financial in an all-stock deal valued at around $1.1bn.

The consolidated business will manage nearly $25bn in assets with strong footprint in the Southeast and Mid-Atlantic regions.

Carolina Financial acquisition: Details

Carolina Financial, the parent of CresCom Bank, has nearly $3.98bn in assets. The company operates 62 CresCom Bank locations across the states of North Carolina and South Carolina.

CresCom Bank also owns Atlanta-based Crescent Mortgage Company.

Under the agreed terms, Carolina Financial shareholders will receive 1.13 of United shares for each share held.

Once complete, Carolina Financial will combine with United and CresCom Bank will merge into United Bank.

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The combined group will operate over 200 branches and will rank among the top 35 in the US on market capitalisation.

United chairman and CEO Richard Adams said: Our companies share complementary cultures, a commitment to our customers, and a focus on serving our communities.

“This transaction represents a significant step towards continuing to grow United’s presence in the Carolinas.”

The Carolina Financial acquisition is slated to complete in the second quarter of 2020. Currently, it awaits regulatory and shareholders’ approvals for completion.

Carolina Financial CEO Jerry Rexroad said: “We are partnering with a bank that has a strong community banking culture, along with the resources of a larger institution.

“We believe that United is the very best partner to create the most trusted community bank in the communities we serve.”

Rexroad will move to United as a board member and executive officer, as part of the agreed deal.