United Bankshares has completed its acquisition of Carolina Financial Corporation in an all-stock deal valued at around $1.1bn.
As per the terms of the deal, first announced in November last year, Carolina Financial merged into United Bankshares and CresCom Bank merged into United Bank, a subsidiary of United Bankshares.
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The transaction is effective since 1 May 2020.
Carolina Financial, which is the parent company of CresCom Bank, has $4.8bn in total assets. The company operates 62 CresCom Bank locations across the states of North Carolina and South Carolina.
CresCom Bank CEO Jerold Rexroad said: “Uniting our two organizations, which share complementary cultures and values, is a unique value proposition for individuals and businesses in the region.
“United will provide the products and technology to meet our customers’ needs, while preserving relationship-based banking and local decision-making.”
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By GlobalDataAs a result of the acquisition, United Bankshares now has $25bn in total assets.
United company operates 230 offices in Virginia, Ohio, Pennsylvania, Maryland, North and South Carolina, Georgia and Washington D.C.
Prior to Carolina Financial, the company has also acquired Virginia Commerce Bancorp, followed by Bank of Georgetown and Cardinal Financial Corporation.
United Chairman and CEO Richard Adams said: “The merger brings together two of the best performing banking companies in the country, and uniquely positions our franchise as one of the most valuable regional banking companies in the Southeast and Mid-Atlantic.”
