United Bankshares, the parent of United Bank, has concluded the acquisition of Bank of Georgetown, a privately held community bank based in Washington, D.C.
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The former Bank of Georgetown branches have now reopened as United Bank.
The $269m takeover deal was announced by the companies in November 2015. United Bank said that the acquisition will strengthen its position as the largest community bank in Washington, D.C.
Bank of Georgetown CEO Michael Fitzgerald has joined United Bankshares’ board of directors as part of the deal and will assume the role of vice chairman of United Bank.
United Bank currently manages about $14bn in assets, and operates from 133 offices in Virginia, West Virginia, Pennsylvania, Maryland, Ohio, and Washington, D.C.
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By GlobalDataUnited chairman of the board and CEO Richard Adams said: "This transaction has been excellent for our company, as it increases our market presence in the Washington, D.C. area and takes us into new neighborhoods such as Georgetown and the U Street Corridor.
"We are happy to provide expanded banking services and a larger branch network to Bank of Georgetown customers, all while they will continue to see the same faces with whom they have built a banking relationship over the years."
