United Bankshares, Inc. Completes Its Acquisition of Community Bankers Trust Corporation
03 Diciembre 2021 - 4:15PM
Business Wire
United Bankshares, Inc. (“United”) (NASDAQ: UBSI), the parent
company of United Bank, announced the completion of its acquisition
of Community Bankers Trust Corporation (“Community Bankers Trust”)
(NASDAQ: ESXB), the parent company of Essex Bank with $1.7 billion
in assets, headquartered in the greater Richmond region. United now
has approximately $29 billion in assets, with nearly 250 offices in
Virginia, Maryland, Washington, D.C., North Carolina, South
Carolina, Georgia, Pennsylvania, West Virginia, and Ohio.
“We are extremely pleased to have Community Bankers Trust
joining United,” said Richard M. Adams, Chairman and CEO of 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 merger brings together two high-performing banking companies
and strengthens United’s position as one of the largest and best
performing regional banking companies in the Mid-Atlantic and
Southeast. The Community Bankers Trust transaction represents the
33rd acquisition of the current administration of United and will
result in a combined organization that ranks as the 41st largest
banking company in the U.S. based on market capitalization.
Former Community Bankers Trust President and CEO, Rex L. Smith
III, stated, “We are excited to become a part of the United Bank
family. Our organizations’ similar cultures and values will be a
great benefit to our customers, employees, and shareholders. 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.” Mr. Smith
was retained as Regional President responsible for the former Essex
Bank locations in Virginia.
About United Bankshares, Inc.
United Bankshares, Inc. (“United”) is a financial holding
company with approximately $29 billion in consolidated assets.
United is the parent company of United Bank, which comprises nearly
250 offices in Virginia, Maryland, Washington, D.C., North
Carolina, South Carolina, Georgia, Pennsylvania, West Virginia, and
Ohio. United’s stock is traded on the NASDAQ Global Select Market
under the quotation symbol "UBSI". United has increased its
dividend to shareholders for 48 consecutive years – a record only
one other major banking company in the United States has been able
to achieve.
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