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AI brief of an SEC Form 8-K · United Bankshares (UBSI)

United Bankshares to acquire Piedmont Bancorp in all-stock deal valued at $267 million

Mixed Impact 5 of 5 m&a Written later

United Bankshares agreed on May 9, 2024 to acquire Piedmont Bancorp, a Georgia bank holding company with about $2.1 billion in assets and 16 locations, through a merger in which Piedmont shareholders receive 0.300 United shares for each Piedmont share. United expects to issue about 7,756,514 shares, and the company's presentation projects 7.6% EPS accretion in 2025 but 3.5% dilution to tangible book value per share, so shareholders face both earnings and capital effects.

Key points

  • Aggregate transaction value of approximately $267 million, all in United common stock, per the company's exhibit
  • Fixed exchange ratio of 0.300 United shares per Piedmont share; about 7,756,514 United shares expected to be issued
  • Piedmont termination fee of $10,690,000 payable in certain circumstances; merger expected to close in the fourth quarter of 2024
  • Closing requires Piedmont shareholder approval and Federal Reserve approval among other conditions

The filing

CompanyUnited Bankshares (UBSI)
Form8-K, current report
Filed with the SECMay 10, 2024, 7:50 AM ET
Accession number0001193125-24-135753

Items reported: 1.01 Material Definitive Agreement8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 12:58 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 10, 2024.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.