United Bankshares, Inc. Receives Final Regulatory Approval for Community Bankers Trust Acquisition
WASHINGTON, D.C. and CHARLESTON, WV — United Bankshares, Inc. (“United”) (NASDAQ: UBSI), announced it has received all requisite regulatory approvals for its proposed merger with Community Bankers Trust Corporation (“Community Bankers Trust”) (NASDAQ: ESXB).
On June 3, 2021, United, the parent company of United Bank, first announced that it entered into a definitive merger agreement with Community Bankers Trust, the parent company of Essex Bank. The Board of Governors of the Federal Reserve System and the Virginia State Corporation Commission recently provided approval for the pending acquisition.
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 combined organization will be approximately $29 billion in assets and rank as the 38th largest banking company in the U.S. based on market capitalization. The Community Bankers Trust transaction represents the 33rd acquisition of the current administration of United and will result in a combined company with nearly 250 locations in some of the most desirable banking markets in the nation, strategically connecting United’s Mid-Atlantic and Southeast footprints.
The respective Boards of Directors of United and Community Bankers Trust previously approved the merger agreement. Under the merger agreement, United will acquire 100% of the outstanding shares of Community Bankers Trust in exchange for common shares of United. The merger is expected to close in the fourth quarter of 2021, subject to meeting certain closing conditions, including approval by Community Bankers Trust shareholders. At that time, Community Bankers Trust will merge into United, and Essex Bank will merge into United Bank, with United and United Bank being the surviving entities.
About United Bankshares, Inc.
United Bankshares, Inc. (“United”) is a financial holding company with approximately $27.5 billion in consolidated assets, as of September 30, 2021. United is the parent company of United Bank, which comprises 222 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 47 consecutive years – a record only one other major banking company in the United States has been able to achieve.