United Bank is unrelated to the existing Georgia-based United Bank, which has 16 locations, including one in Zebulon, south of Atlanta.
The agreement between United and Piedmont will make the combined company the 39th largest banking company in the United States in terms of stock value. Much of the company’s growth has come from acquisitions, officials said, and this is Piedmont’s 34th acquisition of another bank.
Piedmont has approximately $2.1 billion in assets and 16 locations. Piedmont State reported $1.65 billion in deposits as of June 2023, ranking it the 23rd largest bank in Georgia by deposit volume, according to the latest data from the Federal Deposit Insurance Corporation.
The $267 million deal is based on United acquiring Piedmont stock in exchange for United stock.
The agreement calls for Monty Watson, currently Piedmont’s chairman and chief executive officer, to become United’s regional president for Georgia operations.
“We believe this combination will allow us to better serve our current customers and reach new customers with enhanced products and services, while maintaining our personalized community banking approach,” he said in a statement. ” he said.
The deal must be approved by Piedmont shareholders and approved by federal regulators before closing, the people said.
