United Bankshares Completes Acquisition of Community Bankers Trust | News, Sports, Jobs



PARKERSBURG – United Bankshares Inc., the parent company of United Bank, has announced the completion of its acquisition of Community Bankers Trust Corporation, the parent company of Essex Bank with $ 1.7 billion in assets, headquartered in the greater Richmond area.

United now has around $ 29 billion in assets with nearly 250 offices in Virginia, Maryland, Washington, DC, North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia and Ohio.

“We are extremely pleased that Community Bankers Trust is joining United”, said Richard M. Adams, Chairman and CEO of United. “We have been eagerly awaiting the opportunity to expand our footprint throughout Virginia and Maryland, and this transaction will allow us to enhance our presence in some of the country’s most desirable banking markets.”

The merger joins 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 South East.

The Community Bankers Trust transaction represents the 33rd acquisition in United’s current administration and will result in a combined organization ranked 41st largest banking company in the United States based on market capitalization.

“We are thrilled to be part of the United Bank family. The cultures and similar values ​​of our organizations will be of great benefit to our customers, employees and shareholders ”, said former President and CEO of Community Bankers Trust Rex L. Smith III. “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. “

Smith was selected as regional president responsible for the former Essex Bank locations in Virginia.

United Bankshares is a financial holding company with approximately $ 29 billion in consolidated assets. United shares trade on the NASDAQ Global Select Market under the ticker symbol UBSI.

United has increased its dividend to shareholders for 48 consecutive years, a record that only one other major banking company in the United States has been able to achieve.

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