United Bankshares Gets Final Approval to Acquire Community Bankers Trust | News, Sports, Jobs

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CHARLESTON – United Bankshares Inc. announced this week that it has received all necessary approvals for its merger with Community Bankers Trust, the parent company of Essex Bank.

United, the parent company of United Bank, announced a definitive merger agreement with Community Bankers Trust, headquartered in Richmond, Virginia, in June. The Federal Reserve System Board of Governors and the Virginia State Corporation Commission recently approved the ongoing acquisition.

The combined organization will have around $ 29 billion in assets and rank 38th among the largest U.S. banking companies by market capitalization, according to a statement from United. The transaction will result in a combined company with nearly 250 locations, strategically connecting United’s footprints to the mid-Atlantic and Southeast.

Under the merger agreement, previously approved by the two boards of directors, United will acquire 100 percent of the outstanding shares of Community Bankers Trust in exchange for common shares of United. The merger is expected to be finalized in the fourth quarter of 2021, subject to certain closing conditions, including shareholder approval of Community Bankers Trust. At that time, Community Bankers Trust will merge with United and Essex Bank will merge with United Bank, United and United Bank being the surviving entities.

United Bankshares Inc. is a financial holding company with consolidated assets of approximately $ 27.5 billion as of September 30.

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