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United Bank has signed an agreement to purchase Tysons-based Cardinal Bank for $912M, its second major acquisition this summer.
The merger, expected to close mid-2017, will grow United's assets to roughly $20B as it looks to remain the largest DC-based community bank. The acquisition is United's 10th in the DC area. In June, it closed on its acquisition of the Bank of Georgetown for $269M. Above, United COO Ross Draber speaks at Bisnow's Booming Capitol Riverfront event last month.
“Cardinal is one of the most successful community banks in the country and has a significant presence in one of the best markets in the USA," United Bank CEO Richard Adams said in a release. "This merger aligns perfectly with our long-standing commitment to growth in the DC Metro area."
Cardinal Bank just went through a leadership transition, as longtime CEO Bernard Clineburg moved to executive chairman and Chris Bergstrom became president and CEO in January. The Tysons-based bank has $4B in assets. Bernard is expected to join United's board of directors once the merger closes.
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