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United Bankshares, the parent company of United Bank, has acquired Bank of Georgetown, cementing its status as the largest community bank in the Metro DC region.
The company announced the $269M acquisition agreement yesterday, and the acquisition will officially close in the middle of next year. When it does, United Bank will control Bank of Georgetown's $1.2B in assets, and UBSI will have a total of $13.8B in assets across its properties. Bank of Georgetown's 11 regional branches and three regional offices will be rebranded.
In the announcement, United CEO Richard Adams called Bank of Georgetown "one of the most valuable" remaining independent banks in DC. Bisnow chatted with COO Ross Draber (whom we snapped earlier this year) this afternoon, and he says the merger is a great fit because of Georgetown's prudent investment and corporate culture. Another benefit: one less strong competitor in the market.
It's United's ninth M&A in the DC Metro and 30th overall (they have offices and holdings in West Virginia, Ohio and Pennsylvania as well as the DMV). They're now the 41st biggest bank in the country, and they might not be stopping there. "We’ve proven to our shareholders that we’re a proven, efficient acquirer."
United was the only local lender for Hines' CityCenter project, and they're currently financing Perseus Realty's Hampton Inn project across the street from Nationals Park (which is opening next month).
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