08:32 AM EDT, 05/10/2024 (MT Newswires) -- United Bankshares ( UBSI ) and Piedmont Bancorp have entered into a definitive merger agreement in which United will acquire Piedmont in an all-stock deal valued at $267 million, the companies said Friday.

Under the agreement, United will purchase 100% of Piedmont's outstanding shares in exchange for common shares of United at a fixed exchange ratio of 0.300 of United's shares for each Piedmont share, according to the companies.

Piedmont will merge into United and Piedmont Bank will merge into United Bank, strengthening United's position in the Mid-Atlantic and Southeast, the companies added.

The deal, which has been approved by both boards, is expected to close late in Q4 or early Q1 2025, the companies said.