In an ongoing effort to expand its presence in Virginia and the greater Washington market, United Bankshares will acquire Premier Community Bankshares, the company announced Monday. The acquisition will give United Bank, which has more than 30 locations in the Washington region, a foothold in Winchester, Harrisonburg and Charlottesville.
The acquisition of Winchester-based Premier will add $900.7 million in assets and 26 offices to United’s portfolio. Premier Bankshares owns The Marathon Bank, Rockingham Heritage Bank and Premier Bank.
United Bankshares has been steadily acquiring bank holding companies since 1982. In 2005, the company added a Washington office and now has dual corporate headquarters in the District and Charleston, W.Va.
“The greater Washington area is a very important market for us,”Richard Adams, chairman and chief executive officer of United Bankshares, said at the time.
“The region currently accounts for half of our deposit franchise and we see continued growth potential in both business and consumer banking in the years ahead.”
The last five of United’s seven acquisitions have been in the Washington region, including Sequoia Bankshares in Bethesda, Century Bankshares in the District and George Mason Bankshares in Virginia.
United Bankshares has $6.7 billion in assets and is the eighth largest bank in the Washington region by market share. The acquisition is expected to be completed in the second or third quarter of 2007.
