Federal Reserve Board Announces Approval of Application by United Bankshares, Inc.
Washington, D.C.– The Federal Reserve Board on Tuesday announced its approval of an application by United Bankshares, Inc., Charleston, West Virginia, to acquire all of the outstanding shares of Tri-State Bancorp, Inc., Huntington, West Virginia. The merger will create a bank with approximately $16.4 billion in assets, $12.4 billion in deposits, and $10.8 billion in loans.
The proposed transaction has been approved by the boards of directors of both companies and is expected to close in the second quarter of 2023, subject to customary closing conditions, including the approval of Tri-State Bancorp, Inc. shareholders.
Under the terms of the agreement, Tri-State Bancorp, Inc. shareholders will receive 0.82 shares of United Bankshares, Inc. common stock for each share of Tri-State Bancorp, Inc. common stock they own. The transaction is valued at approximately $940 million, based on United Bankshares, Inc.’s closing stock price on November 28, 2022.
The combined company will operate under the United Bankshares, Inc. name. United Bankshares, Inc. is a financial holding company with approximately $13.5 billion in assets, $10.3 billion in deposits, and $8.8 billion in loans. The company operates 129 banking offices in West Virginia, Ohio, Pennsylvania, Maryland, Virginia, and North Carolina.
Tri-State Bancorp, Inc. is a financial holding company with approximately $2.9 billion in assets, $2.1 billion in deposits, and $2.0 billion in loans. The company operates 26 banking offices in West Virginia, Kentucky, and Ohio.
The acquisition of Tri-State Bancorp, Inc. will expand United Bankshares, Inc.’s presence in the Huntington, West Virginia metropolitan area and will provide the company with a larger customer base in the region. The transaction will also allow United Bankshares, Inc. to offer a broader range of products and services to its customers.
The Federal Reserve Board’s approval of the application was based on a number of factors, including the financial strength of the two companies, the competitive impact of the merger, and the convenience and needs of the communities served by the two companies.
The Federal Reserve Board also noted that the merger would not result in any significant reduction in competition in any relevant market. The Board determined that the merger would be in the public interest and would not have a material adverse effect on the safety and soundness of the financial system.
Federal Reserve Board announces approval of application by United Bankshares, Inc.
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