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The deal, valued at $303 million, will add Essex’s $1.7 billion in total assets and 24 branches to United’s $27 billion and current network of 223 branches.
Acquisitive United Bankshares buying central Virginia bank for $303M americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
Community Bankers is the parent company of Essex Bank,
With this acquisition, United Bank will have $29 billion in assets and will rank as the 38th largest U.S. bank, based on market capitalization.
United Bank is already the largest community bank based in the D.C. region.
This is at least the 33rd acquisition United Bank has made, including recent acquisitions of Cardinal Bank, Bank of Georgetown and Virginia Commerce Bank. With the addition of Community Bankers Trust, it will have 250 branch locations.
“This transaction enhances our existing presence in the D.C. Metro, and takes us into new markets including Baltimore, Annapolis, Lynchburg, Richmond and the Northern Neck of Virginia,” said Richard Adams, United Bank chief executive. “It also strategically connects our mid-Atlantic and Southeast footprints.”