United Bankshares announced another acquisition, signing a definitive merger agreement with Cardinal Financial Corporation, a publicly traded financial services holding company headquartered in Tysons Corner, Virginia.
The news marks the 31st acquisition of the current administration and the tenth acquisition for United in the D.C. Metro region, the company stated.
Under the acquisition, United will also gain George Mason Mortgage, a residential mortgage lending subsidiary of Cardinal, and Cardinal Wealth Services, a wealth management services subsidiary.
Cardinal has $4.2 billion in assets and provides banking services through its subsidiary bank, Cardinal Bank, which has a network of 30 branches throughout Virginia, Maryland and Washington, D.C., the company stated.
The transaction is expected to close mid-2017, pending regulatory approval and United and Cardinal shareholder approval.
“Cardinal is one of the most successful community banks in the country and has a significant presence in one of the best markets in the USA. This merger aligns perfectly with our long-standing commitment to growth in the D.C. Metro area,” said United Chairman and CEO Richard Adams. “Both companies have strong ties to the local community, and share the goal of building meaningful relationships with the individuals, businesses, and organizations that contribute to its prosperity.”
“By uniting, we reinforce our position as the largest locally headquartered community bank,” he concluded.