WASHINGTON & CHARLESTON, W.Va.--(BUSINESS WIRE)--
United Bankshares, Inc. (“United”) (NASDAQ: UBSI)
announced the completion of its acquisition of Cardinal Financial
Corporation (“Cardinal”), a financial services holding company, with
$4.3 billion in assets, headquartered in Tysons Corner, Virginia. This
transaction marks the 31st acquisition United has completed
under the current administration and the tenth acquisition in the D.C.
Metro region.
Today, United Bank, United’s Virginia chartered bank, added 22 newly
acquired banking locations to its Greater Washington footprint. United
Bank is the largest locally headquartered community bank and holds the
#1 deposit market share among community banks in the Washington, D.C.
MSA. In addition, United welcomed George Mason Mortgage, LLC, the
largest locally headquartered home mortgage lender in the D.C. Metro
region, to its family of companies.
“Today, we welcome Cardinal employees, customers and community partners
to United,” stated United’s Chairman and Chief Executive Officer,
Richard M. Adams. “Together, we strengthen our long-standing, shared
commitment to the people and communities we serve. As The Community Bank
of the Nation’s Capital, we now have even greater capacity to serve our
customers, and support our philanthropic efforts by assisting
organizations that contribute to the vitality of the D.C. Metro region.”
As a result of the acquisition, Bernard H. Clineburg, Executive Chairman
of Cardinal, will join United’s Board of Directors as its newest member.
Mr. Clineburg stated, “We are pleased Cardinal found a like-minded
partner to further our growth in Northern Virginia, the District of
Columbia, and Maryland. United brings to the table the capacity to meet
the sophisticated needs of our customers, while at the same time staying
true to our commitment to the communities we serve. In addition, the
transaction will add tremendous value for our shareholders."
United now has over $19 billion in assets with 145 full service offices
in Virginia, West Virginia, Pennsylvania, Maryland, Ohio, and
Washington, D.C. United is the 38th largest banking company
in the country based on market capitalization. In 2016, United increased
dividends to shareholders for the 43rd consecutive year. This
is a record only one other major banking company in the nation has been
able to achieve. For more information, visit www.ubsi-inc.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170424005361/en/
United Bankshares, Inc.
W. Mark Tatterson, 800-445-1347 ext.8716
Chief
Financial Officer
Source: United Bankshares, Inc.