On Nov. 9, United Bankshares announced that it is buying the 10-year-old Bank of Georgetown, a privately held bank headquartered in Georgetown, for an estimated $269 million, effectively creating the area’s largest community bank.
Bank of Georgetown has $1.2 billion in assets with 11 branches and three business development offices throughout D.C., Maryland and Northern Virginia. Bank of Georgetown will merge into UBSI’s Virginia chartered bank, United Bank, the largest community bank headquartered in the D.C. metro region.
According to United Bank, “Upon completion of the deal, United Bank will have assets of approximately $8.5 billion and will hold the #1 deposit market share of all community banks in the Washington, D.C. MSA. UBSI’s assets will grow to approximately $13.8 billion after the transaction.?