Bank of Georgetown Reopens as United Bank
By • June 10, 2016 0 1025
If you were looking for your Bank of Georgetown branch Monday morning, well, it’s officially a United Bank branch now. The $269 million acquisition by United Bankshares, Inc., of the Bank of Georgetown was completed over the weekend of June 3 to 5. Adding Bank of Georgetown’s locations brings the number of United Bank’s Washington-area branches to more than 60.
“This transaction has been excellent for our company as it increases our market presence in the Washington, D.C., area and takes us into new neighborhoods, such as Georgetown and the U Street Corridor,” United CEO Richard M. Adams told WTOP.
Headquartered in Washington, D.C., and Charleston, West Virginia, United has $14 billion in assets and 133 branches in D.C., Maryland, Ohio, Pennsylvania, Virginia and West Virginia.
Bank of Georgetown CEO Michael Fitzgerald joined the board of directors of United Bankshares, Inc.
Founded in 2005 by chairman and CEO Mike Fitzgerald and the late Curtin Winsor III, the Bank of Georgetown had more than $1 billion in assets and 11 branches throughout the Washington area.
The change of branding was eased because both banks use the color of U.S. paper currency: green.
