United Bankshares, Inc. announced the signing of a definitive merger agreement Wednesday with Virginia Commerce Bancorp, Inc. which will enlarge the Charleston and Washington, D.C.-based company’s footprint in the D.C. area.
“We are very excited about our merger with VCBI, which creates the leading independent community bank operating throughout the most attractive markets in Northern Virginia and Washington, D.C.,” United Chairman and CEO Richard Adams said in a prepared release. ”VCBI is a well-run banking franchise and will be a great partner for United.”
VCBI has 28 banking offices in the Northern Virginia-area with assets of $2.8 billion. The company also has one residential mortgage origination office and one wealth management office.
The purchase marks United’s 28th acquisition since 1982 and grows the company’s assets to $11.2 billion.
United will acquire 100 percent of the outstanding shares of VCBI in exchange for common shares of United.
United has more than 100 full-service offices in West Virginia, Ohio, Virginia, Maryland, Pennsylvania and Washington, D.C.