CHARLESTON, W.Va. — Charleston-based United Bankshares has purchased the Washington D.C.-area based Cardinal Bank, officials announced Thursday.
United bought Cardinal Bank for $912 million.
Cardinal has 30 branches throughout Virginia, Maryland and Washington D.C., and will merge into United Bank, United’s Virginia-chartered bank, according to a release.
“This merger aligns perfectly with our longstanding commitment to growth in the D.C. Metro area,” said United Bankshares CEO Richard Adams in a statement. “By uniting, we reinforce our position as the largest locally headquartered community bank.”
The deal is expected to close in the middle of next year.