With Bank of Georgetown Acquisition Completed, United Bank Now Has $14B in Assets
United Bank has officially acquired the Bank of Georgetown this week, in a $269M deal announced in November.
All Bank of Georgetown branches have reopened as United Bank, which now controls Bank of Georgetown's $1.2B in assets.
With the company's 30th acquisition, United Bank has roughly $14B in assets, making it the largest community bank headquartered in DC and the country's 41st-largest banking company. It is publicly traded under the symbol "UBSI."
"This transaction has been excellent for our company," United Bank CEO Richard Adams said in a release, "as it increases our market presence in the Washington, DC, area and takes us into new neighborhoods such as Georgetown and the U Street Corridor."
Bank of Georgetown's chairman and CEO, Michael Fitzgerald, will join United Bank's board of directors. You can hear United Bank COO Ross Draber, snapped above, give intro remarks at tomorrow's Washington DC State of the Market, Part 1.
