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UNITED BANKSHARES, INC. TO ACQUIRE EASTERN PANHANDLE BRANCHES United Bankshares, Inc. (UBSI) Chairman and Chief Executive Officer, Richard M. Adams, announced the signing of a definitive agreement with Community Trust Bancorp, Inc. of Pikeville, Kentucky, to acquire two branches in the eastern panhandle of West Virginia. The branches, located in Charles Town and Shepherdstown, have combined deposits of approximately $67 million. Additionally, United will purchase certain loans and bank premises in the transaction. Upon consummation, the branches will become branches of United's lead bank, United National Bank, Parkersburg, West Virginia. Consummation of the transaction is subject to receipt of all required regulatory approvals, as well as other customary conditions. The transaction, which is expected to close during the second quarter of 1998, will give United 45 offices in West Virginia and 32 offices in the Northern Virginia - Washington, D.C. area after the consummation of United's pending merger with George Mason Bankshares, Inc. in April of 1998. Richard Adams stated, "This acquisition will enhance United's West Virginia franchise and represents an entrance into new markets for United. Additionally, the transaction is in line with United's acquisition strategy and bridges the geographic gap between United's West Virginia and Virginia franchises." United Bankshares, with $2.7 billion in assets, is the second largest West Virginia headquartered bank holding company. UBSI with its lead bank, United National Bank, and subsidiary, United Bank, has 43 offices in 34 West Virginia communities and 10 offices in the Northern Virginia region. United Bankshares stock is traded on the NASDAQ (National Association of Securities Dealers Quotation System) National Market System under the quotation symbol "UBSI". January 20, 1998 |
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