RICHMOND - A West Virginia-based financial institution is seeking approval to acquire the parent company of Essex Bank, which has two branches and a loan production office in the Lynchburg area, in a $303.3 million deal.
United Bankshares Inc., the Charleston, West Virginia-based parent company of United Bank, has entered into a merger deal to buy Henrico County-based Community Bankers Trust Corp., the parent company of Essex Bank.
The combined banks will have about $29 billion in assets and rank as the 38th-largest banking company in the U.S. based on market capitalization. Community Bankers Trust has assets of about $1.7 billion.
The deal, announced Thursday, is expected to be completed in the fourth quarter, subject to customary closing conditions including approval by shareholders of Community Bankers Trust.
Under the agreement, Community Bankers Trust will merge into United Bankshares and Essex Bank will merge into United Bank.
Essex Bank has 24 branches — 18 in Virginia and six in Maryland — and two loan production offices. United Bank, which is based in Fairfax, has 223 offices in Virginia, Maryland, the District of Columbia, North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia and Ohio.
- Richmond Times-Dispatch