Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Business Law
    • Commercial Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • Coronavirus 2020
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • Diversity Leadership Series
    • Vote Now for Women in Leadership
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read the issue
    • Order a copy
    • Buy an award plaque
    • Nominate execs for 2021

Advertisement

Header Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Home News W.Va.-based United Bankshares to acquire Essex Bank for $303M

W.Va.-based United Bankshares to acquire Essex Bank for $303M

Deal would create 38th largest bank in U.S.

Published June 3, 2021 by Kate Andrews

Henrico County-based Community Bankers Trust Corp., the parent company of Essex Bank, has entered into a $303.3 million deal to be acquired by Charleston, West Virginia-based United Bankshares Inc., United Bank’s parent.

After the companies announced the agreement Thursday, Community Bankers Trust’s stock rose 29.78% as of mid-afternoon to $11.94 per share and United Bankshares’ stock price fell about 5.6% to $38.84 per share Thursday afternoon.

If approved by the Securities and Exchange Commission, the deal would create the nation’s 38th largest banking company based on market capitalization, worth about $29 billion in assets, according to a news release. Community Bankers Trust had assets of about $1.7 billion as of March 31 and has 18 branch offices in Virginia and six in Maryland. United, which is based in Charleston, West Virginia, and Washington, D.C., had approximately $27 billion in assets as of March 31, and United Bank and its subsidiaries have 223 branches, primarily on the East Coast and in West Virginia and Ohio.

The agreement, scheduled to close in the fourth quarter, calls for United to acquire all outstanding shares of Community Bankers Trust in exchange for common shares of United, and the Henrico company and Essex Bank properties would be branded as United after the merger. The deal would bring United Bank into the Lynchburg, Richmond and the Northern Neck region markets, United Chairman and CEO Richard M. Adams said in a statement.

“We are excited to become a part of the United Bank family,” Community Bankers Trust President and CEO Rex L. Smith III said in a statement. “They have a steadfast and proven commitment to their customers and the communities in which they operate. The merger will give us the ability to offer better and more sophisticated products and services while still maintaining the community bank approach to doing business with local leadership. This will be a great benefit to our customers, to our shareholders and to the communities of Central Virginia, the Northern Neck and Eastern Maryland.”

Smith will be retained as regional president responsible for the existing Essex Bank locations in Virginia.

Piper Sandler & Co. served as financial adviser for the deal, and Williams Mullen served as legal counsel to Community Bankers Trust.

Subscribe to Virginia Business. Get our daily e-newsletter.

Related Stories

Virginia Business logo

Virginia National, Fauquier banks to merge

Combined bank will have $1.6B in total assets

Virginia Business logo

Virginia National Bank finalizes merger with Fauquier Bank

Merged bank will begin trading April 5 on Nasdaq Capital Market

Virginia Business logo

The Brink’s Co. purchases largest private ATM services provider for $213M

Based in Dallas, PAI Inc. has a fleet of 100,000 U.S. ATMs

Trending

Finance/Insurance: STEPHAN Q. CASSADAY

Finance/Insurance: PAUL B. MANNING

Federal Contractors/Technology: JASON PROVIDAKES

Education: ANNE M. KRESS

Artemis I to launch with help from Va. contractors

Sponsored Stories

Why is my Less Than Truckload (LTL) freight pricing going up and my service level going down?  

Beyond Juneteenth – How Capital One is Commemorating and Implementing Change

How We Help Your Business Operate Better

Before the Breach: Get Serious About Cyber Resilience

Professionals are Discovering What it Means to Live Uniquely in the Alleghany Highlands of Virginia

Riverside Logistics Celebrates 25th Anniversary!

Girls for a Change Empowers Black Youth for the Future Workforce

The Jackson Ward Collective is equipping Black-owned small businesses with the tools for success

Advertisement

Advertisement

Trending

Finance/Insurance: STEPHAN Q. CASSADAY

Finance/Insurance: PAUL B. MANNING

Federal Contractors/Technology: JASON PROVIDAKES

Education: ANNE M. KRESS

Artemis I to launch with help from Va. contractors

Sponsored Stories

Why is my Less Than Truckload (LTL) freight pricing going up and my service level going down?  

Beyond Juneteenth – How Capital One is Commemorating and Implementing Change

How We Help Your Business Operate Better

Before the Breach: Get Serious About Cyber Resilience

Professionals are Discovering What it Means to Live Uniquely in the Alleghany Highlands of Virginia

Riverside Logistics Celebrates 25th Anniversary!

Girls for a Change Empowers Black Youth for the Future Workforce

The Jackson Ward Collective is equipping Black-owned small businesses with the tools for success

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2023 Virginia Business. All rights reserved.

Site Maintained by TechArk