United Bankshares in Charleston, W.Va., has agreed to buy Bank of Georgetown in Washington.
The $12.6 billion-asset United said in a press release Monday that it will pay $269 million, or $37 a share, in stock for the $1.2 billion-asset Bank of Georgetown. The deal is expected to close in mid-2016.
Bank of Georgetown "is one of the most valuable of the remaining independent banking franchises in the nation's capital," Richard Adams, United's chairman and chief executive, said in the release. "Our companies share much in common, beginning with our commitment to building strong relationships with the individuals, businesses, and organizations in the communities we serve. This is an in-market transaction, it makes sense financiall, and it is a great fit culturally."
Sandler O'Neill and Bowles Rice advised United. Keefe, Bruyette & Woods and Covington & Burling advised Bank of Georgetown.