The Federal Reserve said Tuesday that it had approved the sale of Centra Financial Holdings Inc. in Morganton, W.Va., to United Bankshares Inc. in Charleston, W.Va.
United, which would have about $8.6 billion of assets when the acquisition is complete, would control roughly 31.7% of the deposits in Morganton, the Fed said. However, the Fed determined that the deal "would not have a significantly adverse effect on competition."
United has said that it expects to close the $187 million deal in the third quarter.
