The Federal Reserve Board has approved a delayed merger between United Bankshares (USBI) in Charleston, W.Va., and Virginia Commerce Bancorp (VCBI) in Arlington.

The $8.5 billion-asset United agreed in January to buy the $2.8 billion-asset Virginia Commerce for roughly $491 million in stock. The companies missed the original Nov. 30 deadline for the merger because of delays in receiving Fed approval. The companies now expect to complete the merger by Jan. 31.

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