United Bankshares Merges With Virginia Commerce
United Bankshares on Monday completed its biggest deal to date with the acquisition of Virginia Commerce Bancorp, which gives the company a strong foothold in the Washington, D.C. market.
United Chairman and CEO Richard M. Adams welcomed Virginia Commerce “as the newest member of the United family.”
“This acquisition significantly enhances the United footprint in the greater Washington, D.C. market, making us the dominant independent community bank headquartered in the area,” he said.
Virginia Commerce President and CEO Peter Converse said all his bank’s signage has been changed, and that the bank is “prepared to conduct business as a new company.”
“United and Virginia Commerce share the same core values, and we look forward to serving our customers under the United Bank banner,” he said.
The deal gives United assets of more than $6.5 billion and a total of 70 offices, of which 46 are in the greater Washington, D.C. market.
In addition, Converse, Leonard Adler, Norris E. Mitchell and Todd A. Stottlemyer from Virginia Commerce will join the United Bank Board of Directors.
Converse and W. Douglas Fisher from Virginia Commerce also will join United Bankshares’ board as new members.