CHARLESTON, W.Va. (AP) — United Bankshares Inc. is expanding its footprint in the Mid-Atlantic region with the acquisition of Cardinal Financial Corp. in a deal valued at $912 million.
Charleston-based United Bankshares announced in a news release Thursday it will acquire Tysons Corner, Virginia-based Cardinal Financial.
The statement says the definitive merger agreement has been approved by both companies’ boards of directors and is expected to close by mid-2017 pending regulatory and shareholder approval.
Cardinal Financial has $4.2 billion in assets and 30 bank branches in Virginia, Maryland and Washington, D.C. United Bankshares has 129 branches in West Virginia, Ohio, Pennsylvania, Virginia, Maryland, and Washington D.C.
United Bankshares says the acquisition will increase its assets to about $14.4 billion.