Business & Tech
United Bankshares Acquires Virginia Commerce Bank
The acquisition will allow United Bankshares to expand its presence in the Washington, DC metro area.
West Virginia-based United Bankshares announced Wednesday it plans to merge with Arlington-based Virginia Commerce Bank.
"We are very excited about our merger with VCBI, which creates the leading independent community bank operating throughout the most attractive markets in Northern Virginia and Washington, DC," said United Chairman and CEO Richard Adams in a news release.
Virginia Commerce has 28 branches including storefronts in Alexandria's Old Town and Del Ray neighborhoods.
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The deal is expected to close in the third quarter, reports The Washington Post. United currently has assets of $8.4 billion and with the acquisition it's assets will grow to $11.2 billion, reports Dailyfinance.com.
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