Fed OKs United Bankshares merger
CHARLESTON, W.Va. -- The Federal Reserve's Board of Governors has signed off on the merger between United Bankshares, Inc. and Arlington, Va.-based Virginia Commerce Bancorp, Inc.
The parent company of United Bank announced the merger with Virginia Commerce, which at the time had $2.8 billion in assets and 28 banking offices in the Washington, D.C., area, in January.
The plan calls for Virginia Commerce to be merged into United's George Mason Bankshares, Inc. subsidiary.
United and Virginia Commerce shareholders approved the merger plan in October. The Federal Reserve board's approval was the last remaining regulatory approval needed to complete the merger.
The merger is expected to close on Jan. 31, 2014.