Centra Financial Shareholders Approve Merger
WHEELING, W.Va. (AP) — Centra Financial Holdings Inc.’s shareholders have approved the company’s acquisition by United Bancshares Inc.
The Intelligencer reports that Morgantown-based Centra’s shareholders approved the merger on Monday. The companies’ boards approved the deal last December.
The $186.9 million acquisition is expected to close July 8, pending approval by federal regulators.
The deal expands Charleston-based United Bancshare’s footprint in Maryland and West Virginia, and provides entry into Pennsylvania. Its assets will increase from $7.2 billion to $9 billion.
United Bancshares chief financial officer Steven Wilson says Centra’s bank branches will continue to operate under the Centra name in the short term.
United has 111 branches in West Virginia, Virginia, Maryland, Ohio and Washington, D.C. Centra has 16 offices in Martinsburg, Morgantown, Hagerstown, Md., and Uniontown, Pa.
(Copyright 2011 by The Associated Press. All Rights Reserved.)