Hailey Johnson
United Bankshares, Inc. is a bank holding company headquartered in Charleston, West Virginia, and Fairfax, Virginia. In 1998, United Bankshares acquired George Mason Bank, which was subsequently renamed United Bank - Virginia. United Bank is the largest bank headquartered in West Virginia and the eighth largest bank operating in Virginia. The acquisition of George Mason Bank was part of a series of acquisitions by United Bankshares, totalling 33 under the tenure of chairman and CEO Richard Adams.
| Characteristics | Values |
|---|---|
| Did United Bank buy George Mason Bank? | Yes, United Bankshares acquired George Mason Bank in 1998. |
| Date of acquisition | 1998 |
| Purchase price | Not disclosed |
| Acquirer | United Bankshares, Inc. |
| Acquirer headquarters | Charleston, West Virginia and Fairfax, Virginia |
| Acquiree | George Mason Bank |
| Acquiree headquarters | Not disclosed |
| Acquiree parent company | George Mason Bankshares |
| Acquiree CEO | Bernard H. Clineburg |
| Acquirer CEO | Richard Adams |
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What You'll Learn
- United Bankshares acquired George Mason Bank in 1998
- George Mason Bank was renamed United Bank – Virginia
- George Mason Mortgage (GMM) was started in 1990 as a subsidiary of George Mason Bank
- Cardinal Financial Corporation agreed to purchase GMM from United Bank – Virginia
- Bernard H. Clineburg was the CEO of George Mason Bankshares before its sale to United
United Bankshares acquired George Mason Bank in 1998
United Bankshares, Inc. is a bank holding company headquartered in Charleston, West Virginia, and Fairfax, Virginia. It is the parent company of United Bank, which has nearly 250 offices across eight states. United Bankshares acquired George Mason Bank in 1998, which was then renamed United Bank - Virginia.
The acquisition of George Mason Bank by United Bankshares was first announced in 1997. At the time, George Mason was viewed as a prime acquisition target for rivals looking to expand into Northern Virginia. The dividend to George Mason shareholders doubled to $1.15 per share based on United's dividend at the time. Eugene S. Weil, senior vice president of Friedman, Billings, Ramsey & Co., the investment banking firm that advised George Mason, commented that United was "paying a very strong price".
Bernard H. Clineburg, who was the president and CEO of George Mason Bank before its sale, became the chairman of United's Virginia operations following the acquisition. In a statement, Clineburg expressed excitement about the acquisition and the opportunity to work with Gene Merrill, highlighting the mutual goal of maintaining George Mason's leadership position in the mortgage market.
Today, United Bank continues to serve customers in the mortgage market through its subsidiary, George Mason Mortgage, LLC (GMM). GMM was founded in 1990 as a wholly-owned subsidiary of George Mason Bank and currently operates in eight states, including Virginia, Maryland, and the District of Columbia.
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George Mason Bank was renamed United Bank – Virginia
United Bankshares, Inc. is a bank holding company that is dual-headquartered in Charleston, West Virginia, and Fairfax, Virginia. It is the parent company of United Bank, which has nearly 250 offices across eight states. In 1998, United Bankshares acquired George Mason Bank, which was subsequently renamed United Bank – Virginia.
The acquisition of George Mason Bank by United Bankshares was first announced in 1997. The deal was expected to double the dividend for George Mason shareholders to $1.15 per share. At the time, George Mason Bank was viewed as a prime acquisition target for banks looking to expand into Northern Virginia. Following the acquisition, Bernard H. Clineburg, the former CEO of George Mason Bank, became the chairman of United's Virginia operations.
George Mason Bank was not the only acquisition made by United Bankshares. In 1984, the company acquired Parkersburg National Bank and two other banks, marking the beginning of its full operations. Over time, United Bankshares has continued to expand through numerous acquisitions. Under the leadership of Richard Adams, who served as chairman and CEO, the company completed 33 acquisitions.
In addition to its banking subsidiaries, United Bankshares also owns George Mason Mortgage, LLC (GMM). GMM was established in 1990 as a wholly-owned subsidiary of George Mason Bank. It primarily engages in the origination and acquisition of residential mortgages in the metropolitan Washington region. In 2004, GMM was sold to Cardinal Financial Corporation, the parent company of Cardinal Bank, N.A., for $17 million.
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George Mason Mortgage (GMM) was started in 1990 as a subsidiary of George Mason Bank
George Mason Mortgage (GMM) was established in 1990 as a fully-owned subsidiary of George Mason Bank. In 1997, it was announced that United Bank would acquire George Mason Bank, and the acquisition was completed the following year. As a result of the acquisition, George Mason Bank was renamed United Bank - Virginia, a wholly-owned subsidiary of United Bankshares, Inc.
GMM, headquartered in Fairfax, Virginia, is primarily engaged in the origination and acquisition of residential mortgages in the secondary market. The company operates through nine retail branches across the metropolitan Washington region and is licensed in eight states, including Virginia, Maryland, and the District of Columbia.
GMM has established itself as a leading mortgage lender in its area, and its team is dedicated to serving its customers and clients. Dwayne Smith, for example, has consistently been recognised as a top originator in the company and was named the "Lender of the Year" by the Richmond Home Building Association in 2013.
Following the acquisition of George Mason Bank, GMM became a subsidiary of United Bankshares, Inc., and continues to operate as such. United Bankshares, Inc. is a bank holding company headquartered in Charleston, West Virginia, and Fairfax, Virginia. The company has a long history dating back to 1839 and has a strong presence in the banking industry, particularly in the states of West Virginia, Virginia, and the District of Columbia.
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Cardinal Financial Corporation agreed to purchase GMM from United Bank – Virginia
In 1997, United Bank (West Virginia) announced its acquisition of George Mason Bank. The bank was subsequently renamed United Bank – Virginia, a wholly-owned subsidiary of United Bankshares, Inc. Following this acquisition, United Bank – Virginia became the owner of George Mason Mortgage, LLC (GMM).
Cardinal Financial Corporation, the parent company of Cardinal Bank, N.A., agreed to purchase GMM from United Bank – Virginia for $17 million in an all-cash transaction. This agreement marked a significant development for Cardinal Financial Corporation, providing an opportunity to expand and diversify its revenue sources. GMM, with its strong presence in the residential mortgage market, was an attractive acquisition target for Cardinal Financial Corporation.
GMM, headquartered in Fairfax, Virginia, primarily engages in the origination and acquisition of residential mortgages. With approximately 200 employees and licenses in eight states, including Virginia, Maryland, and the District of Columbia, GMM is well-positioned in the market. The company was founded in 1990 as a wholly-owned subsidiary of George Mason Bank.
The acquisition of GMM by Cardinal Financial Corporation was strategically aligned with its goal of expanding into the thriving residential mortgage market. Bernard H. Clineburg, Chairman, President, and CEO of Cardinal Financial Corporation, expressed enthusiasm about the deal, highlighting the mutual benefits for both GMM and Cardinal. This purchase agreement underscored Cardinal's commitment to strengthening its position in the competitive financial landscape and leveraging GMM's expertise in mortgage lending.
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Bernard H. Clineburg was the CEO of George Mason Bankshares before its sale to United
Clineburg's philosophy as a banker was to be "aggressive on sales, conservative on risks". This approach is reflected in the bank's performance, with about 170 consumer-loan approvals and 80 rejections in a typical month. After the sale of George Mason Bankshares, Clineburg moved on to Cardinal Financial Corporation, where he served as Chairman, President, and CEO. Cardinal Financial Corporation, the parent company of Cardinal Bank, N.A., acquired George Mason Mortgage, LLC from United Bank - Virginia for $17 million.
Clineburg expressed his excitement about the acquisition of George Mason Mortgage, stating that it provided Cardinal with an opportunity to diversify its revenue sources and become a leader in the residential mortgage market. He also acknowledged the strong performance of George Mason Mortgage under the leadership of D. Gene Merrill, who remained as President and CEO of the company after the acquisition.
Bernard H. Clineburg's career in banking spans several decades and multiple key positions. His contributions to the growth and success of George Mason Bankshares and his subsequent acquisitions demonstrate his expertise and impact in the banking industry.
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Frequently asked questions
Yes, United Bankshares acquired George Mason Bank in 1998.
George Mason Bank was renamed United Bank - Virginia.
George Mason Mortgage is a subsidiary of United Bankshares, Inc.
United Bankshares, Inc. traces its roots to 1839 when the Northwestern Bank of Virginia opened an office in Parkersburg, now in West Virginia.
