CHARLESTON, W.Va. & WASHINGTON--(BUSINESS WIRE)--
United Bankshares, Inc. (NASDAQ: UBSI),
a $11.9 billion regional banking company with dual headquarters in
Charleston, WV and Washington, DC, held its Annual Meeting of
Shareholders today at The Ritz-Carlton Hotel in McLean, VA.
United Bankshares, Inc. (UBSI) is ranked the 48th largest banking
company in the U.S. based on market capitalization and is celebrating
its 175th anniversary of banking tradition. United consists
of 133 full-service offices in West Virginia, Virginia, Maryland, Ohio,
Pennsylvania and Washington, DC. United’s Virginia-Metro-DC bank
subsidiary is the largest independent banking franchise headquartered in
the Greater Washington Area.
“2013 was another successful year for United, as we were able to
increase the dividends to shareholders for the 40th
consecutive year. We are one of only two major banking companies in the
USA to achieve such a record, which is evidence of our consistent
profitability, solid asset quality, and sound capital position,” stated
Richard Adams, United Chairman & CEO. He also commented that, “Before
tax earnings increased from $121 million to $125 million, with earnings
per share increasing from $1.64 to $1.70.”
“In January of this year, we completed the 29th
acquisition of the current administration, Virginia Commerce Bancorp,
Inc. I would like to officially welcome all of our new shareholders from
VCBI. We are very happy to have you on our United team,” Adams stated.
With the addition of VCBI, United is now the dominant independent bank
headquartered in the Nation’s Capital.
During the meeting, it was announced that the following directors were
elected by the Shareholders to serve on the Board of Directors until the
next Annual Meeting in 2015: Richard M. Adams, Chairman and Chief
Executive Officer; Robert G. Astorg, CPA and Managing Member of Astorg
and Koreski, PLLC; W. Gaston Caperton, III, Former President of The
College Board, Chairman of the Caperton Group, and Former Governor of
the State of West Virginia; Peter A. Converse, Former President and CEO
of Virginia Commerce Bancorp, Inc; Lawrence K. Doll, President of The
Lawrence Doll Co. and Lawrence Doll Homes, LLC; W. Douglas Fisher,
Former Chairman of the Board of Virginia Commerce Bancorp, Inc.;
Theodore J. Georgelas, Managing Director of the Georgelas Group, LLC;
Douglas J. Leech, Former Chairman, President and Chief Executive Officer
of Centra Financial Holdings, Inc; John M. McMahon, Chairman, Miller &
Long Co., Inc.; J. Paul McNamara, Chairman, Potomac Capital Advisors;
Mark R. Nesselroad, Chief Executive Officer, Glenmark Holding, LLC;
William C. Pitt, III, Former President and CEO, The Greenbrier and CSX
Hotels; Mary K. Weddle, CPA; Gary G. White, President and Chief
Operating Officer, International Resources Partners LP; and P. Clinton
Winter, Jr., President of Bray & Oakley Insurance Agency.
Keefe, Bruyette & Woods of New York stated, “We believe United
Bankshares, Inc. offers investors a high-quality valuable franchise in
the attractive banking markets of Northern Virginia, Metro DC, and West
Virginia. United’s strong core profitability, impressive credit trends,
high dividend yield and sufficient capital base afford the company an
United Bankshares is traded on the NASDAQ Global Select Market System
under the quotation symbol "UBSI."
United Bankshares, Inc.
Steven E. Wilson, 800-445-1347 ext. 8704
Source: United Bankshares, Inc.