PARKERSBURG - United Bankshares, a $11.9 billion regional banking company with dual headquarters in Charleston and Washington, D.C., held its Annual Meeting of Shareholders recently at the Ritz-Carlton Hotel in McLean, Va.
United Bankshares 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, D.C. 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 U.S.A. to achieve such a record, which is evidence of our consistent profitability, solid asset quality, and sound capital position," said Richard Adams, United chairman and CEO. "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 said. 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 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.
* 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 and 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.
* P. Clinton Winter Jr., president of Bray and Oakley Insurance Agency.
"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 above-peer valuation," Keefe, Bruyette & Woods of New York said.
United Bankshares is traded on the NASDAQ Global Select Market System under the quotation symbol "UBSI."