Richard Adams receives award for United Bank COVID efforts
PARKERSBURG — The board chairman and chief executive officer of United Bankshares was honored as the Washington Business Journal CEO of the Year for COVID-19 Response.
The award accepted by Richard M. Adams was given in recognition of United’s achievements during the COVID-19 pandemic.
The economic downturn created by the COVID-19 health crisis had a significant impact on small businesses and other stakeholders in the communities United serves. The award recognized United as the leader among all businesses in the nation’s capital MSA for its efforts to assist its customers, its communities, and its team members.
The United team worked weekends and many nights to be one of the first banks in the country to be ready on Day 1 of the Paycheck Protection Program and Economic Injury Disaster Loan program. United Bank processed nearly 9,000 PPP loans across its footprint, totaling approximately $1.3 billion under the government program.
United was also second in the volume of loans approved to women owned businesses, as well as businesses owned by people of color. In addition, for commercial and consumer customers, United suspended residential property foreclosures, offered fee waivers, and provided payment deferrals. It also helped to fill food pantries, recognized healthcare workers on the front lines, allocated $1.8 million in charitable donations, and thousands of COVID-19 related volunteer hours were reported by United team members.
“But perhaps equally important (to other achievements) were measures to help its own staff,” the Washington Business Journal said.
United committed to paying its employees even if their hours or availability were impacted by COVID-19, increased paid time off, increased the minimum hourly wage, issued an extra bonus to employees who had to physically report to work and increased the company’s 401k match.
“The bottom line is that we are executing our purpose, which is to make a positive difference in the lives of our employees, our customers, our shareholders, and our communities,” Adams said.
United Bankshares, the largest publicly traded company headquartered in West Virginia, has assets of $26 billion and is the parent company of United Bank, which has 230 offices in West Virginia, Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, Georgia and Washington, D.C.
United stock is traded on NASDAQ under the quotation symbol UBSI.