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CHARLESTON -- United Bankshares Inc. has been recognized in Newsweek's 2022 list of America's Most Trusted Companies.
Across the 22 industries evaluated, United is ranked as the No. 2 Most Trusted Company in the Bank category, Richard M. Adams, chairman and CEO of United Bankshares, announced.
Looking at publicly traded U.S. corporations with $500 million or more in annual revenues, Newsweek, with market research partner Statista recently presented the inaugural ranking of America's Most Trusted Companies according to U.S. residents' evaluations. As trust is crucial to any business, especially those in the banking industry, the Most Trusted Companies were chosen based on a holistic approach to evaluating trust. The three key public touchpoints of trust considered were customer trust, investor trust and employee trust.
"For over 180 years, we have been dedicated to our mission of providing excellence in service to our employees, our customers, our shareholders and our communities," Adams said. "We are honored to be recognized on the list of Most Trusted Companies across the nation, but to be ranked among the top is truly remarkable. Our rich history is backed by trust, our core values of integrity, hard work, teamwork and caring, and doing what is right. The bottom line is that we are executing on our purpose, which is to make a positive difference throughout the communities in our footprint, while also providing a high-level of trust."
Newsweek and Statista's analysis followed a three-step process. In addition to considering all stock listed companies headquartered in the United States with a revenue of over $500 million, an extensive survey was the basis of the analysis, which was an independent survey of about 50,000 U.S. residents, who rated companies they know in terms of all three touchpoints of trust. A total of 110,000 evaluations of companies were submitted during the field period of June 28 to Aug. 13, 2021.
Additionally, the researchers carried out a vetting of companies, performing a detailed check and excluding companies that were involved in recent scandals or lawsuits relevant to a dimension of trust.
United's longstanding history of trust began in 1839, and throughout 46 years of the current administration and 33 acquisitions, United has grown from a single office, $100 million bank to one of the most successful regional financial services companies in the nation, with approximately $29.3 billion in assets and nearly 250 offices located throughout West Virginia, Virginia, Washington, D.C., Ohio, Pennsylvania, Maryland, Georgia, North Carolina, and South Carolina.
Recently celebrating its 183rd anniversary and closing out another highly momentous year for the company, United reported record earnings in 2021, outperformed its Federal Reserve peer group and increased dividends to its shareholders for the 48th consecutive year -- an achievement shared by only one other major banking company in the nation. United also successfully completed its acquisition of Community Bankers Trust Corp. in December. The merger brought together two high-performing banking companies and strengthened United's position as one of the largest, best performing and most trusted regional banking companies in the Mid-Atlantic and Southeast.
As of Dec. 31, United had consolidated assets of approximately $29.3 billion. United is the parent company of United Bank which comprises nearly 250 offices in Virginia, Maryland, Washington, D.C., North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia, and Ohio. United's stock is traded on the NASDAQ Global Select Market under the quotation symbol UBSI.