United Bank Executive Chairman Richard M. Adams joining Washington Business Hall of Fame
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PARKERSBURG -- United Bank Executive Chairman Richard M. Adams is being recognized with a lifetime achievement award by a business group in the nation's capital.
Adams will be inducted Dec. 5 into the Washington Business Hall of Fame, joining less than 200 other business and community leaders who have been honored since its founding in 1988. Hall of Fame laureates are chosen for "consistently demonstrating excellence and visionary leadership that results in a significant and lasting impact on the Greater Washington Region," according to a press release from United.
The Hall of Fame is a project of Junior Achievement of Greater Washington, a nonprofit organization that works to train and educate future leaders; the Greater Washington Board of Trade; and the Washington Business Journal.
In a Q&A published by the Washington Business Journal, Adams described how he became a leader at the Parkersburg National Bank following his father's death in 1974 and was named president of the company, which would become United Bankshares, at age 29.
"Building the company from a single office, $100 million bank into a nearly $30 billion bank with 250 offices in eight states and the nation's capital, ranked as the 34th-largest U.S. bank based upon market capitalization, was the hardest job I have ever done," Adams said. "One of the most important ingredients to facing many difficulties was our ability to find and develop great people."
At the time of his death, Adams' father was president of the bank, and he cites him as his most influential role model.
"He achieved greatness in business and in his personal life despite a very humble beginning," Adams said. "He taught me so many important fundamentals that positively influenced my life which included, among others: Work hard. Never quit. Have integrity. Be a team player. Care about people. Serve and have faith in God. He was, and is, my hero."
The article goes over the efforts of United during the COVID-19 pandemic to be ready to offer loans through the Paycheck Protection Program and assist its customers and communities.
"Foreclosures and repossessions were put on hold," Adams said. "We deferred loan payments and waived fees for our customers. Our team helped to fill food pantries, recognized health care workers on the frontlines, made many charitable donations and served thousands of volunteer hours to combat the impacts of COVID-19."
As a result, Adams was recognized by the Washington Business Journal in 2021 as the COVID-19 Response CEO of the Year.
Now, he joins a class of Hall of Fame laureates that also includes Thomas J. Baltimore Jr., chairman and CEO of Park Hotels & Resorts; Terri McClements, retired senior partner and former Mid-Atlantic market managing partner with professional services firm PwC; Deryl McKissack, president and CEO of architectural, engineering and construction management firm McKissack & McKissack; and Kurt D. Newman, retired president and CEO of Children's National Hospital.
Adams and his fellow laureates will be celebrated at the annual Hall of Fame gala on Tuesday, Dec. 5, in Washington, D.C. All proceeds from the event support Junior Achievement of Greater Washington.