Finance News (Photo Illustration/MetroCreative)

BETHESDA, Md. — United Bankshares Inc. held its Annual Meeting of Shareholders on Wednesday at Congressional Country Club in Bethesda.

During the meeting, United Executive Chairman of the Board Richard M. Adams highlighted several key points from the 2023 Annual Report to Shareholders.

According to a release from the company, 2023 was a year of growth, profitability and soundness for United. The company grew loans and deposits and increased its net interest margin versus the prior year. In addition, United delivered above-peer results with its return on average assets and efficiency ratio, and reduced its non-performing assets, built its reserve and boosted its capital levels, posting some of the highest capital levels in the industry.

Despite a down and difficult year for bank stock performance, the company continued to trade at a premium to its peers, the release said.

“In 2023, we increased dividends to our shareholders for the 50th consecutive year,” Adams said. “This is a truly remarkable achievement. Out of thousands of publicly traded companies in the U.S., fewer than 60 have achieved such a record. Our consistency in increasing dividends to shareholders is evidence of our long track record of strong financial performance – profitability, solid asset quality and sound capital position.”

Also in 2023, Newsweek named United the Most Trustworthy Bank in the nation.

“This No. 1 ranking is a true testament to the company’s unwavering commitment to providing excellence in service to its customers, shareholders, employees and communities over many, many years,” the release said.

The banking industry faced many challenges in 2023, including three of the four largest bank failures ever in the country.

“These failures were specific, distinct and particular to those banks and were not indicative of the strength of the banking industry,” Adams said. “However, bank stocks were hit hard.”

Still, United’s financial performance in 2024 continues to be strong, the release said. Raymond James’ Research Report of April 26 said, “UBSI’s first quarter achieved solid results in a challenging environment: Rated Outperform” with a $41 price target.

“This year, we are projected to increase dividends for the 51st consecutive year, as we celebrate our 185th anniversary,” Adams said. “More good news is that we announced the 34th acquisition of the current administration on May 10, with Piedmont Bancorp headquartered in Atlanta, Georgia. This acquisition gives us a great presence in one of the best banking markets in the country and will make United the 39th largest banking company in the nation based on market capitalization.”

Adams also highlighted United’s commitment to its communities.

“Our team members give untold hours of service to many community organizations, and our company made substantial contributions to numerous worthwhile community organizations,” he said. “As I have said many times before, our competitive advantage is our people. Every day we make a positive difference in the lives of those we serve.”

During the meeting, it was announced that the following directors were elected by the shareholders to serve on the Board of Directors until the 2025 Annual Meeting:

* Richard M. Adams, executive chairman

* Richard M. Adams Jr., chief executive officer, United Bankshares Inc.

* Charles L. Capito Jr., former managing director, Wells Fargo Advisors Complex

* Peter A. Converse, former president and CEO, Virginia Commerce Bancorp Inc.

* Michael P. Fitzgerald, former co-founder, chairman, CEO and president, Bank of Georgetown

* Dr. Patrice A. Harris, psychiatrist and chief executive officer, eMed

* Diana Lewis Jackson, president and founder, Action Facilities Management

* J. Paul McNamara, chairman, Potomac Capital Advisors

* Mark R. Nesselroad, chief executive officer, Glenmark Holding LLC

* Lacy I. Rice III, co-founder and managing partner, Federated Capital Partners

* Albert H. Small Jr., founder and president, Renaissance Centro Inc. LLC

* Mary K. Weddle, former executive vice president, Long and Foster Companies

* Gary G. White, principal consultant, JRW LLC, and former interim president, Marshall University

* P. Clinton Winter, president, Bray & Oakley Insurance Agency Inc.

In addition to the election of directors, shareholders also approved ratification of the selection of Ernst & Young LLP to act as the independent registered public accounting firm for 2024 and approval, on an advisory basis, of the compensation of United’s named executive officers.

United is the parent company of United Bank, which comprises more than 225 offices throughout West Virginia; Ohio; Washington, D.C.; Virginia; Maryland; North Carolina; South Carolina;, Pennsylvania; and Georgia.