United Bankshares plans Florida expansion with Palm Beach office
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PALM BEACH, FLA. - United Bankshares Inc. plans to expand into Florida with a full-service banking office in Palm Beach, the company announced in a news release.
The proposed office at 218 Royal Palm Way on Palm Beach Island would offer commercial banking, private banking, wealth management, treasury management and lending services. Its opening is subject to regulatory approval.
The office would serve individuals, families, business owners and commercial clients in Palm Beach and the broader South Florida market. It would operate under the United Bankshares name.
The expansion would mark the company's entry into Florida through a new office, part of its strategy to grow across the Southeast, according to the release.
"Our focus for future geographic expansion continues to be on the Southeast, where we’ve seen strong opportunities and positive demographic trends," said Richard M. Adams Jr., chief executive officer of United Bankshares.
Adams said the company's growth has included both acquisitions and expansion of its existing business.
"The franchise we have built over the years has benefited from both strategic acquisitions and organic growth, and this expansion reflects that balanced approach," he said.
Terence Callahan will lead the Palm Beach market as market president, overseeing growth strategy and business development in Florida. Callahan has been with United Bankshares for more than a decade and previously worked on its growth in the greater Washington, D.C., market, according to the release.
"We believe Palm Beach presents a tremendous opportunity for us, and we're bringing together the leadership and capabilities needed to compete at the highest level in this market," Callahan said.
The company also announced a wealth management team led by Chief Investment Officer Chris Battifarano. According to the release, Battifarano has nearly 30 years of experience in Palm Beach, including a decade as chief investment officer at FineMark Bank & Trust.
The team also includes Najam "Naj" Qasim, senior investment strategist; Michael Christenson, senior investment analyst; and Jessica Dellinger, senior compliance manager.
United Bankshares reported approximately $34 billion in consolidated assets as of June 30. It is the parent company of United Bank, which has more than 240 offices across Washington, D.C., and nine states, including West Virginia and Ohio.