WASHINGTON & CHARLESTON, W. Va.--(BUSINESS WIRE)--United Bankshares, Inc. (NASDAQ: UBSI), a $12.6 billion regional banking company with dual headquarters in Washington, D.C., and Charleston, WV, held its Annual Meeting of Shareholders on May 18, 2016, at The Ritz-Carlton in McLean, VA.
United consists of 128 full-service offices in Virginia, West Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C. 2015 marked the 25th anniversary of United’s entry into the greater Washington, D.C., market. United’s Virginia chartered bank, United Bank, has grown to become the largest community bank headquartered in the DC metro region.
“2015 was another successful year for our company,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. “Earnings per share increased from $1.92 to $1.98, which achieved record before tax earnings of over $200 million. We outperformed peer profitability with a return on average assets of 1.12% as compared to 0.94% for our peer group.” Adams reported that, “We increased the dividend to shareholders to $1.29 per share, which represented the 42nd consecutive year of dividend increases to shareholders. That is a record only one other major banking company in the United States has been able to achieve. In November of 2015, we announced the acquisition of Bank of Georgetown, which will merge into United’s metro DC franchise on June 3, 2016. This transaction represents the 30th acquisition of the current administration and reinforces our position as the largest community bank headquartered in the nation’s capital. Based upon projected market capitalization after the closing of the merger, United will be ranked the 41st largest banking company in the USA.”
During the meeting, it was announced that the following Directors were elected by the Shareholders to serve on the Board of Directors until the next Annual Meeting in 2017: Richard M. Adams, Chairman and Chief Executive Officer; Robert G. Astorg, CPA, Principal, Astorg and Jones CPAs, A.C.; Peter A. Converse, Former President and CEO of Virginia Commerce Bancorp, Inc.; Lawrence K. Doll, President of The Lawrence Doll Co. and Lawrence Doll Homes, LLC; Theodore J. Georgelas, Managing Director of the Georgelas Group Holdings, LLC; J. Paul McNamara, Chairman, Potomac Capital Advisors; Mark R. Nesselroad, Chief Executive Officer, Glenmark Holding, LLC; Mary K. Weddle CPA, Former Executive Vice President, The Long and Foster Companies; Gary G. White, Principal, JRW, LLC, and Former Interim President, Marshall University; and P. Clinton Winter, Jr., President of Bray & Oakley Insurance Agency, Inc.
United Bankshares, Inc., is traded on the NASDAQ Global Select Market System under the quotation symbol "UBSI."