WASHINGTON & CHARLESTON, W. Va.--(BUSINESS WIRE)--United Bankshares, Inc. (“United”) (NASDAQ: UBSI), a $19 billion regional banking company and the 38th largest banking company in the country based on market capitalization, held its Annual Meeting of Shareholders on May 25, 2017, at The Mayflower Hotel in Washington, D.C.
“The year of 2016 was an active and successful year for United Bankshares,” stated United Chairman of the Board and Chief Executive Officer, Richard M. Adams. “A few of the most notable achievements include United’s increase in dividends to $1.32 per share, which represented the 43rd consecutive year of dividend increase to our shareholders. This is a record only one other major banking company in the United States has been able to achieve. In addition, we successfully completed the acquisition of Bank of Georgetown in June of 2016. To finish, we announced an agreement to merge with Cardinal Financial Corporation. The acquisition was successfully completed last month, the largest in our company’s history.”
The Bank of Georgetown and Cardinal Financial Corporation acquisitions marked the 30th and 31st acquisition of the current administration and reinforced United Bank’s position as the largest community bank headquartered in the nation’s capital.
“We increased before-tax earnings to a record $223 million and earnings per share from $1.98 to $1.99. United’s return on average assets for the year of 2016 was 1.10% compared to our Federal Reserve peer group’s (bank holding companies with total assets over $10 billion) most recently reported return on average assets of 0.90%,” continued Adams.
During the meeting, it was announced that the following directors were elected by the shareholders to serve on the board of directors until the 2018 annual meeting: Richard M. Adams, Chairman and Chief Executive Officer; Robert G. Astorg, CPA, Principal, Astorg and Jones CPAs, A.C.; Bernard H. Clineburg, Former Executive Chairman, Cardinal Financial Corporation; Peter A. Converse, Former President and CEO, Virginia Commerce Bancorp, Inc.; Michael P. Fitzgerald, Former Co-Founder, Chairman, Chief Executive Officer and President, Bank of Georgetown; Theodore J. Georgelas, Managing Director, 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 P. Clinton Winter, President, Bray & Oakley Insurance Agency, Inc.
United Bankshares, Inc. is the parent company of United Bank and United Bank, Inc., which boast a network of 144 full-service offices in Virginia, West Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C.; George Mason Mortgage, LLC, the largest locally headquartered home mortgage lender in the D.C. Metro region; and United Brokerage Services, Inc., a financial advisory firm. For more information, visit www.ubsi-inc.com.