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United Bankshares Holds Annual Meeting of Shareholders | News, Sports, Jobs


CHARLESTON — United Bankshares Inc., a $29.4 billion regional financial services company, held its annual meeting of shareholders virtually on May 11.

Richard M. Adams, Executive Chairman of United’s Board of Directors, addressed shareholders highlighting several key points from the 2021 Annual Report to Shareholders.

“2021 was one of the most successful years in our company’s history. We achieved record profits, ranked fourth among the country’s 50 largest banking companies in terms of financial performance, increased earnings per share, outperformed our peers in profitability, increased shareholder dividends for the 48th consecutive year, completed the current administration’s 33rd acquisition and made a positive difference in the lives of those we serve,” said Adams.

“I remember well when our company was not even ranked among the top 500 banks in the country. At that time, we developed a vision statement to be in the top five for financial performance among America’s 50 largest banks,” said Adams. “For many, our ability to execute on our vision statement was seen as impossible. In March 2021, S&P Global Market Place Intelligence reported that S&P Global ranked United fourth among the nation’s 50 largest banking companies in financial performance based on our growth and profitability, as well as our measures of safety and solidity. When our CFO sent me the rankings, I have to say it was a moment I will never forget. A vision has become a reality, as we are now the 43rd largest banking company and rank in the top five in terms of financial performance within the top 50. Time and time again, our employees have achieved what others have not been able to achieve.

Overall, United’s financial performance continued to be among the best of the best, achieving record pre-tax profit of $463 million and increasing earnings per share from $2.40 to $2.83 or 18 % in 2021. United’s return on average assets of 1.35% compares very favorably to its Federal Reserve peer group of 1.20%.

“During the current administration, United has grown from a $100 million one-office bank in Parkersburg, W.Va., to one of the nation’s most successful regional banking companies, with assets of nearly $30 billion and 250 offices in eight states and the nation’s capital,” said Adams. “Through 33 acquisitions, we have built one of the most valuable independent regional banking companies in the Mid-Atlantic and Southeast.”

Also in 2021, United raised dividends to $1.41 per share, which marked the 48th consecutive year of increased dividends for its shareholders. This is a record that only one other major bank in the United States has been able to achieve. To quote Keefe, Bruyette & Woods Equity Research Report July 25, 2021, “UBSI’s earnings consistency, highly profitable franchise, tight expense control, historically good credit and high dividend should allow UBSI to achieve a superior valuation.”

“If you had invested $100,000 at the start of this administration, including reinvestment of dividends, it would have been worth approximately $14 million by the end of 2021,” said Adams.

In December, United completed its acquisition of Community Bankers Trust Corp., parent company of Essex Bank. For United, Essex, with its headquarters in Richmond and assets of $1.8 billion, was a strategic opportunity to expand its presence in the heart of the Commonwealth of Virginia, bridging the gap between Northern Virginia and the North Carolina.

“We are proud to be the largest community bank headquartered in the nation’s capital, as well as the largest state-chartered bank headquartered in the Commonwealth of Virginia. Our West Virginia franchise has also become much more valuable due to our #2 market share position in West Virginia,” said Adams. “United Bankshares is West Virginia’s largest publicly traded company headquartered in the state.”

United’s financial strength provides the resources to strengthen communities through its footprint, and United’s commitment to its communities has been demonstrated by receiving national recognition from the American Bankers Association Foundation for being the top program in volunteering of country employees. The award specifically recognized United’s Community Reinvestment Action Committee, which oversaw the creation of the bank-wide volunteer infrastructure to connect employees to high-impact service opportunities, aligning our efforts communities on common goals to advance key challenges facing the communities we serve. United also received an “outstanding” regulatory rating in its latest review of the Community Reinvestment Act, demonstrating United’s commitment to economic inclusion and against discrimination.

United were recently recognized on Newsweek’s 2022 list of “America’s Most Trusted Companies.” Of the 22 sectors assessed, United ranked No. 2 “Most Trustworthy Company” among all listed banking companies. the “Most Trustworthy Companies” were chosen based on a holistic approach to assessing trust. The top three public touchpoints of trust considered were customer trust, investor trust, and employee trust.

“Few management teams have been as successful as United in meeting future challenges over many years,” said Adams. “I can assure you that our United team will continue to work diligently to make a positive difference in the lives of our team members, customers, shareholders and people in the communities we serve.”

The board of directors was also elected at the annual meeting of shareholders of United Bankshares Inc. They will serve until the annual meeting in 2023.

Elected were: Richard M. Adams, executive chairman; Richard M. Adams Jr., Managing Director, 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, chief executive and president, Bank of Georgetown; Patrice A. Harris, MD, MA, FAPA, psychiatrist and CEO, eMed; Diana Lewis Jackson, President and Founder, Action Facilities Management; J. Paul McNamara, Chairman, Potomac Capital Advisors; Mark R. Nesselroad, Managing Director, Glenmark Holding, LLC; Jerold L. Rexroad, Executive Vice President, United Bankshares, President of Carolinas, United Bank, Chairman of Crescent Mortgage Co. and former CEO of Carolina Financial Corp. ; Lacy I. Rice, III, Co-Founder and Managing Partner, Federal Capital Partners; Albert H. Small Jr., Founder and Chairman, Renaissance Centro Inc., LLC; Mary K. Weddle, CPA, former executive vice president, The Long and Foster Companies; Gary G. White, Principal Consultant, JRW, LLC, and Acting Past President, Marshall University; and P. Clinton Winter, President, Bray & Oakley Insurance Agency Inc.

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