UBSI Chairman Richard Adams Reports to Shareholders
CHARLESTON, W.Va. & WASHINGTON--(BUSINESS WIRE)-- United Bankshares, Inc. (NASDAQ: UBSI), an $8.3 billion regional banking company with dual headquarters in Charleston, W.Va. and Washington, D.C., held its annual meeting of shareholders today at The Blennerhassett Hotel in Parkersburg, W.Va.
United Bankshares is the largest headquartered company in West Virginia and its Virginia-Metro-DC bank subsidiary is the largest independent banking franchise headquartered in the nation's capital metropolitan statistical area.
"2012 was another successful year for United, as we were able to increase the dividends to shareholders for the 39th consecutive year. We are one of only two major banking companies in the USA to achieve such a record, which is evidence of our consistent profitability, solid asset quality, and sound capital position," stated Richard Adams, United Chairman & CEO. He also commented that, "For the year, dividends per share increased from $1.21 to $1.24. Before tax earnings increased from $110 million to $121 million, with earnings per share increasing from $1.61 to $1.64."
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 2014: Richard M. Adams, Chairman and Chief Executive Officer; Robert G. Astorg, CPA and Managing Member of Astorg and Koreski, PLLC; W. Gaston Caperton III, Chairman of the Caperton Group, Former President of The College Board, and Former Governor of the State of West Virginia; Lawrence K. Doll, President of The Lawrence Doll Co. and Lawrence Doll Homes, LLC; Theodore J. Georgelas, Managing Director of the Georgelas Group, LLC; F. T. Graff, Jr., Attorney and Senior Partner of Bowles Rice LLP; Douglas J. Leech, Former Chairman, President and Chief Executive Officer of Centra Financial Holdings, Inc; John M. McMahon, Chairman, Miller & Long Co., Inc.; J. Paul McNamara, Chairman, Potomac Capital Advisors; Mark R. Nesselroad, Chief Executive Officer, Glenmark Holding, LLC; William C. Pitt III, Former President and Chief Executive Officer, The Greenbrier and CSX Hotel; Donald L. Unger, Former President and Chief Executive Officer of the Shenandoah Valley region of United Bank; Mary K. Weddle, CPA and Senior Vice President of Long & Foster Real Estate, Inc.; Gary G. White, President and Chief Executive Officer, International Resource Partners LP; and P. Clinton Winter, Jr., President of Bray & Oakley Insurance Agency.
According to the New York investment banking firm Raymond James & Associates, "With a fortress balance sheet, a strong currency, and geographic positioning in one of the best economic markets in the country, United is well-positioned for growth both organically and through acquisitions."
And to quote Sandler O'Neill & Partners of New York, NY, "UBSI maintains the title as one of the more valuable franchises in size remaining in the mid-Atlantic."
United contributed over $2 million last year to many worthy organizations. "Our employees also contribute their time and money to many local events and charitable groups by serving on local boards, participating in fundraisers, mentoring and much more. Our competitive advantage has always been our people, and with their help and with the continued support of our many loyal customers and shareholders, we shall continue to build a great a banking company," stated Adams.
United has consolidated assets of approximately $8.3 billion with 115 full service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C. United Bankshares stock is traded on the NASDAQ Global Select Market under the quotation symbol "UBSI" and will celebrate its 26th year as a publicly traded company later this year.
United Bankshares, Inc.
Steven E. Wilson, 800-445-1347 ext. 8704
Chief Financial Officer
KEYWORDS: United States North America District of Columbia Ohio Virginia West Virginia
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