United Bankshares, Inc. (“United”) (NASDAQ: UBSI), a $30 billion
regional financial services company, held its Annual Meeting of
Shareholders on Wednesday, May 15, 2024, at Congressional Country
Club in Bethesda, Md.
During the meeting, United Executive Chairman of the Board
Richard M. Adams addressed shareholders by highlighting several key
points from the 2023 Annual Report to Shareholders.
2023 was a year of growth, profitability, and soundness for
United. The Company grew loans, grew deposits, and increased its
net interest margin versus the prior year. In addition, United
delivered above-peer results with its return on average assets and
efficiency ratio, and reduced its non-performing assets, built its
reserve, and boosted its capital levels. Capital was king in 2023,
and United has some of the highest capital levels in the industry.
Despite a down and difficult year for bank stock performance, the
Company continued to trade at a premium to its peers.
“In 2023, we increased dividends to our shareholders for the
50th consecutive year,” said Adams. “This is a truly remarkable
achievement. Out of thousands of publicly traded companies in the
U.S., fewer than 60 have achieved such a record. Our consistency in
increasing dividends to shareholders is evidence of our long track
record of strong financial performance – profitability, solid asset
quality, and sound capital position.”
Another achievement for United was being named the Most
Trustworthy Bank in the nation by Newsweek. This #1 ranking is a
true testament to the Company’s unwavering commitment to providing
excellence in service to its customers, shareholders, employees,
and communities over many, many years.
The banking industry faced many challenges in 2023, including an
historic year for bank failures as we witnessed three of the four
largest failures ever in this country. Adams shared, “These
failures were specific, distinct, and particular to those banks and
were not indicative of the strength of the banking industry.
However, bank stocks were hit hard.”
That said, United’s financial performance in 2024 continues to
be strong. To quote Raymond James’ Research Report of April 26,
2024, “UBSI’s first quarter achieved solid results in a challenging
environment: Rated Outperform” with a $41.00 price target.
“This year, we are projected to increase dividends for the 51st
consecutive year, as we celebrate our 185th anniversary. More good
news is that we announced the 34th acquisition of the current
administration on May 10, with Piedmont Bancorp headquartered in
Atlanta, Georgia. This acquisition gives us a great presence in one
of the best banking markets in the country and will make United the
39th largest banking company in the nation based on market
capitalization,” said Adams.
Adams also highlighted United’s strong continued commitment to
its communities. He noted, “Our team members give untold hours of
service to many community organizations, and our Company made
substantial contributions to numerous worthwhile community
organizations. As I have said many times before, our competitive
advantage is our people. Every day we make a positive difference in
the lives of those we serve.”
During the meeting, it was announced that the following
directors were elected by the shareholders to serve on the Board of
Directors until the 2025 Annual Meeting: Richard M. Adams,
Executive Chairman; Richard M. Adams, Jr., Chief Executive Officer,
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, CEO and President, Bank of
Georgetown; Patrice A. Harris, MD, MA, FAPA, Psychiatrist and Chief
Executive Officer, eMed; Diana Lewis Jackson, President and
Founder, Action Facilities Management; J. Paul Mc- Namara,
Chairman, Potomac Capital Advisors; Mark R. Nesselroad, Chief
Executive Officer, Glenmark Holding, LLC; Lacy I. Rice, III,
Co-founder and Managing Partner, Federated Capital Partners; Albert
H. Small, Jr., Founder and President, Renaissance Centro Inc., LLC;
Mary K. Weddle, CPA, Former Executive Vice President, Long and
Foster Companies; Gary G. White, Principal Consultant, JRW, LLC,
and Former Interim President, Marshall University; and P. Clinton
Winter, President, Bray & Oakley Insurance Agency, Inc.
In addition to the election of Directors, other proposals were
approved by shareholders: ratification of the selection of Ernst
& Young LLP to act as the independent registered public
accounting firm for 2024 and approval, on an advisory basis, of the
compensation of United’s named executive officers.
After the shareholder proposals were approved, Executive
Chairman Adams introduced Richard M. (Rick) Adams, Jr., Chief
Executive Officer, who discussed the current industry environment,
and the continued strength of United.
About United Bankshares, Inc.
As of March 31, 2024, United had consolidated assets of
approximately $30.0 billion and is the 39th largest banking company
in the U.S. based on market capitalization. United is the parent
company of United Bank, which comprises more than 225 offices
located throughout Washington, D.C., Virginia, West Virginia,
Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and
Georgia. United’s stock is traded on the NASDAQ Global Select
Market under the quotation symbol "UBSI".
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version on businesswire.com: https://www.businesswire.com/news/home/20240515844741/en/
W. Mark Tatterson Chief Financial Officer (800) 445-1347 ext.
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