UBSI Chairman Richard Adams Reports to Shareholders
CHARLESTON, W.Va. & WASHINGTON -- May 20, 2013
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
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
thedividends to shareholders for the 39^th consecutive year. We are one of
only twomajor banking companies in the USA to achieve such a record, which is
evidenceof 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
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,”
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 26^th year as
a publicly traded company later this year.
United Bankshares, Inc.
Steven E. Wilson, 800-445-1347 ext. 8704
Chief Financial Officer
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