United Bank (West Virginia)

Last updated
United Bankshares, Inc.
United Bank
Company type Public
Nasdaq:  UBSI
S&P 400 component
Industry Banking
FoundedMarch 17, 1839;184 years ago (1839-03-17) in Parkersburg, Virginia (now West Virginia)
Headquarters Charleston, West Virginia, United States
Fairfax, Virginia, United States
Area served
 West Virginia
Virginia
District of Columbia
Maryland
Ohio
Pennsylvania
North Carolina
South Carolina
Georgia
Key people
 Richard M. Adams, Chairman
Richard M. Adams, Jr. CEO
W. Mark Tatterson, CFO
Increase2.svg $289 million (2020)
Total assets Increase2.svg $26.184 billion (2020)
Total equity Increase2.svg $4.297 billion (2020)
Number of employees
Over 3,000 (2022)
Website ubsi-inc.com
www.bankwithunited.com
Footnotes /references
[1] [2]
A United Bank branch in Clarendon, Arlington, Virginia United Bank branch in Clarendon.jpg
A United Bank branch in Clarendon, Arlington, Virginia

United Bankshares, Inc. is a bank holding company dual-headquartered in Charleston, West Virginia and Fairfax, Virginia with operations in West Virginia, Virginia, the District of Columbia, Maryland, Ohio, Pennsylvania, North Carolina, South Carolina, and Georgia in the United States. [2] United Bankshares is the parent company of United Bank which comprises nearly 250 offices in eight states. In addition, UBSI is the parent company to subsidiaries George Mason Mortgage, United Brokerage, and Crescent Mortgage.

Contents

Based on total deposits, United Bank is the largest bank headquartered in West Virginia and the 2nd largest bank operating in West Virginia, after Truist Financial. It is the 8th largest bank operating in Virginia and the 10th largest bank operating in the District of Columbia. [3]

History

The company traces its roots to St. Patrick's Day 1839, when Northwestern Bank of Virginia opened an office in Parkersburg (now in West Virginia). On St. Patrick's Day, some branches honor the tradition by giving shamrocks to customers. [1] That office eventually evolved into Parkersburg National Bank.

Richard Adams was named Chairman and CEO of Parkersburg National Bank in 1975. In 1982, Parkersburg National began reorganizing as a holding company, United Bankshares. In 1984, United commenced full operations when it acquired Parkersburg National and two other banks. [2] In 1987, the company became a public company via an initial public offering. [4]

Under Adams’ tenure, United completed 33 acquisitions. [1] In 2022, American Banker named Richard Adams the “longest-serving CEO among the top 100 U.S. banks” after 47 years. [5] Richard “Rick” Adams, Jr., who served as United’s President since 2014, became CEO in April 2022. [6]

Acquisitions

The company has made the following acquisitions:

#Date CompletedCompanyPriceRef(s).
1August 10, 1990Bank First, NA$10 million
2August 31, 1990First National Bank of Weirton$4 million
3October 21, 1992Liberty Bancshares, Inc.$12 million
4October 23, 1992Summit Holding Corporation$22 million
5September 1, 1993Financial Future Corporation$18 million
6September 13, 1993CB&T Westover Bank$8 million
7October 31, 1995First Commercial Bank$11 million
8April 12, 1996Eagle Bancorp, Inc.$93 million [7]
9August 1, 1997First Patriot Bankshares Corporation$39 million [8]
10April 2, 1998George Mason Bankshares, Inc.$208 million [9] [10]
11October 1, 1998Fed One Bancorp, Inc.$92 million
12December 10, 2001Century Bancshares Inc.$70 million [11] [12]
13October 10, 2003Sequoia Bancshares, Inc.$112 million [13] [14]
14July 14, 2007Premier Community Bankshares, Inc.$200 million [15] [16] [17]
15July 8, 2011Centra Financial Holdings, Inc.$185 million [18] [19]
16January 31, 2014Virginia Commerce Bancorp, Inc.$467 million [20] [21]
17June 3, 2016Bank of Georgetown$269 million [22] [23] [24] [25]
18April 21, 2017 Cardinal Bank $929 million [26] [27] [28] [29]
19May 4, 2020Carolina Financial Corp.$1,100 million [30] [31]
20December 3, 2021Essex Bank$303 million [32] [33]

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References

  1. 1 2 3 "Our history".
  2. 1 2 3 "United Bankshares, Inc. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  3. ↑ "Deposit Market Share Report". Federal Deposit Insurance Corporation.
  4. ↑ Medici, Andy (July 26, 2018). "Reality checks: How United Bank is embracing new technology" . American City Business Journals .
  5. ↑ "Who are banking's longest-tenured CEOs?". American Banker.
  6. ↑ "Rick Adams Jr. takes helm at United Bank". Parkersburg News and Sentinel.
  7. ↑ "COMPANY NEWS; TWO WEST VIRGINIA BANKS AGREE TO COMBINATION" . The New York Times . August 22, 1995.
  8. ↑ "UNITED BANKSHARES TO BUY FIRST PATRIOT BANKSHARES" . The New York Times . Dow Jones & Company. February 20, 1997.
  9. ↑ "COMPANY NEWS; UNITED BANKSHARES AGREES TO $215 MILLION DEAL" . The New York Times . Dow Jones & Company. September 12, 1997.
  10. ↑ Behr, Peter (September 12, 1997). "W.VA. BANK TO BUY GEORGE MASON" . The Washington Post .
  11. ↑ Bredemeier, Kenneth (June 15, 2001). "United Bank Buys Century". The Washington Post .
  12. ↑ "Acquisition boosts United Bankshares assets to $5.6B". American City Business Journals . December 10, 2001.
  13. ↑ Clabaugh, Jeff (April 7, 2003). "United Bank buys Sequoia". American City Business Journals .
  14. ↑ "COMPANY NEWS; UNITED BANKSHARES TO BUY SEQUOIA FOR $109 MILLION" . The New York Times . Reuters. April 8, 2003.
  15. ↑ "United Bankshares buys Premier Community Bankshares". The Washington Examiner . January 29, 2007.
  16. ↑ Wilmeth, Katie (January 30, 2007). "United Bankshares to acquire Premier Community Bankshares". The Washington Examiner .
  17. ↑ "Premier Community Bankshares (PREM) to merge with United Bankshares". Reuters . January 29, 2007.
  18. ↑ "United Bankshares to acquire Centra Financial Holdings" (Press release). Business Wire. December 16, 2010.
  19. ↑ Eckert, Barton (December 16, 2010). "United Bankshares to buy Centra Financial Holdings". American City Business Journals .
  20. ↑ Echols, Tucker (January 30, 2013). "United Bankshares to buy Virginia Commerce Bank for $490.6M". American City Business Journals .
  21. ↑ Clabaugh, Jeff (December 13, 2013). "Fed approves Virginia Commerce, United Bank deal". American City Business Journals .
  22. ↑ Rothstein, Ethan (November 10, 2015). "United Bank Acquires Bank of Georgetown". Bisnow Media .
  23. ↑ Medici, Andy (November 9, 2015). "United Bankshares makes $269M deal to buy D.C. bank". American City Business Journals .
  24. ↑ Bhattarai, Abha (November 10, 2015). "United Bankshares to buy Bank of Georgetown, creating area's largest community bank". The Washington Post .
  25. ↑ Clabaugh, Jeff (June 6, 2016). "United Bank completes Bank of Georgetown acquisition". WTOP .
  26. ↑ Heath, Thomas (August 18, 2016). "United Bankshares to buy Cardinal Financial for $912 million". The Washington Post .
  27. ↑ Rucker, Patrick (April 7, 2017). "Federal Reserve approves United Bankshares buyout of Cardinal Bank". Reuters .
  28. ↑ Clabaugh, Jeff (April 12, 2017). "United Bank's acquisition of Cardinal Bank set for April 21". WTOP-FM .
  29. ↑ Hufford, Austen (August 18, 2016). "United Bankshares to Buy Cardinal Financial in D.C. Bank Merger" . The Wall Street Journal .
  30. ↑ "United Bank to Merge with Carolina-based Bank". Charleston Gazette-Mail. November 18, 2019.
  31. ↑ "United Bankshares seals the deal for Carolina Financial Corp." The Parkersburg News and Sentinel. May 5, 2020.
  32. ↑ Schwartz, Michael (June 4, 2021). "United Bank buying its way into Richmond with Essex Bank acquisition". Richmond Bizsense.
  33. ↑ "United Bankshares, Inc. Completes Its Acquisition of Community Bankers Trust Corporation". Yahoo! Finance. December 3, 2021.

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