United Bank (West Virginia)

United Bankshares, Inc.
United Bank
Public company
Traded as NASDAQ: UBSI
S&P 400 component
Industry Banking
Founded March 17, 1839 (1839-03-17) in Parkersburg, Virginia (now West Virginia)[1]
Headquarters Charleston, West Virginia, United States
Area served
 West Virginia
Virginia
District of Columbia
Maryland
Ohio
Pennsylvania
Key people
 Richard M. Adams, Chairman & CEO
W. Mark Tatterson, CFO[2]
Revenue Increase $0.519 billion (2016)[2]
Increase $0.158 billion (2016)[2]
Total assets Increase $14.508 billion (2016)[2]
Total equity Increase $2.235 billion (2016)[2]
Number of employees
 1,701[2]
Website www.ubsi-inc.com
www.bankwithunited.com

United Bankshares is a bank holding company headquartered in Charleston, West Virginia with operations in West Virginia, Virginia, the District of Columbia, Maryland, Ohio, and Pennsylvania in the United States.[2]

Based on total deposits, United Bank is the largest bank headquartered in West Virginia and the second-largest bank operating in West Virginia, after BB&T. 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); every St. Patrick's Day, it gives shamrocks to its customers.[1] That office eventually evolved into Parkersburg National Bank.[4]

In 1984, Parkersburg National Bank became a subsidiary of United Bankshares, which incorporated in 1982.[2][4] Richard Adams has been chairman and/or CEO of United and its predecessor, Parkersburg National, since 1975.[4]

Acquisitions

The company has made the following acquisitions:[5]

# Date Completed Company Price Ref(s).
1 August 10, 1990 Bank First, NA $10 million [5]
2 August 31, 1990 First National Bank of Weirton $4 million [5]
3 October 21, 1992 Liberty Bancshares, Inc. $12 million [5]
4 October 23, 1992 Summit Holding Corporation $22 million [5]
5 September 1, 1993 Financial Future Corporation $17.5 million [5]
6 September 13, 1993 CB&T Westover Bank $8.3 million [5]
7 October 31, 1995 First Commercial Bank $10.9 million [5]
8 April 12, 1996 Eagle Bancorp, Inc. $93.4 million [5][6]
9 August 1, 1997 First Patriot Bankshares Corporation $39.1 million [5][7]
10 April 2, 1998 George Mason Bankshares, Inc. $208.4 million [5][8][9]
11 October 1, 1998 Fed One Bancorp, Inc. $92.2 million [5]
12 December 10, 2001 Century Bancshares Incorporated $70.18 million [5][10][11]
13 October 10, 2003 Sequoia Bancshares, Inc. $112.18 million [5][12][13][14]
14 July 14, 2007 Premier Community Bankshares, Inc. $200.06 million [5][15][16][17][18]
15 July 8, 2011 Centra Financial Holdings, Inc. $185.39 million [5][19][20][21]
16 January 31, 2014 Virginia Commerce Bancorp, Inc. $467.39 million [5][22][23][24][25][26]
17 June 3, 2016 Bank of Georgetown $269 million [5][27][28][29][30][31][32]
18 April 21, 2017 Cardinal Financial Corporation $929.44 million [5][33][34][35][36][37][38]

In April 2017, the company was added to the S&P 400 stock market index.[39]

References

  1. 1 2 Our history at official Website
  2. 1 2 3 4 5 6 7 8 "United Bankshares, Inc. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  3. ↑ "Deposit Market Share Report". Federal Deposit Insurance Corporation.
  4. 1 2 3 Bank officers and directors
  5. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 "United Bank: Mergers & Acquisitions". S&P Global.
  6. ↑ "COMPANY NEWS; TWO WEST VIRGINIA BANKS AGREE TO COMBINATION". The New York Times. August 22, 1995.
  7. ↑ "UNITED BANKSHARES TO BUY FIRST PATRIOT BANKSHARES". The New York Times. Dow Jones & Company. February 20, 1997. (subscription required)
  8. ↑ "COMPANY NEWS; UNITED BANKSHARES AGREES TO $215 MILLION DEAL". The New York Times. Dow Jones & Company. September 12, 1997. (subscription required)
  9. ↑ Behr, Peter (September 12, 1997). "W.VA. BANK TO BUY GEORGE MASON". The Washington Post. (subscription required)
  10. ↑ Bredemeier, Kenneth (June 15, 2001). "United Bank Buys Century". The Washington Post.
  11. ↑ "Acquisition boosts United Bankshares assets to $5.6B". American City Business Journals. December 10, 2001.
  12. ↑ "United Bankshares, Inc. To Acquire Sequoia Bancshares, Inc" (Press release). Business Wire. April 7, 2003.
  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. ↑ Madway, Gabriel (January 29, 2007). "Premier Community Bank shares soar on United Bank merger". Marketwatch.
  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 Expands Metro DC Franchise" (Press release). Business Wire. January 29, 2007.
  19. ↑ GREENE, JULIE E. (December 16, 2010). "United Bankshares to acquire Centra Financial Holdings". The Herald-Mail.
  20. ↑ Eckert, Barton (December 16, 2010). "United Bankshares to buy Centra Financial Holdings". American City Business Journals.
  21. ↑ "United Bankshares, Inc. Announces Increased Earnings" (Press release). Business Wire. January 29, 2013.
  22. ↑ "United Bankshares, Inc. Completes Acquisition of Virginia Commerce Bancorp, Inc., the Largest in Its History" (PDF) (Press release). S&P Global. February 3, 2014.
  23. ↑ "United Bankshares to Acquire Virginia Commerce Bancorp" (Press release). Business Wire. January 30, 2013.
  24. ↑ Echols, Tucker (January 30, 2013). "United Bankshares to buy Virginia Commerce Bank for $490.6M". American City Business Journals.
  25. ↑ Clabaugh, Jeff (December 13, 2013). "Fed approves Virginia Commerce, United Bank deal". American City Business Journals.
  26. ↑ "United Bankshares, Inc. and Virginia Commerce Bancorp, Inc. Announce Extended Termination Date for Merger" (Press release). Business Wire. November 29, 2013.
  27. ↑ "United Bankshares, Inc. Completes Its Acquisition of Bank of Georgetown" (Press release). Business Wire. June 6, 2016.
  28. ↑ "United Bankshares to Acquire Bank of Georgetown" (Press release). Business Wire. November 9, 2015.
  29. ↑ Rothstein, Ethan (November 10, 2015). "United Bank Acquires Bank of Georgetown". Bisnow Media.
  30. ↑ Medici, Andy (November 9, 2015). "United Bankshares makes $269M deal to buy D.C. bank". American City Business Journals.
  31. ↑ Bhattarai, Abha (November 10, 2015). "United Bankshares to buy Bank of Georgetown, creating area's largest community bank". The Washington Post.
  32. ↑ Clabaugh, Jeff (June 6, 2016). "United Bank completes Bank of Georgetown acquisition". WTOP.
  33. ↑ "United Bankshares, Inc. Completes Its Acquisition of Cardinal Financial Corporation" (Press release). Business Wire. April 24, 2017.
  34. ↑ "United Bankshares, Inc. and Cardinal Financial Corporation Announce Merger Agreement" (Press release). Business Wire. August 18, 2016.
  35. ↑ Heath, Thomas (August 18, 2016). "United Bankshares to buy Cardinal Financial for $912 million". The Washington Post.
  36. ↑ Rucker, Patrick (April 7, 2017). "Federal Reserve approves United Bankshares buyout of Cardinal Bank". Reuters.
  37. ↑ Clabaugh, Jeff (April 12, 2017). "United Bank's acquisition of Cardinal Bank set for April 21". WTOP.
  38. ↑ Hufford, Austen (August 18, 2016). "United Bankshares to Buy Cardinal Financial in D.C. Bank Merger". The Wall Street Journal. (subscription required)
  39. ↑ "United Bankshares Set to Join S&P MidCap 400 and Oclaro to Join S&P SmallCap 600" (Press release). PRNewswire. April 6, 2017.

Coordinates: 38°21′04″N 81°38′17″W / 38.351192°N 81.637963°W / 38.351192; -81.637963

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