Company News »

UBSI Holds Annual Shareholders Meeting

Business Wire
Share on StockTwits
Published on

United Bankshares, Inc. (NASDAQ: UBSI), a $12.1 billion regional banking company with dual headquarters in Washington, DC and Charleston, WV, held its Annual Meeting of Shareholders May 20, 2015 at The Mayflower Hotel, in Washington, DC.

United Bankshares, Inc. (UBSI) is ranked the 43rd largest banking company in the U.S. based upon market capitalization at December 31, 2014. United consists of 130 full-service offices in Virginia, West Virginia, Maryland, Ohio, Pennsylvania and Washington, DC. United’s Virginia-Metro-DC bank subsidiary is the largest independent banking franchise headquartered in the Greater Washington Area.

“In 2014, United had the most successful year in our Company’s long history,” stated Richard M. Adams, United’s Chairman of the Board and Chief Executive Officer. “Before tax earnings increased from $125 million to a record $195 million, while earnings per share increased 13% from $1.70 to $1.92. We outperformed peer profitability with a return on average assets of 1.11% as compared to 0.95% for our peer group.” Adams reported that, “We increased the dividend to shareholders from $1.25 to $1.28 per share, which represented the 41st consecutive year of dividend increases to shareholders. That is a record only one other major banking company in the United States has been able to achieve. Our stock price increased 19% for the year as compared to the NASDAQ Bank Index which increased 3% and the Keefe, Bruyette & Woods (KBW) Regional Bank Index which was flat. Our total return increased 23.8% as compared to increases of 4.9% and 2.4% for the NASDAQ Bank Index and KBW Regional Bank Index, respectively. We successfully executed the largest merger in our Company’s history with Virginia Commerce Bancorp, Inc., headquartered in Arlington, Virginia, which increased UBSI’s total assets from $8.7 billion to a record $12.3 billion. With the addition of VCBI, United is now the dominant independent bank headquartered in the Nation’s Capital MSA.”

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 2016: Richard M. Adams, Chairman and Chief Executive Officer; Robert G. Astorg, CPA Principal, Astorg and Jones CPAs, A.C.; Peter A. Converse, Former President and CEO of Virginia Commerce Bancorp, Inc.; Lawrence K. Doll, President of The Lawrence Doll Co. and Lawrence Doll Homes, LLC; W. Douglas Fisher, Former Chairman of the Board of Virginia Commerce Bancorp, Inc.; Theodore J. Georgelas, Managing Director of the Georgelas Group, LLC; 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 CEO, The Greenbrier and CSX Hotels; Mary K. Weddle CPA, Former Executive Vice President, The Long and Foster Companies; Gary G. White, Interim President, Marshall University; and P. Clinton Winter, Jr., President of Bray & Oakley Insurance Agency

United Bankshares is traded on the NASDAQ Global Select Market System under the quotation symbol “UBSI.”

www.ubsi-inc.com

Share on StockTwits

What others are reading on Finances

Sorry. No data so far.


Iron FX 1.11156/1.11128 2.8
XM Markets 1.09948/1.09928 2
FxPro 1.10184/1.10171 1.3
FXCM 1.13943/1.13912 3.1