United Bank (West Virginia)
Bank holding company based in West Virginia
United Bankshares, Inc. United Bank Company type Public Nasdaq : UBSI S&P 400 componentIndustry Banking Founded March 17, 1839; 185 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 )CEO )CFO ) Total assets Total equity Number of employees
Over 3,000 (2022) Website ubsi-inc www Footnotes / references [ 1] [ 2]
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]
Based on total deposits, United Bank is the largest bank headquartered in West Virginia and the second largest bank operating in West Virginia, after Truist Financial . It is the eighth largest bank operating in Virginia and the tenth 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 celebrate the bank's birthday by giving shamrocks to customers.[ 1]
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] public company via an initial public offering .[ 4]
Under Adams’s tenure, United completed 33 acquisitions.[ 1] American Banker named Richard Adams the “longest-serving CEO among the top 100 U.S. banks” after 47 years.[ 5] [ 6]
Acquisitions
The company has made the following acquisitions:
#
Date Completed
Company
Price
Ref(s).
1
August 10, 1990
Bank First, NA
$10 million
2
August 31, 1990
First National Bank of Weirton
$4 million
3
October 21, 1992
Liberty Bancshares, Inc.
$12 million
4
October 23, 1992
Summit Holding Corporation
$22 million
5
September 1, 1993
Financial Future Corporation
$18 million
6
September 13, 1993
CB&T Westover Bank
$8 million
7
October 31, 1995
First Commercial Bank
$11 million
8
April 12, 1996
Eagle Bancorp, Inc.
$93 million
[ 7]
9
August 1, 1997
First Patriot Bankshares Corporation
$39 million
[ 8]
10
April 2, 1998
George Mason Bankshares, Inc.
$208 million
[ 9] [ 10]
11
October 1, 1998
Fed One Bancorp, Inc.
$92 million
12
December 10, 2001
Century Bancshares Inc.
$70 million
[ 11] [ 12]
13
October 10, 2003
Sequoia Bancshares, Inc.
$112 million
[ 13] [ 14]
14
July 14, 2007
Premier Community Bankshares, Inc.
$200 million
[ 15] [ 16] [ 17]
15
July 8, 2011
Centra Financial Holdings, Inc.
$185 million
[ 18] [ 19]
16
January 31, 2014
Virginia Commerce Bancorp, Inc.
$467 million
[ 20] [ 21]
17
June 3, 2016
Bank of Georgetown
$269 million
[ 22] [ 23] [ 24] [ 25]
18
April 21, 2017
Cardinal Bank
$929 million
[ 26] [ 27] [ 28] [ 29]
19
May 4, 2020
Carolina Financial Corp.
$1,100 million
[ 30] [ 31]
20
December 3, 2021
Essex Bank
$303 million
[ 32] [ 33]
References
^ a b c "Our history" .^ a b c "United Bankshares, Inc. 2020 Form 10-K Annual Report" . U.S. Securities and Exchange Commission .^ "Deposit Market Share Report" . Federal Deposit Insurance Corporation .^ Medici, Andy (July 26, 2018). "Reality checks: How United Bank is embracing new technology" American City Business Journals ^ "Who are banking's longest-tenured CEOs?" . American Banker .^ "Rick Adams Jr. takes helm at United Bank" . Parkersburg News and Sentinel .^ "COMPANY NEWS; TWO WEST VIRGINIA BANKS AGREE TO COMBINATION" The New York Times ^ "UNITED BANKSHARES TO BUY FIRST PATRIOT BANKSHARES" The New York Times Dow Jones & Company . February 20, 1997.^ "COMPANY NEWS; UNITED BANKSHARES AGREES TO $215 MILLION DEAL" The New York Times Dow Jones & Company . September 12, 1997.^ Behr, Peter (September 12, 1997). "W.VA. BANK TO BUY GEORGE MASON" The Washington Post ^ Bredemeier, Kenneth (June 15, 2001). "United Bank Buys Century" . The Washington Post ^ "Acquisition boosts United Bankshares assets to $5.6B" . American City Business Journals ^ Clabaugh, Jeff (April 7, 2003). "United Bank buys Sequoia" . American City Business Journals ^ "COMPANY NEWS; UNITED BANKSHARES TO BUY SEQUOIA FOR $109 MILLION" The New York Times Reuters . April 8, 2003.^ "United Bankshares buys Premier Community Bankshares" . The Washington Examiner ^ Wilmeth, Katie (January 30, 2007). "United Bankshares to acquire Premier Community Bankshares" . The Washington Examiner ^ "Premier Community Bankshares (PREM) to merge with United Bankshares" . Reuters ^ "United Bankshares to acquire Centra Financial Holdings" (Press release). Business Wire . December 16, 2010.^ Eckert, Barton (December 16, 2010). "United Bankshares to buy Centra Financial Holdings" . American City Business Journals ^ Echols, Tucker (January 30, 2013). "United Bankshares to buy Virginia Commerce Bank for $490.6M" . American City Business Journals ^ Clabaugh, Jeff (December 13, 2013). "Fed approves Virginia Commerce, United Bank deal" . American City Business Journals ^ Rothstein, Ethan (November 10, 2015). "United Bank Acquires Bank of Georgetown" . Bisnow Media ^ Medici, Andy (November 9, 2015). "United Bankshares makes $269M deal to buy D.C. bank" . American City Business Journals ^ Bhattarai, Abha (November 10, 2015). "United Bankshares to buy Bank of Georgetown, creating area's largest community bank" . The Washington Post ^ Clabaugh, Jeff (June 6, 2016). "United Bank completes Bank of Georgetown acquisition" . WTOP ^ Heath, Thomas (August 18, 2016). "United Bankshares to buy Cardinal Financial for $912 million" . The Washington Post ^ Rucker, Patrick (April 7, 2017). "Federal Reserve approves United Bankshares buyout of Cardinal Bank" . Reuters ^ Clabaugh, Jeff (April 12, 2017). "United Bank's acquisition of Cardinal Bank set for April 21" . WTOP-FM ^ Hufford, Austen (August 18, 2016). "United Bankshares to Buy Cardinal Financial in D.C. Bank Merger" The Wall Street Journal ^ "United Bank to Merge with Carolina-based Bank ". Charleston Gazette-Mail . November 18, 2019.
^ "United Bankshares seals the deal for Carolina Financial Corp. " The Parkersburg News and Sentinel . May 5, 2020.
^ Schwartz, Michael (June 4, 2021). "United Bank buying its way into Richmond with Essex Bank acquisition ". Richmond Bizsense .
^ "United Bankshares, Inc. Completes Its Acquisition of Community Bankers Trust Corporation ". Yahoo! Finance . December 3, 2021.
External links
38°21′04″N 81°38′17″W / 38.351192°N 81.637963°W / 38.351192; -81.637963
Energy Materials Industrials Consumer Consumer Health Care Financials Information Communication Real Estate Utilities
_Logo.png){kind=logo}
