Industry Banking Total assets $12,577,944,000 (2015) CEO Richard M. Adams (1984–) | Net income $137,959,000 (2015) Revenue 12.27 billion USD (2015) | |
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Traded as NASDAQ: UBSI
S&P 600 Component Founded March 26, 1982; 35 years ago (1982-03-26) in West Virginia, United States Key people Richard M. Adams Sr., Chairman and Chief Executive Officer;
Richard M. Adams Jr., President Stock price UBSI (NASDAQ) US$ 42.25 -0.30 (-0.71%)31 Mar, 4:00 PM GMT-4 - Disclaimer Headquarters Charleston, West Virginia, United States Subsidiaries United Bank, UNITED NATIONAL BANK | ||
United Bankshares (NASDAQ: UBSI) is a United States bank holding company. It operates banks, as United Bank, in West Virginia, Virginia, the District of Columbia, Maryland, Ohio, and Pennsylvania. Services provided include commercial banking operations, credit card services, trust services, mortgage banking services, investment banking services, and investment advisory services.
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1980s
United Bank began as a one-office bank in Parkersburg, West Virginia in 1982.
United Bankshares acquired First National Bank of Moundsville, West Virginia, and Half Dollar Trust and Savings Bank of Wheeling, West Virginia, in 1987.
United Bankshares acquired Bank First in 1990.
1990s
United Bankshares bought First Commercial Bank of Arlington, Virginia, in 1995, giving United Bank its first branches in Virginia.
United Bankshares acquired West Virginia-based First Empire Federal Savings and Loan in 1996. They also merged with Eagle Bancorp in the same year.
First Patriot Bankshares of Reston, Virginia, was acquired in 1997, which gave United Bank branches in Fairfax County, Loudoun County, and Prince William County, Virginia.
In 1998, United Bankshares acquired FedOne Bank of Wheeling, West Virginia.
2000s
United Bankshares acquired Century National Bank of Washington, D.C., in 2001.
Sequioa Bancshares was acquired by United Bankshares in April 2003.
In 2007, United Bankshares acquired Premier Community Bankshares, and its banking subsidiaries, The Marathon Bank of Winchester, Virginia; Rockingham Heritage Bank of Harrisonburg, Virginia; and Premier Bank of West Virginia.
2010s
Centra Bank of Morgantown, West Virginia, was acquired by United Bankshares in 2011.
United Bankshares acquired Virginia Commerce Bancorp in January 2013.
On November 9, 2015, United Bankshares announced that it would acquire Bank of Georgetown. The acquisition made United Bank the 41st largest bank in the United States. The US$269 million acquisition was completed on June 6, 2016.
As of December 31, 2015, United Bankshares claimed to be the eighth largest bank in the Washington metropolitan area in terms of percentage of total market share.
On August 28, 2016, United Bankshares announced that it had agreed to acquire Cardinal Bank for $912 million. Upon completion of the acquisition, United Bank would be the largest headquartered company in West Virginia and the 32nd largest banking company in the United States. Cardinal Bank's shareholders have retained Harwood Feffer LLP to investigate possible breaches of fiduciary duty and other violations of law by Cardinal Bank's board of directors in connection with the proposed acquisition. Weislaw LLP is also investigating.
In August 2016, United Bankshares' Chairman and Chief Executive Officer Richard M. Adams Sr. discussed his merger-and-acquisitions, saying, "It's all about people and paper. The bottom line is, if you are in a merger-and-acquisitions strategy and there are target markets where you want to be, find out who is involved in those banks and build relationships with them. That is the human aspect. The other thing is paper. When you make acquisitions, they take stock in your company. So the quality of your stock is very important."