United Bank (West Virginia)

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

United Bankshares, Inc.
United Bank
Public company
Traded asNASDAQ: UBSI
S&P 400 component
IndustryBanking
FoundedMarch 17, 1839 (1839-03-17) in Parkersburg, Virginia (now West Virginia)
HeadquartersCharleston, West Virginia, United States
Area served
West Virginia
Virginia
District of Columbia
Maryland
Ohio
Pennsylvania
North Carolina
South Carolina
Key people
 Richard M. Adams, Chairman & CEO
W. Mark Tatterson, CFO
$260 million (2019)
Total assets $19.662 billion (2019)
Total equity $3.363 billion (2019)
Number of employees
2,204 (2019)
Websiteubsi-inc.com
www.bankwithunited.com
Footnotes / references
[1][2]
A United Bank branch in Clarendon, Arlington, Virginia

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); every St. Patrick's Day, it gives shamrocks to its customers.[1] That office eventually evolved into Parkersburg National Bank.

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] Richard Adams has been chairman and/or CEO of United and its predecessor, Parkersburg National, since 1975.[2]

In 1987, the company became a public company via an initial public offering.[4]

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 [5]
9 August 1, 1997 First Patriot Bankshares Corporation $39 million [6]
10 April 2, 1998 George Mason Bankshares, Inc. $208 million [7][8]
11 October 1, 1998 Fed One Bancorp, Inc. $92 million
12 December 10, 2001 Century Bancshares Inc. $70 million [9][10]
13 October 10, 2003 Sequoia Bancshares, Inc. $112 million [11][12]
14 July 14, 2007 Premier Community Bankshares, Inc. $200 million [13][14][15]
15 July 8, 2011 Centra Financial Holdings, Inc. $185 million [16][17]
16 January 31, 2014 Virginia Commerce Bancorp, Inc. $467 million [18][19]
17 June 3, 2016 Bank of Georgetown $269 million [20][21][22][23]
18 April 21, 2017 Cardinal Bank $929 million [24][25][26][27]
19 May 4, 2020 Carolina Financial Corp. $1,100 million [28][29]
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References
  1. "Our history".
  2. "United Bankshares, Inc. 2019 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. "COMPANY NEWS; TWO WEST VIRGINIA BANKS AGREE TO COMBINATION". The New York Times. August 22, 1995.
  6. "UNITED BANKSHARES TO BUY FIRST PATRIOT BANKSHARES". The New York Times. Dow Jones & Company. February 20, 1997.
  7. "COMPANY NEWS; UNITED BANKSHARES AGREES TO $215 MILLION DEAL". The New York Times. Dow Jones & Company. September 12, 1997.
  8. Behr, Peter (September 12, 1997). "W.VA. BANK TO BUY GEORGE MASON". The Washington Post.
  9. Bredemeier, Kenneth (June 15, 2001). "United Bank Buys Century". The Washington Post.
  10. "Acquisition boosts United Bankshares assets to $5.6B". American City Business Journals. December 10, 2001.
  11. Clabaugh, Jeff (April 7, 2003). "United Bank buys Sequoia". American City Business Journals.
  12. "COMPANY NEWS; UNITED BANKSHARES TO BUY SEQUOIA FOR $109 MILLION". The New York Times. Reuters. April 8, 2003.
  13. "United Bankshares buys Premier Community Bankshares". The Washington Examiner. January 29, 2007.
  14. Wilmeth, Katie (January 30, 2007). "United Bankshares to acquire Premier Community Bankshares". The Washington Examiner.
  15. "Premier Community Bankshares (PREM) to merge with United Bankshares". Reuters. January 29, 2007.
  16. "United Bankshares to acquire Centra Financial Holdings" (Press release). Business Wire. December 16, 2010.
  17. Eckert, Barton (December 16, 2010). "United Bankshares to buy Centra Financial Holdings". American City Business Journals.
  18. Echols, Tucker (January 30, 2013). "United Bankshares to buy Virginia Commerce Bank for $490.6M". American City Business Journals.
  19. Clabaugh, Jeff (December 13, 2013). "Fed approves Virginia Commerce, United Bank deal". American City Business Journals.
  20. Rothstein, Ethan (November 10, 2015). "United Bank Acquires Bank of Georgetown". Bisnow Media.
  21. Medici, Andy (November 9, 2015). "United Bankshares makes $269M deal to buy D.C. bank". American City Business Journals.
  22. Bhattarai, Abha (November 10, 2015). "United Bankshares to buy Bank of Georgetown, creating area's largest community bank". The Washington Post.
  23. Clabaugh, Jeff (June 6, 2016). "United Bank completes Bank of Georgetown acquisition". WTOP.
  24. Heath, Thomas (August 18, 2016). "United Bankshares to buy Cardinal Financial for $912 million". The Washington Post.
  25. Rucker, Patrick (April 7, 2017). "Federal Reserve approves United Bankshares buyout of Cardinal Bank". Reuters.
  26. Clabaugh, Jeff (April 12, 2017). "United Bank's acquisition of Cardinal Bank set for April 21". WTOP-FM.
  27. Hufford, Austen (August 18, 2016). "United Bankshares to Buy Cardinal Financial in D.C. Bank Merger". The Wall Street Journal.
  28. "United Bank to Merge with Carolina-based Bank". Charleston Gazette-Mail. November 18, 2019.
  29. "United Bankshares seals the deal for Carolina Financial Corp." The Parkersburg News and Sentinel. May 5, 2020.

Official website

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