United Bank (West Virginia)

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United Bankshares, Inc.
United Bank
Public company
Traded asNASDAQUBSI
S&P 400 component
IndustryBanking
FoundedMarch 17, 1839; 180 years ago (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
Increase $0.256 billion (2018)
Total assetsIncrease $19.250 billion (2018)
Total equityIncrease $3.251 billion (2018)
Number of employees
2,230 (2018)
Websiteubsi-inc.com
www.bankwithunited.com
Footnotes / references
[1][2]
A United Bank branch in Clarendon, Arlington, 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]

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[edit]

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]

Acquisitions[edit]

The company has made the following acquisitions:[4]

# Date Completed Company Price Ref(s).
1 August 10, 1990 Bank First, NA $10 million [4]
2 August 31, 1990 First National Bank of Weirton $4 million [4]
3 October 21, 1992 Liberty Bancshares, Inc. $12 million [4]
4 October 23, 1992 Summit Holding Corporation $22 million [4]
5 September 1, 1993 Financial Future Corporation $18 million [4]
6 September 13, 1993 CB&T Westover Bank $8 million [4]
7 October 31, 1995 First Commercial Bank $11 million [4]
8 April 12, 1996 Eagle Bancorp, Inc. $93 million [4][5]
9 August 1, 1997 First Patriot Bankshares Corporation $39 million [4][6]
10 April 2, 1998 George Mason Bankshares, Inc. $208 million [4][7][8]
11 October 1, 1998 Fed One Bancorp, Inc. $92 million [4]
12 December 10, 2001 Century Bancshares Inc. $70 million [4][9][10]
13 October 10, 2003 Sequoia Bancshares, Inc. $112 million [4][11][12]
14 July 14, 2007 Premier Community Bankshares, Inc. $200 million [4][13][14][15]
15 July 8, 2011 Centra Financial Holdings, Inc. $185 million [4][16][17]
16 January 31, 2014 Virginia Commerce Bancorp, Inc. $467 million [4][18][19]
17 June 3, 2016 Bank of Georgetown $269 million [4][20][21][22][23]
18 April 21, 2017 Cardinal Financial Corporation $929 million [4][24][25][26][27]

References[edit]

  1. ^ a b "Our history".
  2. ^ a b c d "United Bankshares, Inc. 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  3. ^ "Deposit Market Share Report". Federal Deposit Insurance Corporation.
  4. ^ a b c d e f g h i j k l m n o p q r s "United Bank: Mergers & Acquisitions". S&P Global.
  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. ^ Madway, Gabriel (January 29, 2007). "Premier Community Bank shares soar on United Bank merger". Marketwatch.
  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. ^ GREENE, JULIE E. (December 16, 2010). "United Bankshares to acquire Centra Financial Holdings". The Herald-Mail.
  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.

External links[edit]

Official website

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