United Bank (West Virginia)

For other banks named United Bank, see United Bank (disambiguation).
United Bankshares, Inc.
Industry Banking
Founded March 26, 1982 (1982-03-26) in West Virginia, United States[1]
Headquarters 300 United Center,
500 Virginia Street East, Charleston, West Virginia, United States
Key people
 Richard M. Adams Sr., Chairman and Chief Executive Officer;[2]
Richard M. Adams Jr., President[3]
Revenue $12,265,115,000[4] (2015)
$137,959,000[4] (2015)
Total assets $12,577,944,000[4] (2015)
Total equity $1,712,635,000[4] (2015)
Number of employees
 1,701 FTEs[4] (2009)
Subsidiaries United Bank (WV),
United Bank (VA)[1]
Website www.ubsi-inc.com

United Bankshares (NASDAQ: UBSI) is a United States bank holding company.[5] 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.

History

1980s

United Bank began as a one-office bank in Parkersburg, West Virginia in 1982.[6]

United Bankshares acquired First National Bank of Moundsville, West Virginia, and Half Dollar Trust and Savings Bank of Wheeling, West Virginia, in 1987.[7]

United Bankshares acquired Bank First in 1990.[6]

1990s

United Bankshares bought First Commercial Bank of Arlington, Virginia, in 1995, giving United Bank its first branches in Virginia.[8]

United Bankshares acquired West Virginia-based First Empire Federal Savings and Loan in 1996.[9] They also merged with Eagle Bancorp in the same year.[10]

First Patriot Bankshares of Reston, Virginia, was acquired in 1997,[11] which gave United Bank branches in Fairfax County, Loudoun County, and Prince William County, Virginia.[12]

In 1998, United Bankshares acquired FedOne Bank of Wheeling, West Virginia.[13]

2000s

United Bankshares acquired Century National Bank of Washington, D.C., in 2001.[14]

Sequioa Bancshares was acquired by United Bankshares in April 2003.[15]

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.[16]

2010s

Centra Bank of Morgantown, West Virginia, was acquired by United Bankshares in 2011.[17][18]

United Bankshares acquired Virginia Commerce Bancorp in January 2013.[19]

On November 9, 2015, United Bankshares announced that it would acquire Bank of Georgetown.[20] The acquisition made United Bank the 41st largest bank in the United States.[20] The US$269 million acquisition was completed on June 6, 2016.[21]

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.[6]

On August 28, 2016, United Bankshares announced that it had agreed to acquire Cardinal Bank for $912 million.[22] Upon completion of the acquisition, United Bank would be the largest headquartered company in West Virginia[23] and the 32nd largest banking company in the United States.[22] 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.[24] Weislaw LLP is also investigating.[25]

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."[2]

References

  1. 1 2 "United Bankshares, Inc." NASDAQ. Accessed on August 24, 2016.
  2. 1 2 Yacik, George. "Morning Scan: Goldman, Morgan Stanley Widen Their Nets". American Banker. Tuesday, August 30, 2016.
  3. ↑ "Officers & Directors". United Bankshares, Inc. Retrieved September 23, 2016.
  4. 1 2 3 4 5 "Form 10-K: Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934". United Bankshares, Inc. United States Securities and Exchange Commission. December 31, 2015.
  5. ↑ "Company News; United Bankshares to Buy Sequoia for $109 Million". The New York Times. April 8, 2003. Retrieved May 11, 2014.
  6. 1 2 3 "Annual Report". United Bankshares. December 31, 2015.
  7. ↑ "The boards of directors of First National Bank". UPI NewsTrack. November 28, 1986.
  8. ↑ Stadelman, Chris. "One Valley Executive Praises Acquisition". Charleston Daily Mail (Charleston, West Virginia). January 27, 1996.
  9. ↑ Stadelman, Chris. "Bank's Customers Will Have More Options". Charleston Daily Mail (Charleston, West Virginia). April 16, 1996.
  10. ↑ Cryser, Julie E. "Mergers Affect People in Different Ways". Charleston Gazette (Charleston, West Virginia). April 20, 1997.
  11. ↑ "W.Va. Bank to Acquire Va. Bank". Charleston Gazette (Charleston, West Virginia). February 20, 1997.
  12. ↑ Marriott, Anne. "Bank's purchase quadruples branches". The Washington Times. February 20, 1997.
  13. ↑ Myers, Todd. "United Bankshares to buy Fed One Bancorp". Charleston Gazette (Charleston, West Virginia). February 20, 1998.
  14. ↑ "United to merge with D.C. bank". Associated Press. Charleston Gazette (Charleston, West Virginia). June 15, 2001.
  15. ↑ Jeff Clabaugh (April 7, 2003). "United Bank buys Sequoia". Washington Business Journal. Retrieved May 11, 2014.
  16. ↑ "United to acquire Premier Community Bankshares". Charleston Daily Mail (Charleston, West Virginia). January 29, 2007.
  17. ↑ "Formations of, Acquisitions by, and Mergers of Bank Holding Companies". Government Press Releases. April 12, 2011.
  18. ↑ "Approval of Proposal by United Bankshares". US Fed News. June 21, 2011.
  19. ↑ "United Bankshares to buy Virginia Commerce Bank for $490.6M". Washington Business Journal. January 30, 2013.
  20. 1 2 Rothstein, Ethan. "United Bank Acquires Bank of Georgetown". Bisnow. November 10, 2015.
  21. ↑ Clabaugh, Jeff. "United Bank completes Bank of Georgetown acquisition". WTOP-FM. June 6, 2016.
  22. 1 2 "United Bankshares signed a definitive merger agreement with Cardinal, and purchased Cardinal for $912 million". Charleston Gazette-Mail (Charleston, West Virginia). August 28, 2016.
  23. ↑ Haight, Lara. "United Bankshares buys Va.-based Cardinal Bank becomes the largest headquartered company in W.Va." Charleston Gazette-Mail (Charleston, West Virginia). August 28, 2016.
  24. ↑ "Harwood Feffer LLP Announces Investigation of Cardinal Financial Corporation". Harwood Feffer LLP. PR Newswire. August 19, 2016.
  25. ↑ "Cardinal Financial Corporation Acquisition May Not Be in the Best Interests of CFNL Shareholders". WeissLaw LLP. PR Newswire. August 22, 2016.
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