United Bankshares, Inc. ("United") (NASDAQ: UBSI), an approximately $33 billion regional financial services company, held its Annual Meeting of Shareholders on Wednesday, May 14, 2025, at Congressional Country Club in Bethesda, Md.
During the meeting, United Executive Chairman of the Board Richard M. Adams addressed shareholders by highlighting several key points from the 2024 Annual Report to Shareholders.
"2024 was a great year for our Company," Adams began. "We continued our record of strong earnings performance – increasing earnings per share from $2.71 to $2.75, outperforming our peers with a Return on Assets of 1.26% compared to the peer median of 0.94%." This outperformance equated to nearly $95 million in additional annualized income for the Company. In addition, Adams noted that United increased the dividend to shareholders for the 51st consecutive year, from $1.45 to $1.48, as the Company celebrated its 185th anniversary in 2024. "Our consistency increasing dividends to shareholders clearly demonstrates our strong earnings, sound asset quality, and strong capital in good times and bad times over many, many years."
Since the beginning of the KBW Bank Index in 1992, UBSI stock has outperformed the Index with a total shareholder return of 1,387% compared to the KBW Bank Index return of 1,108%. Adams also highlighted that in 2024, United announced its 34th acquisition with Atlanta-based Piedmont Bancorp. The deal closed on January 10, taking the Company to a then-record $32 billion in assets and making United the 38th largest banking company in the country based on market capitalization.
"We truly had a very successful year, and I would like to congratulate United CEO Rick Adams for his great leadership and the efforts of all our team members for giving us the opportunity to continue to build such a great banking company. Every day, we make a positive difference in the lives of our team members, our customers, our shareholders, and our communities," said Adams. In addition, he introduced and thanked United's board of directors for their dedication and service to the Company.
During the meeting, it was announced that the following directors were elected by the shareholders to serve on the Board of Directors until the 2026 Annual Meeting: Richard M. Adams, Executive Chairman; Richard M. Adams, Jr., Chief Executive Officer, United Bankshares, Inc.; Charles L. Capito, Jr., Former Managing Director, Wells Fargo Advisors Complex; Peter A. Converse, Former President and CEO, Virginia Commerce Bancorp, Inc.; Sara DuMond, MD, FAAP, Founder and CEO, Pediatric Housecalls, PLLC; Michael P. Fitzgerald, Former Co-Founder, Chairman, CEO and President, Bank of Georgetown; Patrice A. Harris, MD, MA, FAPA, Psychiatrist and Chief Executive Officer, eMed; Diana Lewis Jackson, President and Founder, Action Facilities Management; J. Paul McNamara, Chairman, Potomac Capital Advisors; Mark R. Nesselroad, Chief Executive Officer, Glenmark Holding, LLC; Lacy I. Rice, III, Co-founder and Managing Partner, Federated Capital Partners; Albert H. Small, Jr., Founder and President, Renaissance Centro Inc., LLC; Mary K. Weddle, CPA, Former Executive Vice President, Long and Foster Companies; Gary G. White, Principal Consultant, JRW, LLC, and Former Interim President, Marshall University; and P. Clinton Winter, President, Bray & Oakley Insurance Agency, Inc.
In addition to the election of Directors, other proposals were approved by shareholders: ratification of the selection of Ernst & Young LLP to act as the independent registered public accounting firm for 2025, approval, on an advisory basis, of the compensation of United's named executive officers, and approval of the United 2025 Equity Incentive Plan.
About United Bankshares, Inc.
As of March 31, 2025, United had consolidated assets of approximately $33 billion and is the 41st largest banking company in the U.S. based on market capitalization. United is the parent company of United Bank, which comprises more than 240 offices located throughout Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. United's stock is traded on the NASDAQ Global Select Market under the quotation symbol "UBSI".
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W. Mark Tatterson
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