United Bank (West Virginia)
Bank holding company based in West Virginia
From Wikipedia, the free encyclopedia
United Bankshares, Inc. is a bank holding company dual-headquartered in Charleston, West Virginia and Fairfax, Virginia with operations in West Virginia, Virginia, the District of Columbia, Maryland, Ohio, Pennsylvania, North Carolina, South Carolina, and Georgia in the United States.[2] United Bankshares is the parent company of United Bank which comprises nearly 250 offices in eight states. In addition, UBSI is the parent company to subsidiaries George Mason Mortgage, United Brokerage, and Crescent Mortgage.
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| |
| United Bank | |
| Type | Public |
| Nasdaq: UBSI S&P 400 component | |
| Industry | Banking |
| Founded | March 17, 1839, in Parkersburg, Virginia (now West Virginia) |
| Headquarters | Charleston, West Virginia, United States Fairfax, Virginia, United States |
Area served | West Virginia Virginia District of Columbia Maryland Ohio Pennsylvania North Carolina South Carolina Georgia |
| Key people | Richard M. Adams (chairman) Richard M. Adams, Jr. (CEO) W. Mark Tatterson (CFO) |
 $289 million (2020) | |
| Total assets | $26.184 billion (2020) |
| Total equity | $4.297 billion (2020) |
Number of employees | Over 3,000 (2022) |
| Website | ubsi-inc www |
| Footnotes [1][2] | |
Based on total deposits, United Bank is the largest bank headquartered in West Virginia and the second largest bank operating in West Virginia, after Truist Financial. It is the eighth largest bank operating in Virginia and the tenth 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). On St. Patrick's Day, some branches celebrate the bank's birthday by giving shamrocks to customers.[1] That office eventually evolved into Parkersburg National Bank.
Richard Adams was named chairman and CEO of Parkersburg National Bank in 1975. 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] In 1987, the company became a public company via an initial public offering.[4]
Under Adams's tenure, United completed 33 acquisitions.[1] In 2022, American Banker named Richard Adams the "longest-serving CEO among the top 100 U.S. banks" after 47 years.[5] Richard "Rick" Adams, Jr., who has served as United's president since 2014, became CEO in April 2022. [6]
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 | [7] |
| 9 | August 1, 1997 | First Patriot Bankshares Corporation | $39 million | [8] |
| 10 | April 2, 1998 | George Mason Bankshares, Inc. | $208 million | [9][10] |
| 11 | October 1, 1998 | Fed One Bancorp, Inc. | $92 million | |
| 12 | December 10, 2001 | Century Bancshares Inc. | $70 million | [11][12] |
| 13 | October 10, 2003 | Sequoia Bancshares, Inc. | $112 million | [13][14] |
| 14 | July 14, 2007 | Premier Community Bankshares, Inc. | $200 million | [15][16][17] |
| 15 | July 8, 2011 | Centra Financial Holdings, Inc. | $185 million | [18][19] |
| 16 | January 31, 2014 | Virginia Commerce Bancorp, Inc. | $467 million | [20][21] |
| 17 | June 3, 2016 | Bank of Georgetown | $269 million | [22][23][24][25] |
| 18 | April 21, 2017 | Cardinal Bank | $929 million | [26][27][28][29] |
| 19 | May 4, 2020 | Carolina Financial Corp. | $1,100 million | [30][31] |
| 20 | December 3, 2021 | Essex Bank | $303 million | [32][33] |
