| United Bankshares, Inc. | |
| Logo Alt: | Logo of United Bank |
| Trade Name: | United Bank |
| Type: | Public |
| Traded As: | NASDAQ: S&P 400 component |
| Industry: | Banking |
| Location: | Charleston, West Virginia, United States Fairfax, Virginia, United States |
| Founded: | , in Parkersburg, Virginia (now West Virginia) |
| Area Served: | West Virginia Virginia District of Columbia Maryland Ohio Pennsylvania North Carolina South Carolina Georgia |
| Net Income: | $289 million (2020) |
| Assets: | $26.184 billion (2020) |
| Equity: | $4.297 billion (2020) |
| Num Employees: | Over 3,000 (2022) |
| Website: | |
| Footnotes: | [1] [2] |
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.
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]
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. In 1987, the company became a public company via an initial public offering.[4]
Under Adams’s tenure, United completed 33 acquisitions. 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]
The company has made the following acquisitions:
| Date Completed | Company | Price | Ref(s). | ||
|---|---|---|---|---|---|
| 1 | Bank First, NA | $10million | |||
| 2 | First National Bank of Weirton | $4million | |||
| 3 | Liberty Bancshares, Inc. | $12million | |||
| 4 | Summit Holding Corporation | $22million | |||
| 5 | Financial Future Corporation | $18million | |||
| 6 | CB&T Westover Bank | $8million | |||
| 7 | First Commercial Bank | $11million | |||
| 8 | Eagle Bancorp, Inc. | $93million | [7] | ||
| 9 | First Patriot Bankshares Corporation | $39million | [8] | ||
| 10 | George Mason Bankshares, Inc. | $208million | [9] [10] | ||
| 11 | Fed One Bancorp, Inc. | $92million | |||
| 12 | Century Bancshares Inc. | $70million | [11] [12] | ||
| 13 | Sequoia Bancshares, Inc. | $112million | [13] [14] | ||
| 14 | Premier Community Bankshares, Inc. | $200million | [15] [16] [17] | ||
| 15 | Centra Financial Holdings, Inc. | $185million | [18] [19] | ||
| 16 | Virginia Commerce Bancorp, Inc. | $467million | [20] [21] | ||
| 17 | Bank of Georgetown | $269million | [22] [23] [24] [25] | ||
| 18 | Cardinal Bank | $929million | [26] [27] [28] [29] | ||
| 19 | Carolina Financial Corp. | $1,100million | [30] [31] | ||
| 20 | Essex Bank | $303million | [32] [33] |