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United Bankshares marks positive 2023 at annual shareholder meeting | News, sports, jobs
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BETHESDA, Md. – United Bankshares Inc. held its Annual Meeting of Stockholders on Wednesday at the Congressional Country Club in Bethesda.
During the meeting, United Executive Chairman of the Board Richard M. Adams highlighted several key points from the 2023 Annual Report to Shareholders.
According to a company statement, 2023 was a year of growth, profitability and solidity for United. The company increased loans and deposits and increased its net financial margin compared to the previous year. Additionally, United performed above its peers with its return on average assets and efficiency ratio, and reduced its non-performing assets, built its reserve and increased its capital levels, recording some of the highest capital levels highest in the industry.
Despite a difficult and negative year for bank stock performance, the company continued to trade at a premium relative to its peers, the statement said.
“In 2023, we increased dividends to our shareholders for the 50th consecutive year,” Adams said. “This is a truly remarkable achievement. Of thousands of publicly traded companies in the US, less than 60 have achieved such a record. Our consistency in increasing dividends to shareholders is a testament to our long history of strong financial performance – profitability, solid asset quality and strong capital position.”
Also in 2023, Newsweek named United the most trusted bank in the country.
“This first-place ranking is a true testament to the company’s unwavering commitment to providing service excellence to its customers, shareholders, employees and communities over many, many years,” the statement said.
The banking sector faced many challenges in 2023, including three of the four largest bank failures ever in the country.
“These failures were specific, distinct and specific to these banks and were not indicative of the strength of the banking sector,” Adams said. “However, bank stocks have been hit hard.”
Still, United’s financial performance in 2024 remains strong, the statement said. The April 26 Raymond James Research Report said, “UBSI’s Q1 Achieved Solid Results in a Challenging Environment: Outperform Rated” with a $41 price target.
“This year, we anticipate increasing dividends for the 51st consecutive year as we celebrate our 185th anniversary,” Adams said. “More good news is that we announced the current management’s 34th acquisition on May 10, with Piedmont Bancorp based in Atlanta, Georgia. This acquisition gives us a large presence in one of the best banking markets in the country and will make United the 39th largest banking company in the country based on market capitalization.”
Adams also highlighted United’s commitment to its communities.
“Our team members provide countless hours of service to many community organizations, and our company has made substantial contributions to numerous valuable community organizations,” he said. “As I have said many times, our competitive advantage is our people. Every day we make a positive difference in the lives of those we serve.”
During the meeting, it was announced that the following directors were elected by the shareholders to serve on the Board of Directors until the 2025 Annual General Meeting:
* Richard M. Adams, Executive Chairman
*Richard M. Adams Jr., CEO, United Bankshares Inc.
*Charles L. Capito Jr., former managing director of the Wells Fargo Advisors Complex
*Peter A. Converse, former president and CEO, Virginia Commerce Bancorp Inc.
* Michael P. Fitzgerald, former co-founder, chairman, CEO and president of Bank of Georgetown
* Dr. Patrice A. Harris, psychiatrist and executive director, eMed
*Diana Lewis Jackson, president and founder, Action Facilities Management
* J. Paul McNamara, President, Potomac Capital Advisors
*Mark R. Nesselroad, CEO, 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.
* Mary K. Weddle, former executive vice president, Long and Foster Companies
* Gary G. White, Principal Consultant, JRW LLC and Former Interim President of Marshall University
* P. Clinton Winter, president of Bray & Oakley Insurance Agency Inc.
In addition to the election of directors, shareholders also approved the ratification of the selection of Ernst & Young LLP to serve as an independent registered public accounting firm for 2024 and the approval, in an advisory capacity, of the compensation of United’s named executive officers.
United is the parent company of United Bank, which comprises more than 225 offices throughout West Virginia; Ohio; Washington DC; Virginia; Maryland; North Caroline; South Carolina;, Pennsylvania; and Georgia.
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