United Bankshares, Inc. Holds Annual Meeting of Shareholders
10 Maio 2023 - 6:15PM
Business Wire
United Bankshares, Inc. (“United”) (NASDAQ: UBSI), a $30 billion
regional financial services company held its Annual Meeting of
Shareholders on Wednesday, May 10, 2023, at Congressional Country
Club in Bethesda, Maryland.
During the meeting, United Executive Chairman of the Board
Richard M. Adams addressed the shareholders by highlighting several
key points from the 2022 Annual Report to Shareholders.
“In 2022 we achieved record earnings and increased dividends to
our shareholders for the 49th consecutive year. This is a record
only one other major banking company in the nation has been able to
achieve,” stated Adams. He commented that, “Our consistency in
increasing dividends to shareholders is evidence of our long track
record of strong financial performance – profitability, solid asset
quality, and sound capital position. In addition, our stock
performed very well in 2022, with a total return of +16% vs. the
KBW Regional Bank Index which was down (-6.9%).”
Adams stated that, “While the banking industry faces many
challenges, we are very optimistic about the future of UBSI. We are
off to a great start in 2023, again announcing solid earnings
performance for the 1st quarter of this year. While bank stocks
have recently been hit hard, we are down substantially less than
the KBW Index.”
Adams advised that United was recently named the Most
Trustworthy Bank in America by Newsweek for 2023. “This #1 ranking
is a true testament to our unwavering commitment to provide
excellence in serving our customers, our shareholders, our
employees, and to our communities. In 2023, we are projected to
increase dividends for the 50th consecutive year, and celebrate our
184th Anniversary,” stated Adams.
During the meeting, it was announced that the following
directors were elected by the shareholders to serve on the Board of
Directors until the 2024 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.; 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 Mc- Namara,
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, three other proposals
were also approved by the shareholders: ratification of the
selection of Ernst & Young LLP to act as the independent
registered public accounting firm for 2023; approval, on an
advisory basis, the compensation of United’s named executive
officers; and approval of a non-binding advisory proposal on the
frequency of future advisory shareholder votes on the compensation
of United’s named executive officers.
After the shareholder proposals were approved, Executive
Chairman Adams introduced Richard M. (Rick) Adams, Jr., Chief
Executive Officer, who discussed the current banking environment,
and the continued strength of United.
About United Bankshares, Inc.
United Bankshares, Inc. has consolidated assets of approximately
$30 billion and is the parent company of United Bank, which
comprises nearly 250 offices in Virginia, West Virginia, Maryland,
North Carolina, South Carolina, Ohio, Pennsylvania, Georgia and
Washington, D.C. United’s stock is traded on the NASDAQ Global
Select Market under the quotation symbol “UBSI”.
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W. Mark Tatterson Chief Financial Officer (800) 445-1347 ext.
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