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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