WASHINGTON & CHARLESTON, W. Va .– (BUSINESS WIRE) – United Bankshares, Inc. (United), a regional financial services company valued at $ 27 billion, practically held its annual general meeting on Wednesday, May 12, 2021.
During the meeting, United Chairman of the Board and Chief Executive Officer Richard M. Adams addressed the shareholders by explaining some key points from the Annual report 2020 to the shareholders. He first stated, “Throughout the many challenges of 2020, we have continued our strong performance for our shareholders, our team members, our customers and our communities. 2020 was one of the most difficult and tragic years in our country’s history. COVID-19, the worst pandemic in nearly 100 years, killed nearly 350,000 people in the United States by the end of the year. People were asked to stay in their home unless their trip was deemed “essential”. Sickness, death, grief, financial ruin and social unrest have swept across our nation. ”
He continued: “In December 2020 we received the ‘CEO of the Year COVID-19 Response Leader Award’ on behalf of all of our United team members Washington Business Journal for our services during the pandemic. It is noteworthy that we have been recognized as # 1 by all large and small businesses in the capital MSA for our efforts on behalf of our customers, our communities and our team members. Our team worked on weekends and late into the night to be one of the first banks in the country ready to help businesses in need on the first day of the Paycheck Protection Program (PPP). We were 2nd in terms of the volume of loans approved to women-owned and colored companies in Metro DC that outperform by far larger banking firms. Foreclosures and withdrawals have been put on hold. We have deferred loan payments and waived fees for our customers. We’ve helped fill pantries, recognized health care professionals on the front lines, made many charitable donations, and thousands of COVID-19 volunteer hours reported by our team members. ”
To quote that Washington Business Journal, December 11, 2020, “But perhaps just as important (for other successes) were measures to help your own employees.” United pledged to pay its employees even if their working hours or availability were impacted by COVID-19, increased paid time off, increased the minimum hourly wage, granted employees who had to physically report to work, an additional bonus and increased the 401 ( k) game.
In the midst of one of the worst health crises in 100 years, United successfully completed the largest merger in our company’s history. Carolina Financial Corporation (CARO), headquartered in Charleston, SC, had assets of $ 5 billion.
Adams continued, “Our company is often referred to as the American dream success story. Few regional banking firms in the nation have come further and more successfully than United Bankshares. ”
During the current tenure, United is from a bank with a single office of $ 100 million in Parkersburg, West Virginia, to over $ 27 billion in assets and 223 offices in West Virginia, Virginia, Ohio, Pennsylvania, Maryland, North Carolina, South Carolina. Georgia and the nation’s capital. As of December 31, 2020, United was ranked 37thth largest banking company in the country by market capitalization. United’s 2020 financial performance was among the best of the best. United made a record profit of $ 289 million. United also set a record only one other major banking firm in the nation could, increasing the dividend to shareholders for the 47thth consecutive year.
Adams then quantified, “If you had invested $ 100,000 to begin this administration, including dividends reinvested, it would have been worth approximately $ 12.1 million as of December 31, 2020.”
United’s commitment to its communities was evidenced by national recognition by the American Bankers Association Foundation as the best volunteer program in the country. The award specifically recognizes United’s Community Reinvestment Action Committee, which oversaw the creation of United’s bank-wide volunteer infrastructure to connect employees with effective service opportunities, and aligns our community efforts with common goals to pinpoint key challenges facing the churches we serve. United also received an “outstanding” regulatory rating in its most recent review under the Community Reinvestment Act.
Adams concluded his address with the words: “We look to the future with great optimism. I can assure you that our United team will continue to work diligently to make positive changes to the lives of our team members, our customers, our shareholders and the people in the communities in which we operate. ”
During the meeting, it was announced that the following Directors had been elected by the shareholders to serve on the Board of Directors until the 2022 Annual Meeting: Richard M. Adams, Chairman and Chief Executive Officer; Charles L. Capito, Jr., former executive director, Wells Fargo Advisors Complex; Peter A. Converse, past president and chief executive officer of Virginia Commerce Bancorp, Inc .; Michael P. Fitzgerald, President of United Bank and former Co-Founder, Chairman, Chief Executive Officer and President of the Bank of Georgetown; Theodore J. Georgelas, Managing Director, Georgelas Group Holdings, LLC; Patrice A. Harris, MD, MA, FAPA, psychiatrist and past president of the American Medical Association; J. Paul McNamara, Chairman of Potomac Capital Advisors; Mark R. Nesselroad, CEO of Glenmark Holding, LLC; Jerold L. Rexroad, EVP, United Bankshares, Inc., chairman of the Carolinas, United Bank, chairman of the Crescent Mortgage Company and former chief executive officer of Carolina Financial Corporation; Albert H. Small, Jr., founder and president of Renaissance Centro Inc., LLC; Mary K. Weddle, CPA, former Executive Vice President, The Long and Foster Companies; Gary G. White, Principal Advisor to JRW, LLC and former Interim President of Marshall University; and P. Clinton Winter, President of Bray & Oakley Insurance Agency, Inc.