United Bank (West Virginia)
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.
History
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. 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.
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. Richard “Rick” Adams, Jr., who has served as United’s president since 2014, became CEO in April 2022.
Acquisitions
The company has made the following acquisitions:
# | Date Completed | Company | Price | Ref(s). |
---|---|---|---|---|
1 | August 10, 1990 | Bank First, NA | $10 million | |
2 | August 31, 1990 | First National Bank of Weirton | $4 million | |
3 | October 21, 1992 | Liberty Bancshares, Inc. | $12 million | |
4 | October 23, 1992 | Summit Holding Corporation | $22 million | |
5 | September 1, 1993 | Financial Future Corporation | $18 million | |
6 | September 13, 1993 | CB&T Westover Bank | $8 million | |
7 | October 31, 1995 | First Commercial Bank | $11 million | |
8 | April 12, 1996 | Eagle Bancorp, Inc. | $93 million | |
9 | August 1, 1997 | First Patriot Bankshares Corporation | $39 million | |
10 | April 2, 1998 | George Mason Bankshares, Inc. | $208 million | |
11 | October 1, 1998 | Fed One Bancorp, Inc. | $92 million | |
12 | December 10, 2001 | Century Bancshares Inc. | $70 million | |
13 | October 10, 2003 | Sequoia Bancshares, Inc. | $112 million | |
14 | July 14, 2007 | Premier Community Bankshares, Inc. | $200 million | |
15 | July 8, 2011 | Centra Financial Holdings, Inc. | $185 million | |
16 | January 31, 2014 | Virginia Commerce Bancorp, Inc. | $467 million | |
17 | June 3, 2016 | Bank of Georgetown | $269 million | |
18 | April 21, 2017 | Cardinal Bank | $929 million | |
19 | May 4, 2020 | Carolina Financial Corp. | $1,100 million | |
20 | December 3, 2021 | Essex Bank | $303 million |
References
- ^ "Our history".
- ^ "United Bankshares, Inc. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "Deposit Market Share Report". Federal Deposit Insurance Corporation.
- ^ Medici, Andy (July 26, 2018). "Reality checks: How United Bank is embracing new technology". American City Business Journals.
- ^ "Who are banking's longest-tenured CEOs?". American Banker.
- ^ "Rick Adams Jr. takes helm at United Bank". Parkersburg News and Sentinel.
- ^ "COMPANY NEWS; TWO WEST VIRGINIA BANKS AGREE TO COMBINATION". The New York Times. August 22, 1995.
- ^ "UNITED BANKSHARES TO BUY FIRST PATRIOT BANKSHARES". The New York Times. Dow Jones & Company. February 20, 1997.
- ^ "COMPANY NEWS; UNITED BANKSHARES AGREES TO $215 MILLION DEAL". The New York Times. Dow Jones & Company. September 12, 1997.
- ^ Behr, Peter (September 12, 1997). "W.VA. BANK TO BUY GEORGE MASON". The Washington Post.
- ^ Bredemeier, Kenneth (June 15, 2001). "United Bank Buys Century". The Washington Post.
- ^ "Acquisition boosts United Bankshares assets to $5.6B". American City Business Journals. December 10, 2001.
- ^ Clabaugh, Jeff (April 7, 2003). "United Bank buys Sequoia". American City Business Journals.
- ^ "COMPANY NEWS; UNITED BANKSHARES TO BUY SEQUOIA FOR $109 MILLION". The New York Times. Reuters. April 8, 2003.
- ^ "United Bankshares buys Premier Community Bankshares". The Washington Examiner. January 29, 2007.
- ^ Wilmeth, Katie (January 30, 2007). "United Bankshares to acquire Premier Community Bankshares". The Washington Examiner.
- ^ "Premier Community Bankshares (PREM) to merge with United Bankshares". Reuters. January 29, 2007.
- ^ "United Bankshares to acquire Centra Financial Holdings" (Press release). Business Wire. December 16, 2010.
- ^ Eckert, Barton (December 16, 2010). "United Bankshares to buy Centra Financial Holdings". American City Business Journals.
- ^ Echols, Tucker (January 30, 2013). "United Bankshares to buy Virginia Commerce Bank for $490.6M". American City Business Journals.
- ^ Clabaugh, Jeff (December 13, 2013). "Fed approves Virginia Commerce, United Bank deal". American City Business Journals.
- ^ Rothstein, Ethan (November 10, 2015). "United Bank Acquires Bank of Georgetown". Bisnow Media.
- ^ Medici, Andy (November 9, 2015). "United Bankshares makes $269M deal to buy D.C. bank". American City Business Journals.
- ^ Bhattarai, Abha (November 10, 2015). "United Bankshares to buy Bank of Georgetown, creating area's largest community bank". The Washington Post.
- ^ Clabaugh, Jeff (June 6, 2016). "United Bank completes Bank of Georgetown acquisition". WTOP.
- ^ Heath, Thomas (August 18, 2016). "United Bankshares to buy Cardinal Financial for $912 million". The Washington Post.
- ^ Rucker, Patrick (April 7, 2017). "Federal Reserve approves United Bankshares buyout of Cardinal Bank". Reuters.
- ^ Clabaugh, Jeff (April 12, 2017). "United Bank's acquisition of Cardinal Bank set for April 21". WTOP-FM.
- ^ Hufford, Austen (August 18, 2016). "United Bankshares to Buy Cardinal Financial in D.C. Bank Merger". The Wall Street Journal.
- ^ "United Bank to Merge with Carolina-based Bank". Charleston Gazette-Mail. November 18, 2019.
- ^ "United Bankshares seals the deal for Carolina Financial Corp." The Parkersburg News and Sentinel. May 5, 2020.
- ^ Schwartz, Michael (June 4, 2021). "United Bank buying its way into Richmond with Essex Bank acquisition". Richmond Bizsense.
- ^ "United Bankshares, Inc. Completes Its Acquisition of Community Bankers Trust Corporation". Yahoo! Finance. December 3, 2021.
External links
- Official website
- Business data for United Bankshares, Inc.: