United Bankshares, Inc. Holds Annual Meeting of Shareholders

United Bankshares, Inc. (“United”) (NASDAQ: UBSI), a $30 billion regional financial services company, held its Annual Meeting of Shareholders on Wednesday, May 15, 2024, at Congressional Country Club in Bethesda, Md.

During the meeting, United Executive Chairman of the Board Richard M. Adams addressed shareholders by highlighting several key points from the 2023 Annual Report to Shareholders.

2023 was a year of growth, profitability, and soundness for United. The Company grew loans, grew deposits, and increased its net interest margin versus the prior year. In addition, United delivered above-peer results with its return on average assets and efficiency ratio, and reduced its non-performing assets, built its reserve, and boosted its capital levels. Capital was king in 2023, and United has some of the highest capital levels in the industry. Despite a down and difficult year for bank stock performance, the Company continued to trade at a premium to its peers.

“In 2023, we increased dividends to our shareholders for the 50^th consecutive year,” said Adams. “This is a truly remarkable achievement. Out of thousands of publicly traded companies in the U.S., fewer than 60 have achieved such a record. 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.”

Another achievement for United was being named the Most Trustworthy Bank in the nation by Newsweek. This #1 ranking is a true testament to the Company’s unwavering commitment to providing excellence in service to its customers, shareholders, employees, and communities over many, many years.

The banking industry faced many challenges in 2023, including an historic year for bank failures as we witnessed three of the four largest failures ever in this country. Adams shared, “These failures were specific, distinct, and particular to those banks and were not indicative of the strength of the banking industry. However, bank stocks were hit hard.”

That said, United’s financial performance in 2024 continues to be strong. To quote Raymond James’ Research Report of April 26, 2024, “UBSI’s first quarter achieved solid results in a challenging environment: Rated Outperform” with a $41.00 price target.

“This year, we are projected to increase dividends for the 51^st consecutive year, as we celebrate our 185^th anniversary. More good news is that we announced the 34^th acquisition of the current administration on May 10, with Piedmont Bancorp headquartered in Atlanta, Georgia. This acquisition gives us a great presence in one of the best banking markets in the country and will make United the 39^th largest banking company in the nation based on market capitalization,” said Adams.