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United Bankshares Inc. (UBSI) is a prominent financial holding company dedicated to providing a comprehensive array of banking services. Operating primarily through two segments—Community Banking and Mortgage Banking—United Bankshares Inc. has established a significant presence in the financial sector.
In the Community Banking segment, United Bankshares Inc. focuses on accepting deposits, offering a variety of loan products including personal, credit card, commercial, and construction loans, as well as providing brokerage services, safe deposit boxes, and other related services. This segment contributes nearly all of the company’s revenue, underscoring its importance to the overall business strategy.
Through the Mortgage Banking segment, the company offers and acquires home mortgages via an indirectly owned subsidiary. This strategic approach allows United Bankshares Inc. to tap into the lucrative mortgage market, catering to homeowners’ needs with competitive mortgage solutions.
United Bankshares Inc. operates with a strong commitment to customer service, prioritizing building long-lasting relationships over merely expanding in size. With 130 branches spread across Maryland, Ohio, Pennsylvania, Virginia, and West Virginia, and a workforce of over 1600 employees, the company ensures that its competitive products and services are delivered with the highest level of personalized care.
Recent achievements highlight United Bankshares Inc.'s ongoing growth and success in the financial industry. Its consistent expansion and customer-focused approach continue to attract demand for its services, reinforcing its reputation as a reliable and esteemed financial institution.
United Bankshares Inc.'s strength lies in its ability to combine competitive products with exceptional service, providing an overwhelming value proposition for its customers. With innovative products, technological advancements, and a steadfast commitment to superior service, United Bankshares Inc. remains a leader in the financial services sector.
United Bankshares (NASDAQ: UBSI) held its Annual Meeting of Shareholders on May 15, 2024. The company reported significant achievements in 2023, including growth in loans, deposits, and net interest margin. United also delivered above-peer performance in return on average assets and efficiency ratio while reducing non-performing assets and bolstering capital levels.
Despite a tough year for bank stocks, UBSI traded at a premium and increased dividends for the 50th consecutive year. The company was named the Most Trustworthy Bank by Newsweek. United's first-quarter 2024 results were rated 'Outperform' by Raymond James with a $41.00 price target.
The company announced the acquisition of Piedmont Bancorp, enhancing its presence in Atlanta. Additionally, shareholders elected directors and approved key proposals, including ratifying Ernst & Young as their auditing firm.
United Bankshares (NASDAQ: UBSI) announced that its Board of Directors declared a second quarter dividend of $0.37 per share. Shareholders of record as of June 14, 2024, will receive the dividend payout on July 1, 2024. The total payout amounts to approximately $52.7 million across 135.2 million shares. United Bankshares has an impressive record of 50 consecutive years of dividend increases, a feat matched by only one other major banking company in the USA. As of March 31, 2024, United reported consolidated assets of about $30 billion. The company operates more than 225 offices across multiple states in the USA.
United Bankshares, Inc. has announced the acquisition of Piedmont Bancorp, Inc., bringing together two high-performing banking companies. The merger will strengthen United's presence in the Southeast and Mid-Atlantic regions, making it the 39th largest banking company in the U.S. based on market capitalization. The transaction, United's 34th acquisition, will result in a combined organization with over $32 billion in assets and a network of over 240 locations across eight states and Washington, D.C.
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