United Bankshares Inc - UBSI STOCK NEWS

United Bankshares, Inc. has announced the promotion of Julie R. Gurtis to President, effective April 1, 2022. Gurtis, previously EVP and Chief Commercial Banking Officer, has a 31-year tenure at United, excelling in various leadership roles. Michael P. Fitzgerald will assume the role of Vice Chairman, maintaining focus on business development. As of December 31, 2021, UBSI reported consolidated assets of approximately $29.3 billion, operating nearly 250 offices across multiple states, including Virginia, Maryland, and West Virginia.

United Bankshares, Inc. (NASDAQ: UBSI) will present at the Raymond James 43rd Annual Institutional Investors Conference on March 8, 2022, at 2:50 p.m. Eastern Time. CFO W. Mark Tatterson will discuss the company’s financial performance and corporate objectives during the 30-minute presentation. The event will be streamed online with an archived version available for seven days. As of December 31, 2021, United's consolidated assets were approximately $29.3 billion, with nearly 250 offices spread across multiple states including Virginia and West Virginia.

United Bankshares, Inc. (NASDAQ: UBSI) has announced an executive management reorganization effective April 1, 2022. Chairman and CEO Richard M. Adams will transition to Executive Chairman, while Richard (Rick) Adams, Jr., currently President, will assume the role of CEO. Jim C. Consagra, Jr. will take over as President. The company had consolidated assets of approximately $29.3 billion as of December 31, 2021, and operates nearly 250 offices across multiple states, including Virginia and Maryland.

United Bankshares, Inc. (UBSI) has declared a first quarter 2022 dividend of $0.36 per share, benefiting shareholders of record as of March 11, 2022. This dividend payout totals approximately $49.3 million on 136.8 million shares, payable on April 1, 2022. This marks the 48th consecutive year of dividend increases for the company, a rare achievement among major U.S. banking firms. As of December 31, 2021, United had consolidated assets of around $29.3 billion.

United Bankshares, Inc. (NASDAQ: UBSI) reported fourth-quarter 2021 earnings of $73.9 million ($0.56 per share), down from $92.4 million ($0.71 per share) in Q4 2020. However, annual earnings reached a record $367.7 million ($2.83 per share), up from $289.0 million ($2.40 per share) in 2020. The net interest income for Q4 decreased 4% to $183.7 million. Total noninterest income also saw a decline of 43% to $54.0 million, driven by lower mortgage banking activities. The asset quality remained strong, with nonperforming loans dropping to 0.50% of total loans.

United Bankshares, Inc. (NASDAQ: UBSI) has successfully completed its acquisition of Community Bankers Trust Corporation (NASDAQ: ESXB), which has approximately $1.7 billion in assets. This merger enhances United's position as a leading regional banking entity, bringing its total assets to approximately $29 billion and expanding its presence across key markets in Virginia and Maryland. The acquisition marks United's 33rd under its current administration and positions it as the 41st largest U.S. banking company by market capitalization. Richard M. Adams, United's CEO, expressed enthusiasm for the strategic benefits of this merger.

United Bankshares, Inc. (UBSI) declared a fourth quarter dividend of $0.36 per share, with a record date of December 2, 2021. The total dividend for 2021 amounts to $1.41 per share, marking an increase from $1.40 in 2020. The total payout of approximately $46.5 million on 129.2 million shares will be distributed on January 3, 2022. This year represents the 48th consecutive year of dividend increases, positioning United as one of only two major U.S. banking firms with such a record.

United Bankshares reported third quarter earnings of $92.2 million or $0.71 per diluted share, down from $103.8 million or $0.80 for the same period in 2020. For the first nine months, earnings rose to $293.9 million, or $2.27 per diluted share, compared to $196.7 million, or $1.68 in 2020. Credit quality remains strong with nonperforming assets at 0.39% of total assets. The company has completed all necessary regulatory approvals for its merger with Community Bankers Trust, expected to close in Q4 2021.

United Bankshares, Inc. (NASDAQ: UBSI) declared a third quarter dividend of $0.35 per share for shareholders recorded as of September 10, 2021. The total payout amounts to approximately $45.2 million on 129.2 million shares, payable on October 1, 2021. This marks the 47th consecutive year of dividend increases, a record held by only one other major banking company in the USA. As of June 30, 2021, United had consolidated assets of around $27.2 billion.