United Bankshares Announces Executive Management Reorganization

Rhea-AI Summary

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.

Positive

• Executive management transition aims to strengthen leadership with the appointment of Rick Adams, Jr. as CEO.
• Consolidated assets of approximately $29.3 billion position the company favorably in the market.

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• None.

WASHINGTON & CHARLESTON, W.V.--(BUSINESS WIRE)-- Richard M. Adams, Chairman and CEO of United Bankshares, Inc. (NASDAQ: UBSI) (“United”), today announced the Board of Directors’ approval of an executive management reorganization to become effective at the beginning of the 2nd quarter, April 1, 2022.

Under the reorganization, Adams will become the Executive Chairman of the Board of United. Richard (Rick) Adams, Jr., the current President, will become the Chief Executive Officer and will be joining the United Board of Directors. Adams, Jr. will become the 14^th CEO in United’s 183 year history. In addition, James (Jim) C. Consagra, Jr., currently COO, will become President.

Mr. Adams, Jr. joined United in 1994. Prior to that time, he was an attorney with the law firm of Bowles Rice LLP. He is a graduate of Rollins College and received his JD from Washington & Lee University. He and his spouse, Chrystal, reside in Bethesda, MD with their three sons.

Prior to joining United in 1998, Mr. Consagra held the position of CFO & Treasurer of George Mason Bankshares, which was acquired by United. He began his professional career in public accounting with the firm of Swart, LaLande and Associates, CPAs. Consagra is a graduate of James Madison University where he holds degrees in accounting and economics. He and his spouse, Kathy, reside in Northern Virginia.

As of December 31, 2021, United had consolidated assets of approximately $29.3 billion. United is the parent company of United Bank which comprises nearly 250 offices in Virginia, Maryland, Washington, D.C., North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia, and Ohio. United’s stock is traded on the NASDAQ Global Select Market under the quotation symbol "UBSI".

View source version on businesswire.com: https://www.businesswire.com/news/home/20220228006113/en/

W. Mark Tatterson

Chief Financial Officer

(800) 445-1347 ext. 8716

Source: United Bankshares, Inc.

FAQ

What are the key changes in United Bankshares' management announced in the PR?

The key changes include Richard M. Adams becoming Executive Chairman, Rick Adams, Jr. promoted to CEO, and Jim C. Consagra, Jr. becoming President, effective April 1, 2022.

When will the new management structure at United Bankshares take effect?

The new management structure at United Bankshares will take effect on April 1, 2022.

What was United Bankshares' asset value as of December 31, 2021?

As of December 31, 2021, United Bankshares had consolidated assets of approximately $29.3 billion.

Who is the new CEO of United Bankshares?

The new CEO of United Bankshares is Rick Adams, Jr., who was previously the President.