United Bankshares, Inc. Elects Diana Lewis Jackson and Lacy I. Rice, III to its Board of Directors

Rhea-AI Summary

During the Annual Meeting on May 11, 2022, United Bankshares elected two new directors, Diana Lewis Jackson and Lacy I. Rice, along with the new CEO, Richard M. Adams, to its board. Jackson is the founder and CEO of Action Facilities Management, while Rice is the co-founder of Federal Capital Partners. Both bring extensive leadership experience to the company. This board refreshment aims to enhance local leadership commitment and service excellence across United's operational footprint.

Positive

• New directors bring diversified experience to the board.
• Leadership changes may enhance company strategy and community engagement.

Negative

• Potential experience gaps in the board with the introduction of new members.

WASHINGTON & CHARLESTON, W.Va.--(BUSINESS WIRE)-- During its Annual Meeting of Shareholders held Wednesday, May 11, 2022, United Bankshares, Inc. (“United”) (NASDAQ: UBSI), a $29.4 billion regional financial services company, elected two new directors to its board of directors – Diana Lewis Jackson and Lacy I. Rice, III. In addition, Richard M. Adams, Jr., United Bankshares’ new Chief Executive Officer, was also newly elected to the Board.

Jackson founded and currently serves as President and CEO of Action Facilities Management, Inc. (“AFM”), a premier government and commercial contract firm specializing in building integrated facilities maintenance, janitorial/sanitation, administrative and security services, in Morgantown, West Virginia. With just under 400 employees in 10 states and Washington, D.C., AFM champions diversity through its employment practices and retention programs and is proud to be among the minority and women-owned small businesses that represent West Virginia.

Rice is the co-founder and Managing Partner of Federal Capital Partners (“FCP”), a privately held real estate investment company that acquires, operates and develops residential and commercial assets nationally. Headquartered in Chevy Chase, Maryland, FCP also deploys capital in residential and commercial product sectors through joint venture equity, mezzanine debt and preferred equity investments.

“Diana and Lacy are highly-respected leaders in their respective industries, communities and the business world,” stated United Bankshares’ Executive Chairman of the Board, Richard M. Adams. “United prides itself in its local leadership and commitment to serving the local communities across our footprint, which makes Diana and Lacy both welcome additions to our board as we continue our mission of excellence in service to our employees, our customers, our shareholders and our communities.”

For the past several decades, Jackson has focused on building her community, providing her time, leadership and generosity through a multitude of organizations that prioritize education, health, support for the disadvantaged and local entrepreneurship. She currently serves on the Discover the Real West Virginia Foundation, West Virginia Higher Education Policy Commission, West Virginia Regional Technology Park Board of Directors, WVU Medicine Cancer Institute Council, the United Bank Advisory Board and numerous other committees and boards. Jackson was previously appointed to the WVU Board of Governors and the WVU Hospital Board of Directors.

A native of Clarksburg, West Virginia, Jackson has been honored with numerous awards. She was elected to the West Virginia Business Hall of Fame in 2021, selected as Small Business Prime Contractor of the Year in 2020, the Small Business Administration’s (“SBA”) 8(a)-Graduate of the Year in 2016 and the West Virginia Small Business Person of the Year in 2013. Jackson is a graduate of Fairmont State University with degrees in accounting and banking. She currently resides in Morgantown, West Virginia with her husband, Kenneth Jackson.

Rice has nearly 35 years of experience in real estate investment and corporate finance. In his current role at FCP, he serves on the company’s investment committee. Prior to co-founding FCP in 1999, he was a principal at The Carlyle Group. There, he also served on the company’s real estate funds investment committee. He also previously served in roles at Alex. Brown, Haas & Haynie Corporation and Chemical Bank.

Dedicated to fostering growth in his community, Rice serves on numerous organizations’ boards. He is a board member of the National Multifamily Housing Council (“NMHC”), member of the NMHC Affordable Housing Council and member of the Urban Land Institute. He also serves on the board for the Boys & Girls Clubs of Greater Washington. He previously served on the boards for Shepherd University, the BB&T Advisory Board and the Mercersburg Academy Alumni Council. Additionally, he was the board chairperson of American Community Properties Trust (NYSE: APO), a public real estate company FCP purchased and took private.

In 2020, the Boys & Girls Club of Greater Washington named Rice an Honoree for Youth in Real Estate. Additionally, the Boys & Girls Club of America presented him with the National Silver Medallion and Outstanding Achievement Award – Board Member of the Year. A native of West Virginia as well, Rice earned his MBA from Harvard Business School and his bachelor’s degree from Princeton University. He currently resides in the D.C. Metro area with his wife, Lisa, and they have three children.

About United Bankshares, Inc.

United Bankshares, Inc. has consolidated assets of approximately $29.4 billion and is the parent company of United Bank, which comprises nearly 250 offices in Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, Georgia and Washington, D.C. 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/20220511006110/en/

W. Mark Tatterson

Chief Financial Officer

800.445.1347 ext.8716

Source: United Bankshares, Inc.

FAQ

What recent leadership changes occurred at United Bankshares?

United Bankshares elected Diana Lewis Jackson and Lacy I. Rice as new directors, alongside Richard M. Adams as the new CEO during the annual meeting on May 11, 2022.

What is the significance of new board members like Diana Jackson and Lacy Rice?

Their diverse backgrounds and leadership in their respective industries may provide fresh perspectives and strengthen community ties for United Bankshares.

How might the leadership changes impact United Bankshares' operations?

The new leadership could enhance decision-making and improve local community engagement while aligning with United's mission of excellence in service.

What is the background of Richard M. Adams, the new CEO of United Bankshares?

Richard M. Adams has extensive experience in financial services and was elected to the board as part of the leadership changes at United Bankshares.