United Bankshares, Inc. (NASDAQ: UBSI), a $7.2 billion regional banking company with dual headquarters in Charleston, WV and Washington, DC, held its Annual Meeting of Shareholders today at The Blennerhassett Hotel in Parkersburg, WV. During the meeting, it was announced that the following directors were elected by the Shareholders to serve on the Board of Directors until the next Annual Meeting in 2012: Richard M. Adams, Chairman and Chief Executive Officer; Robert G. Astorg, CPA and Managing Principal of H&R Block Tax and Business Services; W. Gaston Caperton, III, President of The College Board, Chairman of the Caperton Group, and Former Governor of the State of West Virginia; Lawrence K. Doll, President of The Lawrence Doll Co. and Lawrence Doll Homes, LLC; Theodore J. Georgelas, Managing Director of the Georgelas Group, LLC; F. T. Graff, Jr., Attorney and Partner of Bowles Rice McDavid Graff & Love LLP; John M. McMahon, Chairman, Miller & Long Co., Inc.; J. Paul McNamara, Chairman, Potomac Capital Advisors; William C. Pitt, III, Hotel and Resort Developer; Donald L. Unger, Former President and Chief Executive Officer of the Shenandoah Valley region of United Bank; Mary K. Weddle, CPA and Executive Vice President of Long & Foster Real Estate, Inc.; Gary G. White, President and Chief Executive Officer, International Resource Partners LP; and P. Clinton Winter, Jr., President of Bray & Oakley Insurance Agency. Mr. Adams then presented the performance highlights of the company for 2010. He stated, "2010 was a very good year for United Bankshares. In a difficult economy and continued challenging times for financial institutions, United increased earnings, increased the stock price by 46%, and increased the dividend to shareholders for the 37 th consecutive year. Only one other major banking company in the USA has achieved such a record." Another great positive about United is its franchise value. United Bankshares continues to be the largest West Virginia-headquartered banking company, as well as the largest independent banking franchise remaining in the nation's capital metropolitan statistical area.
Keefe, Bruyette & Woods of New York stated, “We believe United Bankshares, Inc. offers investors a high-quality valuable franchise in the attractive banking markets of Northern Virginia, Metro DC, and West Virginia. United’s strong core profitability, impressive credit trends, high dividend yield and sufficient capital base afford the company an above-peer valuation.”United Bankshares’ strong leadership was also recognized by others in 2010. Morningstar, a leading provider of independent investment research that annually bestows the title of CEO of the Year on a chief executive officer who exhibits exemplary corporate stewardship, demonstrates independent thinking, creates lasting value for shareholders, and has put his or her stamp on their industry, selected Richard Adams as one of three finalists, along with the Chief Executive Officers of Costco and Ford Motor Company. In 2010, United announced the 28 th acquisition of the current administration with Centra Financial Holdings, Inc. Centra has the #1 market share in Morgantown, West Virginia, which is the home of West Virginia University, and clearly one of the best markets in the state. The Centra merger will add to the current Hagerstown-Martinsburg, MD-WV MSA and provide entry into the Pittsburgh, PA MSA. Upon completion of the Centra merger, United’s assets will grow to approximately $9 billion. United Bankshares, with 111 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, DC, is traded on the NASDAQ Global Select Market System under the quotation symbol " UBSI." www.ubsi-inc.com