United issues earnings report
WHEELING — United Bankshares Inc., parent company of United Bank, earned $22.2 million in the third quarter of 2013, up from $19.3 million at the same time last year.
Earnings for the first 9 months of 2013 were $66 million, up from earnings of $61.4 million for the first nine months of 2012.
“Third quarter and year-to-date 2013 earnings continue to be strong,” said Richard M. Adams, United’s chairman of the board and CEO. “United also continues to be well capitalized based upon regulatory guidelines, and our asset quality outperforms our peers.
United’s Board of Directors recently declared a cash dividend of 32 cents per share.
United is one of only two major banking companies in the U.S. to have increased its dividend to shareholders for 39 consecutive years,” Adams said.
United has consolidated assets of approximately $8.5 billion with 114 full service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C.
Also in 2013, United officials signed a definitive merger agreement with Virginia Commerce Bancorp, headquartered in Arlington, Va. Shareholders of both companies have approved the merger, which is now scheduled to be final on Jan. 31.
“Our merger has now been approved by the shareholders of both companies and by the Virginia State Corporation Commission. We are looking forward to having the largest community bank headquartered in the Washington, D.C. Metropolitan Statistical Area,” Adams said.