×
X logo

Today's breaking news and more in your inbox.

I'm interested in (please check all that apply)

You may opt-out anytime by clicking "unsubscribe" from the newsletter or from your account.

United Bankshares Inc. Reports Earnings

United Bankshares Inc., parent company of United Bank, earned $31.8 million from April 1 to June 30, which is a $3 million decline from the $34.8 million the company collected during the same period in 2015.

United earnings for the first half of 2016 were $66.5 million, down from the $69.4 million recorded in the first six months of 2015.

“Our earnings remain strong despite significant merger expenses related to the acquisition of the Bank of Georgetown,” United Chairman and CEO Richard M. Adams said. “Even with these merger-related expenses, we are ahead of peer profit performance.”

On June 3, United completed its acquisition of Bank of Georgetown of Washington, D.C. As a result, the second quarter and first half of 2016 United results were impacted for about a month by increased levels of average balances, income and expenses.

“This transaction has been excellent for our company, as it increases our market presence in the Washington, D.C. area and takes us into new neighborhoods such as Georgetown and the U Street Corridor,” Adams said of the acquisition. “We are happy to provide expanded banking services and a larger branch network to Bank of Georgetown customers, all while they will continue to see the same faces with whom they have built a banking relationship over the years.”

Also, United recently declared a cash dividend of 33 cents per share.

United now has consolidated assets of approximately $14.3 billion with 129 full service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C. The company’s stock trades on the NASDAQ Global Select Market under the quotation symbol “UBSI.”

NEWSLETTER

Today's breaking news and more in your inbox

I'm interested in (please check all that apply)
Are you a paying subscriber to the newspaper? *

COMMENTS

Starting at $4.73/week.

Subscribe Today