Who Owns United Bank Company?

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Who Really Owns United Bank?

Unraveling the ownership of United Bankshares, Inc. is key to understanding its strategic moves and future trajectory. Recent acquisitions, like the pivotal purchase of Piedmont Bancorp, Inc., highlight how ownership shifts can dramatically reshape a bank's market presence. Discover the key players shaping the destiny of this financial powerhouse and the implications for investors and stakeholders.

Understanding United Bank SWOT Analysis is crucial, especially considering its extensive history dating back to 1839. United Bankshares, the United Bank parent company, has evolved significantly, becoming a major player with assets nearing $33 billion as of March 2025. This exploration will delve into the intricacies of United Bank ownership, examining its shareholders, executives, and the forces that control its direction, providing crucial insights for anyone interested in the United Bank company structure.

The story of United Bankshares, Inc., begins on March 17, 1839, with the establishment of the Northwestern Bank of Virginia in Parkersburg, now part of West Virginia. This institution later evolved into the Parkersburg National Bank. Understanding the evolution of United Bank ownership requires a look back at its foundational roots.

A key transformation occurred in 1975 when Richard Adams took the helm as chairman and CEO of Parkersburg National Bank. Under his guidance, the bank began restructuring as a holding company, United Bankshares, in 1982. By 1984, United Bankshares was fully operational, having acquired Parkersburg National and two other banks. This marked a significant shift in the United Bank company structure.

While specific details about the initial ownership of the Northwestern Bank of Virginia in 1839 are not readily available in public records, Richard Adams played a crucial role in shaping the modern ownership structure as the company transitioned into a holding company. The company's move to go public in 1987 through an initial public offering (IPO) broadened its ownership beyond its early backers and established a public shareholder base. This IPO was a pivotal moment in determining who owns United Bank.

Early Ownership Details

The original founders of the Northwestern Bank of Virginia in 1839 established the initial ownership framework.

Richard Adams' Influence

Richard Adams significantly shaped the modern ownership structure through his strategic leadership.

Public Offering Impact

The 1987 IPO expanded ownership, creating a diverse shareholder base for United Bank shareholders.

Historical Documentation

Detailed early ownership agreements and disputes are not extensively documented in available public information.

Long-Term Impact

Richard Adams' tenure influenced the distribution of control and the company's growth from the late 20th century.

Ownership Evolution

The ownership structure has evolved significantly since its inception, particularly after the IPO.

Key Takeaways on Ownership

Understanding the historical context is crucial for assessing United Bank's ownership. The company's structure has evolved from its early days to its current publicly traded status. To gain a deeper understanding of the company's strategic direction, you can read more about the Growth Strategy of United Bank.

• Early ownership was initially concentrated among the founders of the Northwestern Bank of Virginia.
• Richard Adams' leadership was instrumental in transforming the bank into a holding company.
• The IPO in 1987 broadened the shareholder base, making it a publicly traded company.
• The company's ownership structure reflects a transition from private to public ownership.

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The evolution of United Bank's ownership structure is marked by its transition to a publicly traded company. In 1987, United Bankshares, Inc. went public, listing its stock on the NASDAQ under the symbol 'UBSI'. This shift from private to public ownership broadened its shareholder base. As of May 2025, the company's market capitalization was approximately $5.04 billion, reflecting its established presence in the financial market.

The current ownership of United Bank is largely influenced by institutional investors. As of May 2025, institutional ownership accounted for 70.22% of the shares, while mutual funds held 56.92%. Insider ownership, including holdings by directors and executives, stood at 1.83%. This structure highlights the significant role of institutional investors in the company's financial performance and strategic direction. The company's history of strategic acquisitions, with 34 completed under the current administration, has also reshaped its asset base and geographic footprint, influencing its market presence across the Mid-Atlantic and Southeast regions.

Key individual insiders, such as Richard M. Adams, the Executive Chairman, and Richard M. Adams, Jr., the Chief Executive Officer, have significant influence. Richard M. Adams, Jr. held 0.16% of shares as of February 22, 2025. The company's ownership structure, with its mix of institutional and insider holdings, provides insights into who owns United Bank and how it is controlled. Further details on United Bank's financial reports and ownership information can be found in their annual reports.

Understanding United Bank Ownership

United Bank's ownership is primarily shaped by institutional investors, with a significant portion of shares held by major financial institutions. The company's transition to public trading in 1987 marked a pivotal moment, expanding its shareholder base and increasing transparency. This structure is crucial for understanding the dynamics of United Bank shareholders and how the company operates.

• Institutional investors hold a majority stake.
• Insider ownership includes key executives and board members.
• The company's history of acquisitions has influenced its market presence.
• For more details, see United Bank's annual report.

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The current Board of Directors of United Bankshares, Inc. plays a crucial role in the company's governance and strategic direction. As of the Annual Meeting on May 14, 2025, the board comprised fifteen elected directors. Key members include Richard M. Adams, who serves as Executive Chairman, and Richard M. Adams, Jr., the Chief Executive Officer. Other directors elected to serve until the 2026 Annual Meeting include Charles L. Capito, Jr., Peter A. Converse, Dr. Sara DuMond (elected in October 2024), Michael P. Fitzgerald, Dr. Patrice A. Harris, Diana Lewis Jackson, J. Paul McNamara, Mark R. Nesselroad, Lacy I. Rice, III, Albert H. Small, Jr., Mary K. Weddle, Gary G. White, and P. Clinton Winter.

The board includes a mix of individuals representing long-standing leadership (like the Adams family), former executives from acquired entities (e.g., Peter A. Converse from Virginia Commerce Bancorp, Inc., and Michael P. Fitzgerald from Bank of Georgetown), and independent members with diverse backgrounds. For example, Dr. Sara DuMond, a pediatrician and CEO of Pediatric Housecalls, PLLC, was elected to the board in October 2024, bringing a new perspective.

The voting structure of United Bankshares is generally one-share-one-vote, with common stock traded on the NASDAQ Global Select Market. While no specific information on dual-class shares or golden shares with outsized control is publicly highlighted, the significant insider ownership, particularly by key executives and directors, indicates a concentrated voting power among this group. As of 2007, directors and executive officers as a group beneficially owned 13.01% of the company's common stock, and United Bank's (WV) Trust Department exercised voting authority over a substantial number of shares. For more details on the company's financial performance, you can refer to Revenue Streams & Business Model of United Bank. The company's proxy statements, such as the one for the 2025 Annual Meeting, detail the nominees for election and proposals requiring shareholder approval, including the ratification of the independent registered public accounting firm and advisory votes on executive compensation. There have been no widely reported recent proxy battles or activist investor campaigns that have significantly challenged the current governance structure. Understanding United Bank ownership and United Bank shareholders is crucial for investors.

Key Takeaways on United Bank Ownership

The board of directors includes long-standing leaders and independent members.

• The Adams family holds significant influence.
• Insider ownership indicates concentrated voting power.
• The company operates under a one-share-one-vote structure.
• Proxy statements detail shareholder voting matters.

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Over the past few years, United Bank's growth strategy has centered on mergers and acquisitions. A key development was the planned acquisition of Piedmont Bancorp, Inc., anticipated to conclude in late 2024 or early 2025. This transaction, valued at roughly $267 million, involved United acquiring all of Piedmont's outstanding shares in exchange for United's common shares. The exchange ratio was set at 0.300 shares of United for each Piedmont share. This move strengthened United's presence in the Southeast, especially in the Atlanta area, and increased its total assets to over $32 billion.

Regarding ownership trends, institutional ownership in United Bankshares remained relatively stable. In May 2025, institutional ownership stood at 70.22%, with mutual fund holdings at 56.92%. Insider ownership was also consistent, recorded at 1.83% in May 2025. Major institutional holders like BlackRock, Inc., The Vanguard Group, Inc., and State Street Corp. continue to hold significant positions. While there have been minor fluctuations in shares held by various institutional investors, the overall trend indicates sustained institutional confidence in United Bank. This data provides insights into who owns United Bank and the stability of its shareholder base.

United Bankshares has a history of increasing dividends. In 2024, the company marked its 51st consecutive year of dividend increases, from $1.45 to $1.48. This commitment to shareholder returns can influence investor sentiment and ownership stability. The company did not repurchase any shares of its common stock during 2023 or 2024, though it had 4,371,239 shares available for repurchase under an approved plan as of December 31, 2024. This suggests a focus on strategic growth through acquisitions rather than share buybacks, which impacts the United Bank ownership structure.

Institutional Ownership

In May 2025, institutional ownership in United Bankshares was at 70.22%. This indicates a strong presence of institutional investors. Major holders include BlackRock, Inc., The Vanguard Group, Inc., and State Street Corp. These investors play a significant role in the United Bank ownership structure.

Dividend History

United Bankshares has a strong history of increasing dividends. The company marked its 51st consecutive year of dividend increases in 2024. This commitment to shareholder returns can influence investor sentiment and ownership stability. The dividend increased from $1.45 to $1.48.

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