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United Bankshares, Inc. Holds Annual Meeting
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WASHINGTON & CHARLESTON, W.Va.--(Business Wire)-- United Bankshares, Inc. (NASDAQ: UBSI), an $8 billion regional banking company headquartered in Washington, DC and Charleston, WV, held its Annual Meeting of Shareholders today at The Blennerhassett Hotel in Parkersburg, WV. Initiating the meeting was Richard M. Adams, Chairman and Chief Executive Officer. During the business portion of 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 2010: Richard M. Adams, Chairman and Chief Executive Officer; Robert G. Astorg, Managing Principal, H&R Block Tax and Business Service; W. Gaston Caperton, III, President, The College Board, New York, NY, President, Caperton Group, and Former Governor, State of West Virginia; Lawrence K. Doll, President of The Lawrence Doll Co. and Lawrence Doll Homes, LLC; Theodore J. Georgelas, Commercial Real Estate Developer and Managing Director, Georgelas Group, LLC; F. T. Graff, Jr., Attorney-at-Law, Partner, Bowles Rice McDavid Graff & Love; John M. McMahon, Chairman, Miller & Long Co., Inc.; J. Paul McNamara, Chairman, Potomac Capital Advisors; G. Ogden Nutting, Chairman, The Ogden Newspapers, Inc.; William C. Pitt, III, Hotel and Resort Developer; Donald L. Unger, President, Shenandoah Valley, United Bank; Mary K. Weddle, Executive Vice President, Long & Foster Real Estate, Inc.; Gary G. White, President and CEO, International Resource Partners LP; and P. Clinton Winter, Jr., President, Bray and Oakley Insurance Agency. The shareholders also approved the appointment of Ernst & Young as the company auditors for the fiscal year 2009. Mr. Adams then presented the performance highlights of the company for 2008. He stated, "2008 was the worst year for the financial services industry since the Great Depression. However, UBSI increased dividends to shareholders for the 35th consecutive year and our share price increased 19%. The S&P Index was down 50% and many financial services companies lost billions of dollars, cutting or suspending their dividends. UBSI was one of only 13 regional bank stocks in the S&P Small Cap 600 to increase in 2008." In September 2008, United was recognized among the nation`s best. Sandler O`Neill & Partners, New York, NY identified UBSI as one of the top performing banks in the USA among the 574 publicly traded financial institutions with a market capitalization of $2 billion or less. In 2008, United was recognized by the ABA Banking Journal as one of the top 25 banking performers based on return on average equity (ROAE) for banks with an asset size over $3 billion. United was also ranked in the top 30 financial performers based upon profitability, capital adequacy and asset quality by Bank Director Magazine. "This month, we celebrate the 25th anniversary of the formation of United Bankshares and our many successes. As we look to the future, we see continued headwinds for the economy, banking, and our Company. Analysts are forecasting an earnings decline for United. Like other banking companies, we have seen our stock price decline during 2009. In 2010, we hope to see a recovery for the economy, the stock market and UBSI." Mr. Adams introduced the United Bankshares Board of Directors and additional board members in attendance to the shareholders. A 2008 highlights video was shown, and then the meeting was adjourned. United Bankshares, with 114 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C., is traded on the NASDAQ Global Select Market under the quotation symbol "UBSI." www.ubsi-inc.com United Bankshares, Inc. Steven E. Wilson, 800-445-1347, ext. 8704 Chief Financial Officer Copyright Business Wire 2009
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