United Bankshares, Inc. is a West Virginia corporation registered as a bank
holding company pursuant to the Bank Holding Company Act of 1956, as amended.
United was incorporated on March 26, 1982, organized on September 9, 1982, and
began conducting business on May 1, 1984 with the acquisition of three wholly-owned
subsidiaries. Since its formation in 1982, United has acquired twenty-nine banking
institutions including its recent acquisition of Virginia Commerce Bancorp,
Inc. which consummated after the close of business on January 31, 2014. United
has two banking subsidiaries (the Banking Subsidiaries) “doing business”
under the name of United Bank, one operating under the laws of West Virginia
referred to as United Bank (WV) and the other operating under the laws of Virginia
referred to as United Bank (VA). United’s Banking Subsidiaries offer a
full range of commercial and retail banking services and products. United also
owns nonbank subsidiaries which engage in other community banking services such
as asset management, real property title insurance, financial planning, and
brokerage services.
As a bank holding company registered under the Bank Holding Company Act of
1956, as amended, United’s present business is community banking.
United is permitted to acquire other banks and bank holding companies, as well
as thrift institutions. United is also permitted to engage in certain non-banking
activities which are closely related to banking under the provisions of the
Bank Holding Company Act and the Federal Reserve Board’s Regulation Y.
Management continues to consider such opportunities as they arise, and in this
regard, management from time to time makes inquiries, proposals, or expressions
of interest as to potential opportunities, although no agreements or understandings
to acquire other banks or bank holding companies or nonbanking subsidiaries
or to engage in other nonbanking activities, other than those identified herein,
presently exist.
United, through its subsidiaries, engages primarily in community banking and
offers most banking products and services permitted by law and regulation. Included
among the banking services offered are the acceptance of deposits in checking,
savings, time and money market accounts; the making and servicing of personal,
commercial, floor plan and student loans; and the making of construction and
real estate loans. Also offered are individual retirement accounts, safe deposit
boxes, wire transfers and other standard banking products and services. As part
of their lending function, the Banking Subsidiaries offer credit card services.
United Bank (WV) and United Bank (VA) each maintain a trust department which
acts as trustee under wills, trusts and pension and profit sharing plans, as
executor and administrator of estates, and as guardian for estates of minors
and incompetents, and in addition performs a variety of investment and security
services. Trust services are available to customers of affiliate banks. United
Bank (WV) provides services to its correspondent banks such as check clearing,
safekeeping and the buying and selling of federal funds.
United Brokerage Services, Inc., a wholly-owned subsidiary of United Bank (WV),
is a fully-disclosed broker/dealer and a registered Investment Advisor with
the National Association of Securities Dealers, Inc., the Securities and Exchange
Commission, and a member of the Securities Investor Protection Corporation.
United Brokerage Services, Inc. offers a wide range of investment products as
well as comprehensive financial planning and asset management services to the
general public.
United Bank (WV) and United Bank (VA) are members of a network of automated
teller machines known as the New York Currency Exchange (NYCE) ATM network.
The NYCE is an interbank network connecting the ATMs of various financial institutions
in the United States and Canada.
United through its Banking Subsidiaries offers an Internet banking service,
Smart Touch Online Banking, which allows customers to perform various transactions
using a computer or tablet from any location or from a mobile device such as
a smart phone or other cellular device as long as they have access to the Internet,
applicable software and a secure browser. Specifically, customers can check
personal account balances, receive information about transactions within their
accounts, make transfers between accounts, stop payment on a check, and reorder
checks. Customers may also pay bills online and can make payments to virtually
any business or individual. Customers can set up recurring fixed payments, one-time
future payments or a one-time immediate payment. Customers can also set up their
own merchants, view and modify that merchant list, view pending transactions
and view their bill payment history with approximately three (3) months of history.
United has commercial loans, including real estate and owner-occupied, income-producing
real estate and land development loans, of approximately $6.6 billion as of
December 31, 2015. These loans are primarily secured by real estate located
in West Virginia, southeastern Ohio, southwestern Pennsylvania, Virginia, Maryland
and the District of Columbia. United categorizes these commercial loans by industry
according to the North American Industry Classification System (NAICS) to monitor
the portfolio for possible concentrations in one or more industries.
