Contact: Sameera Jordan
Media Relations Manager
Sameera.Jordan@bankwithunited.com

Decades of strong performance have resulted in major milestone for the dynamic company with low-risk profile 

The wait is over. United Bankshares, Inc. has reached a coveted milestone, poised to join the exclusive group of companies to achieve 50 consecutive years of dividend growth, as a “Dividend King.”

Following a year of turbulence in the U.S. banking industry, where customers and shareholders sought options for more sound and reliable banking services, United maintained strong performance and continued to deliver best-in-class service thanks to its consistency, conservatism and trust built with its stakeholders. The Company has grown from a small, single office bank into a nearly $30 billion regional banking company with close to 250 offices in eight states and the nation’s capital, ranked as the 40th largest in the nation based upon market capitalization.

United declared a fourth quarter dividend of $0.37 per share. Dividends per share of $1.45 for the year 2023 is the 50th consecutive year of dividend growth for the Company. This impressive dividend payout record, supplemented by a solid current 4.3% dividend yield, has earned United spots on the Nasdaq Dividend Achievers®, Dividend Champions, and Dow Jones U.S. Select Dividend Index.

United has returned more than $2 billion to shareholders through dividends since 2000, thanks to its dynamic and dependable business model. The Company’s consistent performance, disciplined approach, and commitment to the customers and communities it serves have resulted in many accolades. In addition to its dividend achievements, United continues to celebrate its position as the Most Trustworthy Bank in America, named by Newsweek for 2023, joining the list of the “Most Trustworthy Companies in America.”

“Fifty years of dividend growth is a testament to our proven track record as a high performing company with a low risk profile,” said Richard M. Adams, Jr., United’s Chief Executive Officer. “Our disciplined approach has resulted in strong business performance that has allowed us to outperform competitors, provide recognized quality service to our customers, and continuously increase dividends for United shareholders, now for a milestone 50 consecutive years.”

This latest milestone is a reflection of United’s commitment to serving its communities and customers with safe, sound and secure practices – backed by strong earnings, sound asset quality and strong capital – that have allowed the Company to weather any storm for 184 years.

ABOUT UNITED BANKSHARES, INC.

United Bankshares, Inc. (NASDAQ: UBSI) is a financial services company with consolidated assets of nearly $30 billion. It is the parent company of United Bank, which comprises close to 250 offices located throughout Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania and Georgia, and offers a competitive suite of banking and lending products, treasury management, wealth management, mortgage services, personal and business credit cards and more. In 2023, United was named the Most Trustworthy Bank in America by Newsweek, joining the list of the Most Trustworthy Companies in America. For more information, visit ubsi-inc.com.