United Bank CEO touts successes at annual meeting
United Bancshares, Inc. chairman and chief executive officer Richard Adams told shareholders the company's past year was a success and that it's poised for further growth during the company's annual meeting Tuesday at the Blennerhassett Hotel in Parkersburg.
The parent company of United Bank saw its pre-tax earnings increase from $110 million in 2011 to $121 million in 2012, while its per-share annual dividend increased from $1.21 to $1.24.
"2012 was another successful year for United, as we were able to increase the dividends to shareholders for the 39th consecutive year," Adams said. "We are one of only two major banking companies in the USA to achieve such a record, which is evidence of our consistent profitability, solid asset quality, and sound capital position."
Raymond James & Associates analysts said the $8.3 billion regional bank "is well-positioned for growth both organically and through acquisitions."
Sandler O'Neill & Partners have said United "maintains the title as one of the more valuable franchises in size remaining in the mid-Atlantic."
United contributed $2 million to local organizations over the last year, and Adams said its employees have active with local groups and charities. "Our competitive advantage has always been our people, and with their help and with the continued support of our many loyal customers and shareholders, we shall continue to build a great a banking company," he said.