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United Bankshares Inc. reports increased earnings

Jan. 31, 2014 @ 12:00 AM

CHARLESTON -- United Bankshares Inc. Thursday reported that earnings were up year over year.

Earnings for 2013 were $85.6 million or $1.70 per diluted share, up from $82.6 million or $1.64 per diluted in 2012, according to a news release. For the fourth quarter, earnings were $19.7 million or $0.39 per diluted share, compared $21.2 million or $0.42 per diluted share for the same period last year.

"Earnings rose from 2012 while the dividend to shareholders was increased for the 40th consecutive year," said Richard M. Adams, United's chairman of the board and chief executive officer. "We also announced the signing of a definitive merger agreement with Virginia Commerce Bancorp Inc., the largest acquisition in United's history."

Fourth quarter results showed a return on average assets of 0.91 percent and a return on average equity of 7.57 percent. For the year, United's return on average assets was 1.02 percent and return on average equity was 8.43 percent.

The Virginia Commerce merger is scheduled for Friday, Jan. 31, after the close of business, expanding the company's presence in the northern Virginia suburbs of Washington, D.C. Based in Arlington, Va., Virginia Commerce has 28 banking offices, one residential mortgage origination office and one wealth management office.

United has consolidated assets of approximately $8.7 billion and 113 full service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C.

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