WASHINGTON & CHARLESTON, W. Va.--(BUSINESS WIRE)--
United Bankshares, Inc. (NASDAQ: UBSI),
announced that at its August 28, 2017 board meeting, the Board of
Directors declared a third quarter dividend of $0.33 per share for
shareholders of record as of September 8, 2017. The dividend payout of
approximately $34.6 million on 105.0 million shares is payable October
2, 2017. United has increased its dividend to shareholders for 43
consecutive years. Only one other major banking company in the USA has
achieved such a dividend record.
At the August 28, 2017 board meeting, the Board of Directors also
approved a new plan to repurchase, on the open market at prevailing
prices, up to 2 million of the issued and outstanding shares of United’s
common stock. The new plan replaces the prior repurchase plan approved
by United’s Board of Directors in May of 2006.
The timing, price and quantity of purchases under the stock repurchase
plan will be at the discretion of management and the plan may be
discontinued, suspended or restarted at any time depending on the facts
and circumstances. United’s management feels the stock repurchase plan,
depending upon market and business conditions, will provide capital
management opportunities and build value for the Company’s shareholders.
United Bankshares, with $19.0 billion in assets, has 144 full-service
offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and
Washington, D.C.United Bankshares stock is traded on the NASDAQ Global
Select Market under the quotation symbol "UBSI."
View source version on businesswire.com: http://www.businesswire.com/news/home/20170828006042/en/
United Bankshares, Inc.
W. Mark Tatterson, 800-445-1347 ext. 8716
Chief
Financial Officer
Source: United Bankshares, Inc.