United Bankshares, Inc. (NASDAQ:UBSI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b) On August 24, 2017, Bernard H. Clineburg submitted his resignation as a director of United Bankshares, Inc. (“United”) effective August 28, 2017. At that time, Mr. Clineburg became a Director Emeritus and Advisor to the Chairman and Chief Executive Officer of United. Mr. Clineburg’s resignation was not in response to any disagreement with the operations, policies or practices of United.
Item 8.01. Other Events
At its August 28, 2017 board meeting, the Board of Directors of United declared a third quarter dividend of $0.33 per share. The third quarter dividend of $0.33 per share will be for shareholders of record as of September 8, 2017. The dividend will be payable on October 2, 2017.
United’s Board of Directors also approved a new plan to repurchase up to 2 million shares of United’s common stock on the open market at prevailing prices. 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 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 believes the repurchase plan, depending upon market and business conditions, will provide capital management opportunities and build value for the Company’s shareholders.
Attached as Exhibit 99.1 is a copy of the press release relating to the announcement of the third quarter dividend and new stock repurchase plan, which is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits.
| 99.1 | Press Release, dated August 28, 2017, issued by United Bankshares, Inc. |
UNITED BANKSHARES INC/WV ExhibitEX-99.1 2 d433452dex991.htm EX-99.1 EX-99.1 EXHIBIT 99.1 News Release For Immediate Release Contact: W. Mark Tatterson August 28,…To view the full exhibit click here
About United Bankshares, Inc. (NASDAQ:UBSI)
United Bankshares, Inc. (United) is a bank holding company. The Company has approximately 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). The Company operates through community banking segment. 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. United, through its subsidiaries, engages in community banking and offers 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.