Newspaper article Charleston Gazette Mail

United Bankshares Reports Earnings Dip after Merger

Newspaper article Charleston Gazette Mail

United Bankshares Reports Earnings Dip after Merger

Article excerpt

United Bank officials said Thursday their parent company's earnings for the second quarter of 2016 were down slightly from the same period last year, largely because of the acquisition of a Washington, D.C.-based bank. United Bankshares's reported earnings for the quarter were $31.8 million, or 44 cents per share, compared to $34.8 million, or 50 cents a share, for the second quarter of 2015. For the first half of the year, earnings were $66.5 million, or 94 cents a share; last year's first-half earnings were $69.4 million, or $1 a share.

"Our earnings remain strong, despite significant merger expenses related to the acquisition of the Bank of Georgetown, Richard Adams, United Bankshares chairman and chief executive officer, said in a news release. …

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