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United Bankshares , Inc. (NASDAQ:UBSI), a $5.06 billion market cap regional bank trading at a P/E ratio of 12.59, announced Monday that it has entered into new change in control agreements with several of its top executives and approved new forms for future equity awards, according to a statement based on a recent SEC filing. According to InvestingPro data, the bank maintains a FAIR financial health score and has demonstrated consistent profitability over the last twelve months.
On July 31, United Bankshares entered into change in control agreements with Chief Executive Officer Richard M. Adams, Jr., President James J. Consagra, Jr., Executive Vice President, Chief Financial Officer and Treasurer W. Mark Tatterson, and Executive Vice President, Chief Risk and Information Officer Darren K. Williams. The agreements set terms for severance payments and benefits if any of these executives experience a qualifying termination of employment in connection with a change in control of the company.
Under the agreements, if an executive’s employment is terminated by United Bankshares without cause or by the executive for good reason within two years after a change in control, and subject to the executive signing a separation and release agreement, the executive will receive a lump sum payment. For Mr. Adams, Jr. and Mr. Consagra, the payment will equal three times the sum of their current annual base salary and target annual bonus; for Mr. Tatterson and Mr. Williams, the payment will be two times that sum. The agreements also provide for a prorated annual bonus for the year of termination, any unpaid annual bonus for the previous year, and continued employer-paid health insurance premiums for up to 36 months for Mr. Adams, Jr. and Mr. Consagra, and up to 24 months for Mr. Tatterson and Mr. Williams. The new agreements for Mr. Adams, Jr. and Mr. Consagra replace those entered into in November 2008.
Additionally, on July 29, the Compensation and Human Capital Committee of the Board of Directors approved new forms of award agreements for future grants of equity awards under the United Bankshares, Inc. 2025 Equity Incentive Plan. The committee also approved a form of amendment to correct certain provisions in existing supplemental executive retirement agreements, including that of Mr. Williams. Notably, InvestingPro analysis reveals the bank has maintained dividend payments for 42 consecutive years and has raised its dividend for 36 straight years, demonstrating strong commitment to shareholder returns.
This information is based on a press release statement and details disclosed in a filing with the Securities and Exchange Commission. Want deeper insights into United Bankshares’ financial health and future prospects? InvestingPro offers 8 additional exclusive tips and comprehensive financial metrics to help you make informed investment decisions.
In other recent news, United Bank, a subsidiary of United Bankshares, Inc., had its ratings affirmed by Moody’s, with the outlook revised to stable. This decision reflects the bank’s strong solvency position and successful integration of Piedmont Bancorp, Inc. United Bank’s tangible common equity as a percentage of risk-weighted assets stood at 14.0% at the end of 2024, with an average net income to tangible assets ratio of 1.31% between 2020 and 2024. Additionally, United Bankshares, Inc. announced the approval of its 2025 Equity Incentive Plan, following a shareholder vote. This plan aims to align the interests of directors, officers, and employees with those of the shareholders to promote long-term growth. Furthermore, United Bankshares declared a second-quarter dividend of $0.37 per share, marking the 52nd consecutive year of dividend increases. This consistent dividend growth places United Bankshares among the top U.S. banking companies.
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