United Bank No. 1 in West Virginia market share | News, Sports, Jobs

United Bank’s downtown Parkersburg facility. United Bank is No. 1 in local deposit market share in West Virginia, according to the latest numbers from the Federal Deposit Insurance Corp., the company has announced. (Photo Provided)

PARKERSBURG — United Bank has achieved the No. 1 position in local deposit market share in West Virginia, the company has announced.

It is the first time United has held the top market share in West Virginia, Richard M. Adams, Jr., CEO of United Bankshares, said.

“When my father, Richard Adams, took over as CEO in the 1970s, we weren’t even in the Top 10,” Adams said. “When I joined the bank 30 years ago, we had moved to No. 4. We have held the No. 2 spot for the past 25 years and we are proud to move to number 1 this year.”

The Federal Deposit Insurance Corp. recently released its yearly annual survey of branch office deposits for all FDIC-insured institutions as of June 30. United reached the top position with just under $6.3 billion in deposits and 13.5% of the market share.

Trust is the primary reason United has reached the top market share position, Adams said.

Richard M. Adams, Jr. (Photo Provided)

“If I had to boil it down to just one thing, I would say trust. “No company has been serving our great state longer than United, and that commitment to West Virginia and its communities makes a difference,” he said. “Last year United was recognized as the most trustworthy banking company in the nation by Newsweek. In our business, trust is critical. Our approach to customer acquisition, retention, and service is focused on building strong relationships, and we cannot have success in this area without trust.”

Looking to the future, the company is excited about the future and will continue to have success growing in West Virginia, Adams said.

United’s assets in West Virginia are 27% of the company’s total assets in all of its markets, he said. As of June 30, United company-wide had more than 650,000 deposit accounts with a similar proportion located in West Virginia.

“First, I am so proud of our West Virginia team members and what they do for our customers each and every day,” Adams said. “The other would be how proud we are to serve this great state and to be born, raised and growing in West Virginia.”

While No. 1 in market share in several West Virginia markets, United is No. 2 in many others, Adams said. The average growth rate of deposits is 6.2% in West Virginia, he said.

United Bankshares, United’s holding company headquartered in Charleston, is the largest publicly traded company in West Virginia.

“At United Bank, we win market by market,’” said DF Mock III, United’s West Virginia Regional President. “We are proud to have strong local leaders in each of our markets who are dedicated to the people and organizations in their communities. They are empowered to make decisions, they respond quickly to our customers, and they embody the entrepreneurial spirit that drives our culture.”

The company’s leadership, consistent performance and focus on relationships make it the bank of choice for the customers, investors, team members and communities, according to Adams. United is among the Top 5 Most Trustworthy Banks in America as ranked by Newsweek for three straight years and also has been designated among America’s Best Banks by Newsweek and was No. 1 in 2023 in West Virginia.

United Bank, established in 1839, has more than 225 offices in West Virginia, Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, Georgia and Washington, DC

“No company has been serving West Virginia longer than United. We are proud that our deep local roots and personal relationships throughout the Mountain State continue to make United ‘West Virginia’s Bank,’” Adams said. “We are incredibly committed to serving our communities throughout this great state with safe, sound, and secure practices that have allowed our company to weather any storm for 185 years.”

Jess Mancini can be reached at [email protected]