United Bankshares Releases 3Q Earnings

Posted: October 29, 2013

HARRISONBURG — United Bankshares Inc. reported earnings for both the third quarter and the first nine months of 2013 on Tuesday.

Its subsidiary, United Bank, operates several branches throughout the central Valley, including in Harrisonburg, Bridgewater, Broadway, Elkton and Weyers Cave.

Third quarter earnings were $22.2 million or 44 cents per diluted share, an increase of $19.3 million and 38 cents, respectively, for the same period last year.

Earnings for the first nine months of 2013 were up by more than $4 million, from $61.4 million in 2012 to $66 million this year. That works out to $1.31 per diluted share for the nine months ending in September, up from earnings $1.22 per share for the same stretch in 2012.

The financial institution, which has dual headquarters in Charleston, W.Va., and Washington, D.C., announced in January that it will acquire Virginia Commerce Bancorp Inc. in a deal valued at $490.6 million. That deal has been approved by the shareholders of both companies but is still waiting regulatory approval.