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PNC Bank for the Mid-Atlantic: It operates as a regional bank in the Mid-Atlantic, much like PNC Bank does across a broader multi-state area.

A community-focused Truist: Consider it a smaller, more community-oriented version of Truist Financial, concentrating its banking services across the Mid-Atlantic states.

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• Deposit Accounts: Offers various checking, savings, money market, and certificate of deposit accounts for individuals and businesses to manage their funds securely.
• Lending Services: Provides a comprehensive range of loans including commercial, real estate (residential mortgages and commercial properties), consumer, and small business loans.
• Wealth Management & Trust Services: Delivers financial planning, investment management, and trust administration services to individuals, families, and businesses.
• Digital Banking Services: Enables convenient and secure banking operations through online and mobile platforms, facilitating account access, transfers, and bill payments.

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United Bankshares (UBSI), through its subsidiary United Bank, primarily serves individuals and businesses directly rather than selling to other companies as its major customers. Its customer base can be broadly categorized into the following segments:

• Individual Consumers: This category includes individuals and families who utilize a full range of personal banking products and services. These offerings typically include checking and savings accounts, credit cards, mortgages, home equity loans, auto loans, and various other personal lending solutions.
• Small to Medium-sized Businesses (SMBs) and Commercial Clients: United Bank serves a diverse array of businesses, from small enterprises to mid-market companies. Services for this segment include business checking and savings accounts, commercial loans and lines of credit, real estate financing, treasury management services, and merchant services.
• Wealth Management Clients: This segment comprises high-net-worth individuals, families, and institutional clients seeking specialized financial services. These services often include investment management, trust and estate services, private banking, and comprehensive financial planning and advisory.

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Richard M. Adams, Jr. Chief Executive Officer

Richard M. Adams, Jr. became Chief Executive Officer of United Bankshares, Inc. in April 2022, having joined United in 1994. He previously served as President of United Bank from 2014 to 2022 and as Executive Vice President from 2000 to 2014. Prior to joining United, Mr. Adams, Jr. worked as an associate at Bowles Rice, LLP, practicing law in areas such as Commercial Law, Real Estate, Employment Law, and Litigation. He is the son and grandson of previous CEOs of United Bankshares, Inc., though he initially pursued a legal career before joining the family business.

W. Mark Tatterson Executive Vice President, Chief Financial Officer

W. Mark Tatterson serves as Chief Financial Officer at United Bankshares, Inc., a position he has held since 2015. He joined United in 1997 and has held various key roles within the company, including positions in credit risk management, treasury, and finance. Mr. Tatterson is responsible for developing and administering UBSI's corporate financial strategies, overseeing accounting management, external financial reporting, investor relations, and the corporate treasury function.

Richard M. Adams Executive Chairman of the Board

Richard M. Adams is the Executive Chairman of the Board of United Bankshares, Inc., having previously served as Chairman and Chief Executive Officer for 45 years. He began his banking career as a Management Trainee with Wachovia Bank and Trust before returning to West Virginia to join The Parkersburg National Bank. At the age of 29, he was named President and CEO of The Parkersburg National Bank (a predecessor to United), which was a single-office, $100 million in assets community bank. Under his leadership, United completed 33 acquisitions, expanding its assets to approximately $29.5 billion with nearly 250 offices across multiple states.

James J. Consagra, Jr. President

James J. Consagra, Jr. serves as President of United Bankshares, Inc., a role he assumed in April 2022. He joined United in 1998, and prior to that, he served as CFO and Treasurer of George Mason Bankshares, Inc., a company that was later acquired by United. Mr. Consagra has held various roles within United, including Executive Vice President and Chief Financial Officer of United Bank, and he previously worked as a Certified Public Accountant.

Ross M. Draber Executive Vice President, Chief Operating Officer

Ross M. Draber is the Executive Vice President and Chief Operating Officer of United Bankshares, Inc. He joined the organization in 2010 and has played an integral role in the company's expansion efforts through several mergers and acquisitions. Mr. Draber previously served as Chief Operating Officer of United Bank (a subsidiary of UBSI) and as Chief Administrative Officer.

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1. Pressure on Net Interest Margins (NIM): United Bankshares faces risks from potential pressure on its net interest margins, particularly if funding costs increase faster than anticipated or if economic conditions lead to slower loan growth. The rising cost of deposits is identified as a significant near-term challenge for regional banks like UBSI.

2. Exposure to Commercial Real Estate (CRE): The company has substantial exposure to Non-Owner Occupied Commercial Real Estate, which was approximately 294% of Total Risk Based Capital as of the third quarter of 2025. This high CRE exposure presents a considerable risk in the event of an economic downturn.

3. Cybersecurity Risks and Rising IT Costs: United Bankshares, like other regional banks, is exposed to the increasing cost of cybersecurity defense. The risk of data breaches in the banking sector carries an average cost significantly higher than the global average, necessitating substantial investment in advanced threat detection, employee training, and compliance with evolving security standards.

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The clearest emerging threat for United Bankshares (UBSI) is the accelerating competition from financial technology (fintech) companies and neobanks. These digital-first challengers offer highly personalized, mobile-centric banking experiences, often with lower fees, higher interest rates on deposits, and more streamlined lending processes. This directly threatens UBSI's traditional branch-based model and its ability to attract and retain younger, digitally-native customers, potentially leading to customer attrition and pressure on net interest margins.

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The addressable markets for United Bankshares (UBSI) main products and services in the United States are as follows:

• Retail Banking: The U.S. retail banking market is valued at approximately USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030.
• Commercial Banking: The U.S. commercial banking market is estimated at USD 732.5 billion in 2025 and is forecasted to reach USD 915.45 billion by 2030.
• Private Banking (a component of Wealth Management): The U.S. private banking market is valued at USD 59.54 billion in 2025 and is expected to reach USD 94.89 billion by 2030.

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United Bankshares (UBSI) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives and favorable market conditions. Key drivers include:

1. Strategic Mergers and Acquisitions: United Bankshares has a history of expanding its market presence and customer base through strategic acquisitions. A notable recent example is the merger with Piedmont Bancorp, Inc., which has significantly expanded UBSI's reach into the dynamic Atlanta market. This approach is expected to continue to enhance market share and financial standing.
2. Organic Loan and Deposit Growth: The company continues to demonstrate organic growth, with reported annualized loan growth and an increase in average earning assets largely funded by deposit growth. This is further supported by growth in specific loan categories such as construction, land development, and residential real estate loans.
3. Net Interest Income (NII) and Net Interest Margin (NIM) Optimization: Net interest income is a critical component of UBSI's total revenue, and its growth has been a strong indicator of profitability. Increases in net interest income have been attributed to an increase in average earning assets, a lower average rate paid on deposits, and effective interest-earning asset management. Projections for NII are favorable, suggesting continued financial strength from this area.
4. Growth in Noninterest Income: United Bankshares has shown an increasing contribution from noninterest income. The third quarter of 2025 saw a substantial increase in noninterest income, driven by net gains on investment securities and increased fees from brokerage services. This diversification of revenue streams beyond traditional lending is a positive indicator for future growth.
5. Expansion of Digital Banking Services: The banking industry is increasingly moving towards digitalization, and United Bankshares has identified opportunities to invest in and expand its digital banking services. This focus on technological advancements and innovative products and services is part of its multifaceted organic growth strategy.

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Share Repurchases

• United Bankshares repurchased approximately 2.3 million shares of its common stock at an average price of $34.53 per share during the first nine months of 2025.
• During the third quarter of 2025, approximately 735,000 shares were repurchased at an average price of $36.04 per share.
• The company did not repurchase any shares of common stock during 2024, but as of December 31, 2024, there were 4,371,239 shares remaining available under the approved repurchase plan.

Share Issuance

• In January 2025, United Bankshares issued 7.86 million shares of its common stock as part of the all-stock acquisition of Piedmont Bancorp, Inc.
• The maximum number of shares expected to be issued for the Piedmont Bancorp merger was 7,957,660.
• Shares outstanding for the quarter ending June 30, 2025, increased by 5.27% year-over-year to 0.142 billion.

Outbound Investments

• United Bankshares completed the acquisition of Atlanta-based Piedmont Bancorp, Inc., with approximately $2.4 billion in assets, in January 2025 through an all-stock transaction.
• In December 2021, the company acquired Community Bankers Trust Corporation, parent company of Essex Bank, which had approximately $1.7 billion in assets, in an all-stock transaction valued at roughly $303.3 million.
• United Bankshares completed its acquisition of Carolina Financial Corporation, the parent company of CresCom Bank with $4.8 billion in assets, in May 2020.