United Bankshares, Inc. (UBSI): Business Model Canvas [Dec-2025 Updated]

You're digging into the Business Model Canvas for United Bankshares, Inc. (UBSI) because you want to know the real story behind that rock-solid dividend streak, right? Well, here's the quick math: the core engine is a disciplined, regional growth strategy powered by strategic M&A, all while delivering a shareholder return that's tough to match-a 52nd consecutive year of dividend increases, totaling $1.49 per share in 2025, built on consolidated assets of about $33 billion. I've broken down the entire nine-block structure below, showing precisely how they manage their 240+ offices to generate Net Interest Income projected between $1.093 billion to $1.100 billion this year, so keep reading to see the mechanics behind this defintely reliable regional powerhouse.

United Bankshares, Inc. (UBSI) - Canvas Business Model: Key Partnerships

You're looking at the external relationships United Bankshares, Inc. (UBSI) relies on to execute its strategy. These partnerships are critical, especially given the bank's focus on regional growth through acquisition and deep community ties.

Institutional Investors Holding 70.80% of the Stock

The ownership structure shows a heavy reliance on institutional capital, with 70.80% of the stock held by funds and institutions. This concentration means their sentiment heavily influences valuation and strategic direction. The top institutional holders control a significant portion of that block; for instance, the top 13 shareholders control 51% of the company.

Here are some of the major institutional partners by reported holding:

• Blackrock Inc.: 14.46%
• Vanguard Group Inc: 10.48%
• State Street Corp: 5.85%
• Dimensional Fund Advisors LP: 5.51%

Financial Advisors and Investment Banks for M&A Strategy

United Bankshares, Inc. has a history of using external M&A advisors to facilitate its growth-by-acquisition strategy, which includes its 34th acquisition recently completed in January 2025. The most recent acquisition mentioned, Community Bankers Trust Corporation in June 2021, involved facilitators like Performance Trust Capital Partners and Piper Sandler.

Past M&A facilitators include:

The general M&A advisory landscape in 2025 features Goldman Sachs, JPMorgan, and Morgan Stanley dominating megadeals, alongside independents like Evercore. United Bankshares, Inc. is positioned within this environment for its regional consolidation plays.

Core Banking Software and Technology Vendors

Specific names for core banking software and technology vendors were not explicitly detailed with associated financial commitments in the latest reports. The bank does, however, offer competitive technology to its customers.

Local Community Organizations for Regional Presence

United Bankshares, Inc. supports its regional footprint through its Premier Partners Program, focusing on community viability. The bank operates close to 240 full-service banking offices and 22 loan origination offices across its footprint.

The Premier Partners Program aligns with commitments to:

• Empower historically underserved areas and people.
• Develop affordable housing options.
• Support small business growth.
• Revitalize communities.

The bank's work includes financing affordable housing developments in areas like Adams Morgan and Columbia Heights in Washington, D.C., and supporting services like affordable childcare and workforce development.

Finance: draft a list of the top 5 technology vendors by spend for the next quarter review by Monday.

United Bankshares, Inc. (UBSI) - Canvas Business Model: Key Activities

You're looking at the core engine of United Bankshares, Inc. (UBSI) as of late 2025, based on their third-quarter results. These are the actions that drive the business.

Commercial and retail loan origination and servicing

The bank is actively originating and managing its loan book. For the third quarter of 2025, net charge-offs totaled $20.0 million, which translates to an annualized rate of 0.33% against average loans and leases, net of unearned income. You should note that the average net loans and loans held for sale increased by $2.7 billion from the third quarter of 2024 to the third quarter of 2025. This growth was fueled by both the Piedmont Bancorp acquisition and organic activity.

Organic loan growth in the third quarter of 2025 was particularly strong in specific markets. Here are the annualized growth rates for those leading areas:

• Georgia: greater than 20%
• North Carolina: greater than 20%
• Central Virginia: greater than 20%

The commercial loan and lease portfolio stood at $18.48 billion as of June 30, 2025. Also, about ~52% of the total loan portfolio is fixed rate, while ~48% is adjustable rate as of Q3 2025.

Deposit gathering and liability management

Gathering stable funding is always a key activity. From the second quarter of 2025 to the third quarter of 2025, average interest-bearing deposits increased by $415.5 million, representing a 2% sequential rise. To manage interest rate risk, United Bankshares, Inc. reports that approximately ~12% of its total deposits have interest rates tied to a floating rate index as of Q3 2025.

Strategic acquisitions for geographic expansion (e.g., Piedmont Bancorp in 2025)

Acquisitions are a defining part of United Bankshares, Inc.'s growth strategy. The deal to acquire Piedmont Bancorp, Inc. closed on January 10, 2025. This was United Bankshares, Inc.'s 34th acquisition. Following this transaction, the combined organization reported consolidated assets of more than $32 billion and a network exceeding 240 locations across its footprint, which now includes Georgia.

The impact of the Piedmont acquisition is clear in the asset growth figures when comparing year-over-year periods. Average earning assets grew by $3.3 billion, or 13%, from the third quarter of 2024 to the third quarter of 2025, with the Piedmont deal being a primary driver.

Maintaining strong regulatory capital ratios

Keeping capital ratios well above regulatory minimums is a non-negotiable activity for a bank holding company of this size. United Bankshares, Inc.'s estimated capital position as of September 30, 2025, shows significant strength compared to the requirements for a well-capitalized institution. Here are the estimated ratios:

The tangible book value per share was $24.03 at the end of the third quarter of 2025. Also, for the first nine months of 2025, United repurchased approximately 735 thousand shares of its common stock at an average price per share of $36.04.

United Bankshares, Inc. (UBSI) - Canvas Business Model: Key Resources

The Key Resources for United Bankshares, Inc. (UBSI) center on its substantial balance sheet strength, extensive physical footprint, and the stability of its leadership.

The foundation of the resource base is its financial scale. United Bankshares, Inc. reported consolidated assets of approximately $33 billion as of September 30, 2025. This scale supports its operational capacity across its market footprint.

Operationally, the physical network is a core asset. United Bankshares, Inc. maintains a network of over 240 offices across nine states and the District of Columbia. This physical presence is critical for community banking and relationship-based service delivery.

The strength of the capital position is a non-negotiable resource in banking. As of the third quarter of 2025, United Bankshares, Inc. held capital ratios significantly above regulatory minimums, demonstrating a conservative and robust balance sheet.

Here's a look at the specific capital and operational metrics as of Q3 2025:

The management team represents significant intellectual and relational capital. This team is characterized by longevity and consistent execution, which underpins shareholder confidence. For instance, the company has a long history of rewarding shareholders, marking its 52nd consecutive year of dividend increases in 2024. The leadership structure includes a CEO who took the helm in 2022, following a tenure where the former Chairman/CEO was noted as the longest-serving CEO among the top 100 U.S. banks after 47 years.

The geographic spread of the physical resource base covers key high-growth and established markets:

• Operations span Virginia, West Virginia, Maryland, Ohio, Pennsylvania, North Carolina, South Carolina, and Georgia, plus Washington, D.C.
• Loan growth in Q3 2025 was notably led by the Georgia, North Carolina, and Central Virginia markets.
• The company is the parent to several specialized subsidiaries, including George Mason Mortgage, United Brokerage, and Crescent Mortgage.
• The firm has a history built on 34 acquisitions as of the reporting period.

The firm's conservative financial management is also a key resource, evidenced by a low Debt-to-Equity Ratio of 0.15 as of Q3 2025. This low leverage provides flexibility for future strategic moves.

United Bankshares, Inc. (UBSI) - Canvas Business Model: Value Propositions

You're looking at the core promises United Bankshares, Inc. makes to its customers and investors; these are the reasons people choose them over a competitor. For a financial holding company with a banking tradition stretching back to 1839, stability is a huge part of the value proposition.

The most concrete proof of this stability for shareholders is the dividend record. United Bankshares, Inc. delivered its 52nd consecutive year of increased annual dividends, with the total for 2025 amounting to $1.49 per share. That kind of consistency is rare in the banking sector, signaling management's confidence in sustained profitability.

The service model itself is built around blending scale with local knowledge. United Bankshares, Inc. operates over 240 full-service banking offices across a nine-state footprint, including Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. This physical presence supports a local decision-making model designed to keep banking responsive to community needs, such as providing fast, local decision-making for point-of-sale deals in commercial lending.

The product offering is comprehensive, covering the full suite of commercial and retail banking needs. You'll find they offer everything from basic deposit accounts to specialized lending and wealth services.

• Acceptance of deposits in checking, savings, time, and money market accounts.
• Making and servicing of personal, credit card, commercial, and floor plan loans.
• Trust and brokerage services, safe deposit boxes, and wire transfers.
• Treasury management and wealth management services.

The financial performance in 2025 backs up these promises. For instance, the third quarter of 2025 saw record net income of $130.7 million, translating to diluted earnings per share (EPS) of $0.92. This operational strength underpins the value delivered to stakeholders.

Here's a quick look at the scale and recent performance metrics that define the current value proposition:

The commitment to service also involves accessibility; for example, United Bankshares, Inc. provides service in over 170 languages on demand through a call center partnership and ensures ATMs are ADA-compliant. This focus on relationship-based banking helps drive noninterest income, which management projected to be in the range of $125 million to $135 million for the full fiscal year 2025.

United Bankshares, Inc. (UBSI) - Canvas Business Model: Customer Relationships

You're looking at how United Bankshares, Inc. keeps its customers close, which is key for a regional player competing against the giants. Their approach is definitely a blend of old-school banking presence and modern efficiency.

Relationship-driven, high-touch service through branch network

United Bankshares, Inc. relies heavily on its physical footprint to deliver that high-touch service you expect from a community bank, even as they grow. As of March 31, 2025, United Bank, the primary subsidiary, operated more than 240 offices. This network spans eight states plus Washington, D.C., including West Virginia, Ohio, Virginia, Maryland, North Carolina, South Carolina, Pennsylvania, and Georgia. This physical presence supports their asset base, which stood at approximately $33 billion as of the third quarter of 2025. The strategy here is clear: be physically present where your core customers live and work.

Dedicated commercial lending officers for business clients

For your business clients, United Bankshares, Inc. structures its relationship management around dedicated personnel. You see this reflected in their executive structure, with Michael Proctor serving as the Chief Commercial Lending Officer and Executive Vice President. This role signals a commitment to having senior leadership focused on the commercial relationship side of the business, which is defintely where deep, personal banking ties are forged. While I don't have the exact ratio of dedicated officers to business clients for late 2025, the organizational emphasis is on direct, high-value interaction for commercial needs.

Automated self-service for routine digital transactions

To handle the day-to-day, United Bankshares, Inc. supports its relationship model with digital tools for routine tasks. The focus isn't on replacing the branch banker but on making simple transactions faster. You can see the efficiency gains reflected in their profitability metrics, which are strong enough to support consistent shareholder actions. For instance, the annualized Return on Average Assets in the third quarter of 2025 hit 1.57%.

Here are some key financial results that show the strength supporting these customer relationships:

Investor relations focused on consistent shareholder returns

The relationship with shareholders is managed through a clear track record of financial discipline and return. United Bankshares, Inc. has a long history of rewarding its owners. In 2024, the company increased its dividend for the 51st consecutive year, moving it from $1.45 to $1.48. This consistency is a core part of their investor value proposition. Furthermore, the long-term performance speaks volumes; since the KBW Bank Index started in 1992, UBSI stock has delivered a total shareholder return of 1,387%, significantly outpacing the Index return of 1,108%. You can track these results through their regular reporting schedule, such as the Q3 2025 earnings release on October 23, 2025.

The key elements of this relationship strategy include:

• Maintaining a physical presence with over 240 offices across a multi-state footprint.
• Focusing commercial efforts through dedicated executive roles like the Chief Commercial Lending Officer.
• Delivering consistent capital returns, evidenced by the 51st consecutive annual dividend increase in 2024.
• Outperforming the peer index over the long term by 1,387% since 1992.

Finance: review the Q4 2025 dividend projection against the Q3 2025 EPS of $0.92 by next Tuesday.

United Bankshares, Inc. (UBSI) - Canvas Business Model: Channels

You're looking at how United Bankshares, Inc. (UBSI) gets its services to customers, which is a mix of old-school presence and modern digital tools.

Extensive physical branch network remains a core channel, anchoring the business in the communities it serves. As of late 2025, United Bankshares, Inc. operates over 240 offices. These physical touchpoints span a significant geographic footprint across Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia. This physical scale supports the overall consolidated asset base, which stood at $33.407B for the quarter ending September 30, 2025.

Digital access is delivered through online and mobile banking platforms. United Bankshares, Inc. explicitly offers exploration of its Online Banking and Mobile Banking services, including integration with Zelle®. These platforms help customers manage accounts and conduct transactions digitally.

For more sophisticated needs, the firm channels services through its brokerage services and wealth management divisions. These divisions offer Financial Planning, Investing Solutions, and Retirement Planning. The financial contribution from this channel shows up in noninterest income; fees from brokerage services increased by $1.4 million in the third quarter of 2025 compared to the second quarter of 2025.

Here's a quick look at the scale across these primary channels as of the latest reported data:

The final listed channel involves ATMs and third-party payment networks. While United Bankshares, Inc. is part of the broader financial ecosystem, specific figures for the total number of proprietary ATMs or the extent of its participation in third-party networks are not explicitly detailed in the recent public financial disclosures reviewed. Still, the digital offerings suggest reliance on established payment rails.

• Geographic Reach: 9 states plus Washington, D.C.
• Digital Offerings: Online Banking and Mobile Banking use.
• Wealth Services: Includes Fiduciary & Trust Services.

Finance: draft 13-week cash view by Friday.

United Bankshares, Inc. (UBSI) - Canvas Business Model: Customer Segments

You're looking at the core groups United Bankshares, Inc. (UBSI) serves, which directly informs where they deploy capital and resources across their footprint.

Retail customers in Mid-Atlantic and Southeast MSAs

United Bankshares, Inc. serves retail banking needs across a nine-state footprint that includes the Mid-Atlantic and Southeast regions. As of the third quarter of 2025, United Bankshares, Inc. had total assets of $33.407B and operated 200 offices across eight states and Washington D.C.. The company achieved the number one deposit market share position in West Virginia based on the 2024 FDIC Summary of Deposits. The loan portfolio composition shows that Retail loans accounted for 16% of the portfolio as of the Third Quarter 2025 Earnings Review.

The geographic reach supporting these customers includes:

• Washington, D.C.
• Virginia
• West Virginia
• Maryland
• North Carolina
• South Carolina
• Ohio
• Pennsylvania
• Georgia

Small to mid-sized commercial businesses (CRE, C&I loans)

Commercial lending, particularly Commercial Real Estate (CRE), is a major focus. Loan growth in the third quarter of 2025 was strong in the Georgia, North Carolina, and Central Virginia markets, with annualized growth rates exceeding 20%. Total loans stood at approximately $24.2 billion as of Q3 2025. The CRE portfolio remains diversified, but specific segments show concentration:

The company reported that approximately 52% of the total loan portfolio is fixed rate, with 48% being adjustable rate as of September 30, 2025.

High-net-worth individuals for wealth management services

United Bankshares, Inc. offers wealth management services alongside its core banking products. While specific Assets Under Management (AUM) for the wealth segment as of late 2025 isn't explicitly detailed in the provided data, the overall consolidated assets for United Bankshares, Inc. were over $33 billion as of September 30, 2025. The company also generates non-interest income from services like brokerage, which increased by $0.7 million in the first quarter of 2025.

Shareholders seeking consistent dividend income

Shareholders are a key segment, evidenced by the focus on consistent returns. United Bankshares, Inc. achieved its 52nd consecutive annual increase in dividends. The total dividends declared for Fiscal Year 2025 reached $1.49 per share. The most recent announced quarterly dividend was $0.38 per share for shareholders of record as of December 12, 2025. The annual dividend is stated as $1.48 per share, with a payout ratio sitting near 49% of earnings.

Key metrics relevant to the shareholder segment include:

• Annual Dividend: $1.48 per share
• Forward Dividend Yield (as of Nov 16, 2025): 4.07%
• Payout Ratio: 48.80%
• Return on Average Tangible Equity (ROATCE) in Q3 2025: 15.45%

Finance: draft 13-week cash view by Friday.

United Bankshares, Inc. (UBSI) - Canvas Business Model: Cost Structure

The Cost Structure for United Bankshares, Inc. (UBSI) is heavily influenced by funding costs and operational overhead necessary to support its network of over 240 offices across Washington, D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia.

The primary driver of cost remains the Significant interest expense on deposits and borrowings, which is directly tied to the cost of funds in the prevailing rate environment. For example, in the first quarter of 2025, the total Interest Expense was reported as $143.592 million. This expense is a function of the increasing average interest-bearing deposits, which rose by $2.9 billion from the second quarter of 2024 to the second quarter of 2025. Conversely, average long-term borrowings decreased by $739.6 million over the same period, providing some offset.

For the full fiscal year 2025, United Bankshares, Inc. has provided guidance for Non-interest expense projected between $605 million to $615 million. This figure includes the costs associated with maintaining the physical footprint and supporting the workforce.

Employee compensation and benefits form a substantial part of the non-interest expense. As of the 2024 Annual Report (data as of January 10, 2025), United Bankshares, Inc. had 2,700 team members. A more recent update from October 3, 2025, indicates the company has grown to employ 3000+ professionals worldwide. For instance, one quarterly filing showed Salaries and Employee Benefits expense at $210 million in one period and $122 million in another.

The cost related to managing credit risk is captured in the Provision for credit losses. The current planning assumption for total provision expense for FY 2025 is set at $52 million, which includes a Day 2 merger-related CECL provision expense of $19 million recorded in the first quarter of 2025. This compares to quarterly provision expenses of $29.1 million in Q1 2025 and $12.1 million in Q3 2025.

Finally, supporting the bank's operations across its physical locations and digital channels involves significant Technology and infrastructure costs for digital platforms. While a specific dollar amount for digital platform costs isn't isolated, the overall non-interest expense projection of $605 million to $615 million for 2025 encompasses these necessary technology investments to maintain competitive service delivery.

Key components contributing to the overall cost base include:

• Significant interest paid on interest-bearing deposits.
• Compensation and benefits for over 3000+ professionals.
• Operating costs across more than 240 offices.
• Projected total provision expense of $52 million for FY 2025.
• Merger-related expenses included in the 2025 non-interest expense guidance.

Finance: draft 13-week cash view by Friday.

United Bankshares, Inc. (UBSI) - Canvas Business Model: Revenue Streams

The primary engine for United Bankshares, Inc. (UBSI) revenue generation centers on its core banking activities, specifically the spread between interest earned on assets and interest paid on liabilities, supplemented by fee-based services.

Net Interest Income (NII) from Loans and Securities

Net Interest Income is the most substantial component of United Bankshares, Inc.'s top line. This reflects the interest United Bankshares, Inc. earns from its loan portfolio and securities investments, less the interest expense paid on customer deposits and borrowings. For the third quarter of 2025, United Bankshares, Inc. reported a record Net Interest Income of $280.1 million. This Q3 2025 figure represented a 2% increase, or $5.6 million, from the second quarter of 2025. The growth in NII was attributed to an increase in average earning assets, a lower average rate paid on deposits, and income from acquired loan accretion.

Looking forward, the full-year projection for Net Interest Income (non-FTE) for FY 2025 is expected to fall between $1.093 billion to $1.100 billion. This projection was based on assumptions that included two additional 25 basis point rate cuts in the fourth quarter of 2025. The loan portfolio structure impacts this stream, with approximately 52% of the loan portfolio being fixed rate and about 48% being adjustable rate as of late 2025. Furthermore, scheduled purchase accounting loan accretion is estimated at approximately $31 million for the entirety of FY 2025.

Non-interest income from service charges and fees

Non-interest income provides a vital, fee-based diversification to the interest income stream. For the full fiscal year 2025, the projection for total Non-interest income is set between $115 million to $125 million. [cite: User Provided Outline Data] The most recently reported quarter, Q3 2025, saw Noninterest Income reach $43.2 million, which was a 37% increase from the second quarter of 2025.

This non-interest revenue is composed of several key elements, with investment securities gains and brokerage fees being notable drivers in the third quarter of 2025:

• Net gains on investment securities for Q3 2025 were $10.4 million.
• Fees from brokerage services increased by $1.4 million from the linked quarter (Q2 2025).
• The increase in noninterest income year-over-year (Q3 2025 vs Q3 2024) was 35%, or $11.3 million.

Mortgage banking and brokerage services income

Income derived from mortgage banking and brokerage services contributes directly to the Non-interest income total. The growth in brokerage fees specifically contributed to the strong third-quarter performance. The composition of the non-interest income for the third quarter of 2025 can be broken down as follows:

The securities portfolio composition also plays a role in potential income volatility; approximately 13% to 14% of the securities portfolio was floating rate as of mid-2025. Securities balances of about $436 million with an average yield of about 4.0% were projected to roll off during the remainder of FY 2025.