United Bankshares Inc. announced on Thursday that earnings were up year over year by $3 million.
Earnings for 2013 were $85.6 million, or $1.70 per diluted share, up from $82.6 million or $1.64 per diluted share for the prior year.
Also, the company announced the signing of a merger agreement with Virginia Commerce Bancorp. Inc. of Arlington, Va. Virginia Commerce has 28 banking offices, one residential mortgage office and one wealth management office located in the Northern Virginia suburbs of Washington, D.C.
Virginia Commerce has over $3 billion in assets, which takes United Bankshares assets to over $10 billion.
“Earnings rose from 2012 while the dividend to shareholders has increased for the 40th consecutive year,” said Richard M. Adams, United’s chairman and CEO. “We also announced the signing of a definitive merger agreement with Virginia Commerce Bancorp Inc., the largest acquisition in United’s history.”
Fourth-quarter results showed a return on average assets of 0.91 percent and a return on average equity of 7.57 percent. For the year, United Bankshares’ return on average assets was 1.02 percent and the return on average equity was 8.43 percent.
United has 113 full-service offices in West Virginia, Maryland, Ohio, Pennsylvania and Washington, D.C.