United Bankshares Inc.’s board of directors Monday declared a fourth quarter dividend of $0.30 per share for shareholders of record as of Dec. 11, 2009.
Dividends per share of $1.17 for the year 2009 represent an increase over the $1.16 per share paid for the year of 2008.
The dividend payout of approximately $13 million on 43.4 million shares is payable Jan. 4, 2010.
While many banking companies have reduced or suspended dividends during the past 12 months, 2009 marks the 36th consecutive year of dividend increases to United shareholders. During this 36-year period, the dividend has increased from $0.06 to $1.17, which represents an annual compound growth of over 9 percent.
“We continue to be committed to rewarding our shareholders even in these most difficult of times,” commented Richard M. Adams, United’s chairman of the board and chief executive officer. “Our ability to increase dividends to our shareholders of the past 36 years is evidence of our consistency of earnings, sound asset quality and capital adequacy.
“While we have been affected by the greatest challenges to our industry since the Great Depression, we continue to perform much better than most,” Adams continued. “It is important to point out that our ability to increase dividends will depend upon our ability to have our earnings outpace our dividends. If a dividend cut is required to continue to maintain our position as well-capitalized, we shall act to continue to build the long-term shareholder value.”
