United Bank Announces Strong Q2 Earnings Despite Significant Merger Expenses
United Bank just announced its earnings for Q2 2016: $31.8M, or $0.44 per diluted share, bringing its current year total to $66.5M.
“Our earnings remain strong despite significant merger expenses related to the acquisition of the Bank of Georgetown,” chairman and CEO Richard Adams says. "Even with these merger-related expenses, we are ahead of peer profit performance."
United continues to prudently grow assets and core earnings, solidifying its position as the largest community bank headquartered in the nation's capital. During Q2, United’s board of directors declared a cash dividend of $0.33 per share, continuing its track record of increasing dividends distributed to shareholders for 42 consecutive years.
The Bank of Georgetown merger, finalized June 3, represents United’s 30th acquisition. As a result, United not only has consolidated assets of approximately $14.3B managed by its 129 full-service offices, but also gained several talented individuals, bolstering the United team.
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