UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 7, 2014
United Bankshares, Inc.
(Exact name of registrant as specified in its charter)
| West Virginia | No. 0-13322 | 55-0641179 | ||
| (State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
300 United Center
500 Virginia Street, East
Charleston, West Virginia 25301
(Address of Principal Executive Offices)
(304) 424-8800
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. Other Events
On November 7, 2014, UBV Holding Company, Inc., a wholly-owned subsidiary of United Bankshares, Inc. (“United”), submitted redemption notices to Wilmington Trust Company, as Trustee, to redeem the trust preferred securities listed below. Under applicable regulatory capital guidelines issued by bank regulatory agencies, upon notice of the redemption, the amount of trust preferred securities that will be redeemed will no longer qualify as Tier 1 capital for United. The Federal Reserve Board did not object to the redemption of the securities. The redemptions will be funded with excess cash currently available to United.
| Trust |
Interest Rate | Redemption Price |
Principal Amount Outstanding |
Principal Amount to be Redeemed |
Redemption Date | |||||||||||||
| Sequoia Capital Trust I |
10.18 | % | 103.563 | % | $ | 2,000,000 | $ | 2,000,000 | December 8, 2014 | |||||||||
| VCBI Capital Trust IV |
10.20 | % | 100.000 | % | $ | 25,000,000 | $ | 25,000,000 | December 30, 2014 | |||||||||
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| UNITED BANKSHARES, INC. | ||||||||
| Date: | November 7, 2014 |
By: | /s/ Steven E. Wilson | |||||
| Steven E. Wilson, Executive Vice President, | ||||||||
| Treasurer, Secretary and Chief Financial Officer | ||||||||