Dive Brief:
- Richard Adams Sr., United Bank's CEO, is stepping down after almost 47 years at the helm of the Charleston, West Virginia-based bank, according to a press release Monday.
- Adams, 75, will become executive chairman of United's board, and his son, Richard Adams Jr., will take over as CEO, effective April 1. The younger Adams has served as the bank's president since 2014.
- Adams Sr. is the longest-serving CEO of a top 100 U.S. bank, according to American Banker. The Federal Reserve ranked United 68th-largest in asset size among U.S. banks, with $29.3 billion as of Dec. 31.
Dive Insight:
Adams was named president and CEO of The Parkersburg National Bank — United's predecessor — at age 29, according to the company website. Under his leadership, the firm has transformed from a single-location community bank with $100 million in assets to Virginia's largest state-chartered bank with nearly 250 offices in eight states and Washington, D.C.
Adams was CEO when United went public in 1987, and the bank has made more than 30 acquisitions since then.
Adams, who began his career as a management trainee at Wachovia Bank and Trust in North Carolina, has served on the American Bankers Association Governing Council, the Board of the Federal Reserve Bank and the Office of the Comptroller of the Currency Regional Advisory Council.
United's chief operating officer, James Consagra, will become the bank's president April 1 . He joined United in 1998.
Adams Jr., who will serve as the bank’s 14th CEO in its 183-year history, joined United in 1994 and has worked his way up through leadership ranks, becoming vice president in 2000.
