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):
August 29, 2006
United Bankshares, Inc.
(Exact name of registrant as specified in its charter)
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| West Virginia
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No. 0-13322
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55-0641179 |
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(State or other jurisdiction of
incorporation or organization)
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(Commission File Number)
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(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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o 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 August 23, 2006, United Bankshares, Inc. (“United”) completed a series of transactions to
prepay two $100 million long-term Federal Home Loan Bank (“FHLB”) advances and terminate an
interest rate swap associated with one of the advances. At the time
of prepayment, the $200 million of FHLB advances and the
associated interest rate swap had an effective cost of 7.71%. The remaining life of the
debt and associated interest rate swap was about 4 years. United incurred a before-tax charge of approximately
$15.9 million to prepay the debt and terminate the interest rate swap. Management believes this initiative will
improve net interest income and net earnings in future periods. Attached as Exhibit 99.1 is a copy
of a press release United issued relating to the FHLB debt prepayment and associated interest rate
swap termination, which is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits.
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99.1 |
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Press Release, dated August 29, 2006, issued by United
Bankshares, Inc. |