United Bank is preparing to soak up the sun.
The bank, which is headquartered in the D.C. area, is set to launch its inaugural branch in Florida.
Rick Adams, the chief executive officer of both United Bankshares and United Bank, confirmed, “We are going to be opening an office soon in Palm Beach, Florida.”
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The Palm Beach location will mark the bank’s first physical establishment in the Sunshine State, highlighting its efforts to expand its presence in the southern region of the United States. Currently, United Bank operates over 240 branches across D.C., Virginia, West Virginia, Maryland, North Carolina, South Carolina, Ohio, Pennsylvania, and Georgia.
Adams noted, “About 10 years ago we decided to focus on building a franchise in the Southeast. We have been moving in that direction. Moved down into Richmond, to North Carolina, South Carolina, Georgia, so Florida really is a natural extension of our franchise.”
While Palm Beach has attracted a slew of high-profile clients over the years—including celebrities like Sylvester Stallone, Howard Stern, and Jon Bon Jovi—United Bank aims to provide a range of services beyond wealth management in this market. Adams stated that the bank will deliver comprehensive services, including commercial banking, consumer banking, and private banking, all designed to create a “full-service operation.”
So, why choose Florida? According to Adams, who operates out of United Bank’s main office on K Street NW in downtown Washington, D.C., the decision to enter the Florida market aligns perfectly with the bank’s strategic goals.
“I believe we see possibilities for both growth and diversification,” he explained. “Our expansion strategy has consistently focused on entering new growth markets, and Florida stands out as one of the premier growth markets in the nation. With its low taxes, favorable demographics, robust economic growth, and pro-business policies, we consider Florida to be among the best opportunities available.”
Adams added that United Bank has already developed a considerable footprint in the area. “In fact, we have more than three quarters of a billion dollars in loans throughout Florida,” he mentioned, emphasizing the familiarity and success the bank has experienced in the state, despite not having a physical branch until now.
Atlanta expansion also planned
In addition to the new Florida branch, Adams revealed that United Bank is also targeting a new location in Buckhead, a key business hub in the Atlanta metropolitan area, anticipated to open by mid-next year.
“We have already established a presence in the Atlanta market,” he stated. “We acquired a bank there and completed that purchase last year, but we currently lack branches in the Buckhead area. Thus, Atlanta remains a key focus for us, alongside Florida, and we may even look to extend our services down the Carolina coast into Georgia.”
Overall, Adams expressed satisfaction with the bank’s southern expansion strategy, saying, “We now operate over 100 offices in the Southeast and have been very pleased with our experiences in that region.”
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