United Bank Seeks To Join Economic Rescue Plan

By: Associated Press
By: Associated Press

Charleston, W.Va. (AP) -- The parent company of United Bank is seeking shareholder permission to issue preferred stock, which would allow it to participate in the U.S. Treasury Department's economic rescue plan.

Charleston-based United Bankshares says in a Securities and Exchange Commission filing Monday that it has scheduled a shareholder vote on issuing preferred stock for Dec. 23.

The Treasury has been buying preferred stock from financial institutions as part of its capital purchase program, which is designed to boost capital in financial institutions and spur lending.

United says in the filing that it's applied to participate.

United operates in West Virginia, Virginia, Maryland, Ohio and Washington, D.C.

(Copyright 2008 by the associated press. All rights reserved.)

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