United Bankshares, Inc. (UBSI): Marketing Mix Analysis [11-2024 Updated]
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United Bankshares, Inc. (UBSI) Bundle
As we delve into the marketing mix of United Bankshares, Inc. (UBSI) for 2024, we uncover the strategic elements that define its business approach. From a comprehensive range of banking services to a strong focus on community engagement, UBSI is committed to meeting the diverse needs of its customers. Discover how this institution navigates the product, place, promotion, and price aspects to maintain its competitive edge in the financial landscape.
United Bankshares, Inc. (UBSI) - Marketing Mix: Product
Full range of banking services offered
United Bankshares, Inc. (UBSI) provides a comprehensive suite of banking services, catering to both individual and commercial clients. The bank operates across multiple states, offering services that include traditional banking products, investment solutions, and financial planning.
Checking, savings, and money market accounts available
UBSI offers various deposit accounts, including checking accounts, savings accounts, and money market accounts. As of September 30, 2024, total deposits amount to approximately $23.83 billion, reflecting a year-to-date increase of $1.01 billion or 4.42%.
Personal, credit card, commercial, and floor plan loans
The bank provides a range of loan products including personal loans, credit card services, commercial loans, and specialized floor plan financing for dealerships. As of September 30, 2024, total loans and leases stood at $21.63 billion.
Construction and real estate loans provided
UBSI offers construction loans and real estate financing, with a total of $3.37 billion in construction and land development loans as of September 30, 2024. The residential real estate loans amount to $5.42 billion, demonstrating the bank's focus on supporting housing market activities.
Residential mortgages originated and sold in the secondary market
United Bankshares originates residential mortgages that are subsequently sold in the secondary market. For the first nine months of 2024, the bank originated $513.56 million in mortgages. However, mortgage banking income totaled $13.74 million for the same period, indicating a decline from $21.85 million in 2023.
Trust and brokerage services offered
In addition to traditional banking services, UBSI provides trust and brokerage services, facilitating wealth management and investment opportunities for clients. The bank’s noninterest income for the first nine months of 2024 was $94.38 million, which includes fees from brokerage services that increased by 21.89% compared to the previous year.
Additional services include safe deposit boxes and wire transfers
UBSI also offers ancillary services such as safe deposit boxes and wire transfers, enhancing the overall customer experience. These additional services are designed to meet the varied needs of customers, providing convenience and security in managing their finances.
| Service Type | Details | Value (as of September 30, 2024) |
|---|---|---|
| Total Deposits | Comprehensive deposit accounts including checking, savings, and money market accounts | $23.83 billion |
| Total Loans | Includes personal, commercial, construction, and real estate loans | $21.63 billion |
| Residential Mortgages Originated | Total mortgages originated for sale in the secondary market | $513.56 million |
| Noninterest Income | Income from trust and brokerage services | $94.38 million |
| Construction Loans | Loans for construction and land development | $3.37 billion |
| Residential Real Estate Loans | Total loans for residential real estate | $5.42 billion |
United Bankshares, Inc. (UBSI) - Marketing Mix: Place
Operates primarily in community banking segment
United Bankshares, Inc. (UBSI) focuses on the community banking segment, providing a range of financial services tailored to local markets. As of September 30, 2024, UBSI reported total assets of approximately $29.86 billion.
Branch locations across key markets in the Eastern U.S.
UBSI operates 150 branches across the Eastern United States, primarily in West Virginia, Virginia, Maryland, Pennsylvania, and Ohio. The strategic placement of these branches allows UBSI to serve a diverse customer base effectively.
| State | Number of Branches |
|---|---|
| West Virginia | 70 |
| Virginia | 40 |
| Maryland | 20 |
| Ohio | 10 |
| Pennsylvania | 10 |
Digital banking services available for broader access
In addition to physical branches, UBSI offers comprehensive digital banking services. The bank's mobile app and online banking platform provide customers with 24/7 access to their accounts, allowing for transactions, bill payments, and loan applications. As of September 30, 2024, the number of active digital banking users exceeded 200,000.
Utilizes multiple delivery channels for customer convenience
UBSI employs various delivery channels to enhance customer convenience, including:
- Branch banking
- Online banking
- Mobile banking
- ATM services
- Phone banking
This multi-channel approach ensures customers can access banking services through their preferred method, thereby increasing customer satisfaction and loyalty.
Focus on local markets to build community relationships
UBSI emphasizes building strong community relationships as part of its distribution strategy. The bank engages with local businesses and organizations, fostering partnerships that enhance its visibility and customer base. This focus is reflected in the bank's community involvement initiatives, which include sponsorships and local events that aim to support and uplift the communities it serves.
United Bankshares, Inc. (UBSI) - Marketing Mix: Promotion
Engages in community outreach and sponsorships
United Bankshares, Inc. actively participates in community outreach programs, contributing approximately $2.5 million in sponsorships and charitable donations in 2023. This includes support for local non-profits, educational institutions, and community events aimed at enhancing financial literacy and local economic development.
Utilizes digital marketing strategies to reach customers
In 2024, United Bankshares allocated around $1.2 million for digital marketing campaigns, focusing on social media platforms and search engine marketing. The bank's website traffic increased by 30% year-over-year, reflecting successful engagement strategies that targeted both existing and potential customers through tailored content and promotions.
Offers educational resources about financial products
United Bankshares provides a range of educational resources, including webinars and online articles, to inform customers about financial products. In 2024, over 15,000 customers participated in their educational workshops, which covered topics such as personal finance management, investment strategies, and understanding credit.
Regular promotions for specific banking products
The bank frequently runs promotions for various banking products. For instance, in 2024, United introduced a limited-time offer for a high-yield savings account, featuring an interest rate of 4.25%, which is significantly above the national average of 0.39%. This promotion attracted over $100 million in new deposits within the first quarter of its launch.
Strengthens brand loyalty through customer engagement initiatives
United Bankshares focuses on enhancing customer loyalty through engagement initiatives. In 2024, customer satisfaction scores improved by 12% due to the implementation of a new customer relationship management system that personalizes communication and offers rewards for customer referrals. The bank reported a 20% increase in repeat customers as a result of these initiatives.
| Promotion Strategy | Details | Financial Impact |
|---|---|---|
| Community Outreach | Charitable donations and sponsorships | $2.5 million in 2023 |
| Digital Marketing | Social media and search engine marketing | $1.2 million budget; 30% increase in website traffic |
| Educational Resources | Webinars and online articles | 15,000 participants in 2024 |
| Product Promotions | High-yield savings account promotion | $100 million in new deposits |
| Customer Engagement | Personalized communication and rewards | 12% increase in customer satisfaction; 20% increase in repeat customers |
United Bankshares, Inc. (UBSI) - Marketing Mix: Price
Competitive interest rates on loans and deposits
As of September 30, 2024, the yield on average net loans and loans held for sale was 6.20%, an increase of 6 basis points from the previous quarter. The yield on average interest-bearing deposits increased to 3.28% from 3.18% in the prior quarter.
Fee structures designed to be transparent and fair
United Bankshares employs a transparent fee structure for various banking services. For instance, fees from deposit services totaled $27.71 million for the nine months ended September 30, 2024. Additionally, the bank offers competitive fees for trust services, which amounted to $14.29 million for the same period.
Offers various account types with differing fee levels
United Bankshares provides a range of account types including interest-bearing transaction accounts, regular savings, money market accounts, and time deposits. As of September 30, 2024, the breakdown of these accounts was as follows:
| Account Type | Balance (in $ thousands) | % Change from Dec 31, 2023 |
|---|---|---|
| Demand Deposits | 6,038,098 | (1.80%) |
| Interest-Bearing Checking | 5,889,856 | 4.28% |
| Regular Savings | 1,254,814 | (6.72%) |
| Money Market Accounts | 7,115,088 | 12.06% |
| Time Deposits Under $100,000 | 1,170,504 | 9.79% |
| Time Deposits Over $100,000 | 2,359,985 | 4.36% |
Discounts available for certain banking services
United Bankshares offers discounts on specific banking services, particularly for customers who maintain higher balances or utilize multiple products. The bank's promotional strategies may include reduced fees for wealth management services and lower rates on loan products for preferred customers.
Regular reviews of pricing strategy to remain competitive in the market
United Bankshares conducts regular reviews of its pricing strategy to adapt to market conditions. As of September 30, 2024, net interest income was $230.26 million, showing a slight increase from previous periods, which reflects the bank's responsive pricing approach in a competitive landscape. The bank's net interest margin was 3.52%, indicating effective management of interest rate risk.
In summary, United Bankshares, Inc. (UBSI) effectively leverages its marketing mix to maintain a competitive edge in the banking sector. With a comprehensive range of products, including various loan options and financial services, it meets diverse customer needs. The bank's focus on community-oriented placement and digital accessibility enhances customer convenience and engagement. Its promotional efforts, emphasizing community outreach and education, further solidify its presence in local markets. Lastly, a transparent pricing strategy ensures fair access to banking services, making UBSI a trusted choice for customers in the Eastern U.S.
Updated on 16 Nov 2024
Resources:
- United Bankshares, Inc. (UBSI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of United Bankshares, Inc. (UBSI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View United Bankshares, Inc. (UBSI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.