United Bankshares in Parkersburg, W.Va., said Wednesday that it expects to take an after-tax charge of $9.7 million this quarter from the sale of securities valued at $437 million.
Steven E. Wilson, $5 billion-asset United's, chief financial officer, said the company invested most of the proceeds of the sale in higher-yielding, fixed-rate securities that should increase annual earnings by 5.5 cents a share beginning in 2001.
It used a portion of the proceeds to pay down short-term borrowings and to repurchase shares of its common stock, Mr. Wilson said.
United had nine-month net income of $54.7 million, or $1.29 a share, up 8%.
