Albert H. Small, Jr.
UNITED BANKSHARES INC/WVAbout Albert H. Small, Jr.
Albert H. Small, Jr. (age 68) is an independent director of United Bankshares, Inc. (UBSI) serving since 2018. He is the founder and president of Renaissance Centro Inc., LLC and previously founded Renaissance Housing Corporation, bringing deep commercial and residential real estate development experience in UBSI’s key Mid-Atlantic markets. He serves as Vice Chair of the Board at Tulane University and is active in World Presidents’ Organization (WPO), Chief Executive Organization (CEO), and the Urban Land Institute. Former public company directorships include Griffin Industrial Realty, Inc. and Indus Realty Trust. He was nominated for re‑election for a one‑year term at the 2025 Annual Meeting.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Renaissance Centro Inc., LLC | Founder & President | Not disclosed | Leads nationally recognized real estate development firm; expertise in residential, commercial, hotel development in Washington, D.C. region. |
| Renaissance Housing Corporation | Founder | 20+ years (firm developed 1,000+ homes/apartments/lots) | Real estate development execution and market knowledge. |
| Griffin Industrial Realty, Inc. | Director (former) | Not disclosed | Public company board experience. |
| Indus Realty Trust | Director (former) | Not disclosed | Public company board experience. |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Tulane University | Vice Chair of the Board | Not disclosed | Higher‑education governance. |
| World Presidents’ Organization (WPO) | Member | Not disclosed | Executive leadership network. |
| Chief Executive Organization (CEO) | Member | Not disclosed | Executive leadership network. |
| Urban Land Institute | Active member | Not disclosed | Real estate industry expertise. |
Board Governance
- Independence: Determined independent by the Governance & Nominating Committee under NASDAQ and SEC standards (Feb 20, 2025 review).
- Committees: Not listed as a member of Audit, Compensation & Human Capital, Risk, Governance & Nominating, or Executive Committees.
- Attendance: In 2024, each incumbent director attended at least 75% of Board and applicable committee meetings; all 14 incumbent directors attended the 2024 Annual Meeting.
- Advisory Board: Member of United Bank’s Board of Advisors; receives meeting fees per policy.
- Election support (votes cast):
| Proposal | 2024 Votes For | 2024 Votes Withheld | 2025 Votes For | 2025 Votes Withheld |
|---|---|---|---|---|
| Election of Director – Albert H. Small, Jr. | 101,059,920 | 809,445 | 105,994,917 | 1,165,645 |
Fixed Compensation
| Component | Policy Detail | 2024 Amount (Albert H. Small, Jr.) |
|---|---|---|
| Annual Board Cash Retainer | $45,000 (non‑employee directors; excludes R.M. Adams, R.M. Adams Jr., M.P. Fitzgerald) | Included in Fees Earned/Paid in Cash |
| Board Meeting Fee | $2,500 per meeting attended ($1,250 virtual) | Included in Fees Earned/Paid in Cash |
| Committee Meeting Fee | $2,500 per committee meeting attended ($1,250 virtual) | Included in Fees Earned/Paid in Cash |
| Advisory Board Meeting Fee | $1,000 per meeting ($500 virtual) | Applicable (member) |
| Director Compensation Limit | Max $500,000 per calendar year for non‑employee directors (limited exceptions) | Not exceeded |
| Director | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Albert H. Small, Jr. | 58,500 | 59,993 (grant date fair value) | 118,493 |
- Deferred Compensation Plan: Directors may elect to defer Board fees; payouts begin 12 months after separation, payable lump sum or installments up to 5 years; plan is 409A‑compliant.
Performance Compensation
| Equity Award Feature | Detail |
|---|---|
| Annual Equity Grant | Restricted stock awards targeting ~$60,000 grant‑date fair value for non‑employee directors; grant date 2/22/2024 at closing price $34.36 (except Dr. DuMond’s 10/21/2024 at $36.38). |
| Vesting | Time‑based 3‑year vesting; recipients can vote and receive dividends on unvested shares (for restricted stock). |
| Unvested Shares (as of 12/31/2024) | Small held 3,230 unvested restricted shares. |
| Clawback | Awards subject to Compensation Recoupment Policy/clawback provisions under Company policy and plan terms. |
No director‑level performance metrics (e.g., TSR, ROATCE) are tied to non‑employee director equity; awards are time‑based restricted stock.
Other Directorships & Interlocks
| Company/Entity | Role | Potential Interlock/Conflict Note |
|---|---|---|
| 1700 K Street Associates, LLC | Passive investor (<5% aggregate interest) | United Bank leases office space; UBSI paid $548,564 in rent in 2024; independence maintained since Small’s interest <10% and he is not a managing member/executive. |
| United Bank (subsidiary) | Director | Subsidiary governance role; eligible Advisory Board fees. |
| Griffin Industrial Realty, Inc. | Former Director | Prior public company board experience. |
| Indus Realty Trust | Former Director | Prior public company board experience. |
Expertise & Qualifications
- Founder/operator experience in large‑scale residential/commercial/hotel development; extensive Washington, D.C. market knowledge relevant to UBSI’s footprint.
- Active leadership roles and networks (Tulane University Vice Chair; WPO/CEO; Urban Land Institute) supporting governance and sector insight.
Equity Ownership
| Item | Value |
|---|---|
| Beneficial Ownership (as of 3/3/2025) | 16,848 shares |
| Unvested Restricted Shares (12/31/2024) | 3,230 shares |
| Shared Voting/Investment Powers | 6,289 shares may be held in names of spouse/relatives/affiliates (part of beneficial total) |
| Pledged Shares | None disclosed for Small (aggregate pledging by all board/NEOs equals 0.15% of shares outstanding; specific pledges attributed to Converse and Winter) |
| Ownership Guideline (Directors) | Minimum 5,000 shares (stock/options) required; Small’s holdings meet guideline. |
Governance Assessment
- Board effectiveness and engagement: Independent status affirmed; ≥75% attendance; robust election support across 2024–2025; active subsidiary Advisory Board involvement.
- Compensation alignment: Modest cash retainer/meeting fees with time‑based equity (~$60k grant‑date value), 3‑year vesting, clawback coverage; non‑employee director comp capped at $500k annually.
- Ownership alignment: Holds 16,848 shares and 3,230 unvested restricted shares; meets director stock ownership guideline; no pledging disclosed.
- Potential conflicts and related‑party exposure: RED FLAG — United Bank leases office space from 1700 K Street Associates, LLC where Small holds <5% interest; though independence preserved by policy thresholds, continued monitoring warranted given optics.
- Shareholder sentiment: Say‑on‑pay (NEO) approvals remained strong (2024: 99,414,945 For; 2025: 103,780,294 For), and Small’s director election garnered high support each year.
Overall signal: Independent, well‑attended, with real estate domain expertise valuable to UBSI’s market exposure; related‑party lease is a disclosed, approved transaction under independence standards but remains a governance sensitivity to monitor.