The Greater Washington area has a long history of influential business leaders powering the growth of our region and the strength of their communities. On December 5, the Washington Business Hall of Fame will welcome five such leaders to receive our region’s signature lifetime business achievement award. The Hall of Fame brings these visionaries (the best in business) to the table with the next generation of leaders (the next in business), through an experience that connects and inspires us all.
The 2023 Hall of Fame Laureates are no strangers to media coverage. If you live in the Washington region, chances are you’ve seen their names in headlines for years. What you may not have witnessed is these trailblazers telling their stories in their own words. That’s what this series brings you – the look back, lessons, and life advice that these Laureates have to offer based on a lifetime of success.
Washington’s best in business: Richard M. Adams
Richard M. Adams is Executive Chairman of United Bank. Under Adams’ leadership, United completed 33 acquisitions, building United from a single-office, $100 million bank, into a $30 billion banking company with 250 offices in eight states and the nation’s capital. Adams has been inducted into the West Virginia Business Hall of Fame and was honored as recipient of the Ernst & Young Lifetime Achievement Award, Executive Magazine’s CEO of the Year Award, YMCA Citizen of the Year and Washington Business Journal’s COVID-19 Response CEO of the Year. His full Hall of Fame Laureate biography is available here.
Read on to learn about the events that led Adams to become a CEO at age 29, the role United Bank played in guiding Greater Washington through the pandemic, and his advice to students looking to succeed.
RICHARD M. ADAMS
EXECUTIVE CHAIRMAN
What is the hardest job you have ever done?
Richard M. Adams: In 1974, when I was 27 years old, my father was killed in a car accident at the age of 62. He was then President of Parkersburg National Bank, which later became United Bankshares. At the time of his death, there was no management succession plan in place and a power struggle quickly began. I’d been working at the bank for five years. I went to a significant shareholder and board member – Evans Stealey – and presented him with a management succession plan. I told him that I knew I was too young to be President, but if he would “put his hat in the ring,” I would work day and night to run the bank’s operations. Soon thereafter, Evans was named President, and I was named Executive Vice President. Tragically, in December 1975, Evans had a debilitating stroke. As a result, at 29 I became President of the Parkersburg National Bank, which later became United Bankshares. Building the company from a single office, $100 million bank into a nearly $30 billion bank with 250 offices in eight states and the nation’s capital, ranked as the 34th largest US bank based upon market capitalization, was the hardest job I have ever done.
What made it so difficult?
Richard M. Adams: There are many challenges in running a banking company regardless of size. As the bank became a large, listed, banking company in numerous locations, the complexity increased. Few things were more difficult than successfully merging and integrating 33 banking companies into United. To quote from an article about United in The Washington Post, “Adams formed United Bankshares in 1984. One by one the acquisitions continued, expanding into Virginia in 1990 with Bank First in McLean and then the lucrative Washington, DC market.” One of the most important ingredients to facing many difficulties was our ability to find and develop great people. As Jack Welch, former CEO of GE once said, “It’s all about people, people and people.”
Did you have a mentor? If so, who was it, and how did they impact your career trajectory?
Richard M. Adams: Throughout my career, many people helped me greatly along the way. If I had to identify a mentor or role model over the course of my career, I would say my father. He achieved greatness in business and in his personal life despite a very humble beginning. He taught me so many important fundamentals that positively influenced my life which included, among others: work hard, never quit, have integrity, be a team player, care about people, serve and have faith in God. He was, and is, my hero.
“It’s hard to get to where you want to go if you don’t know where you want to go. Whether in business or in your personal life, goal setting must be at the top of the list.”
What is one thing you want the Greater Washington business community to know about your company?
Richard M. Adams: The one thing that I would want the business community to know about United is that we were recognized by the Washington Business Journal for our achievements during the pandemic. It is remarkable that out of all the businesses, large and small in the nation’s capital, we were recognized as No. 1 for our efforts for our customers, our communities and our team members. Our team worked weekends and well into the night to be one of the first banks in the country to be ready on Day One of the Paycheck Protection Program (PPP) to assist businesses in need. We were a leader in volume of loans approved to women-owned businesses, as well as businesses owned by people of color in the DC metro area. Foreclosures and repossessions were put on hold. We deferred loan payments and waived fees for our customers. Our team helped to fill food pantries, recognized health care workers on the frontlines, made many charitable donations and served thousands of volunteer hours to combat the impacts of COVID-19.
As the largest community bank in the nation’s capital, every day we make a positive difference in the lives of thousands of people and organizations in Greater Washington.
If you could choose one person to have dinner with, living or dead, who would it be and why?
Richard M. Adams: Jesus Christ. His teachings over 2,000 years ago started a world-wide ministry, with some 2 billion followers today. It is from His birth that much of the human race dates its calendars. Throughout history and today, personal testimonies abound of lives changed in His name – mine is one.
What should students be doing today to help prepare them for a successful tomorrow?
Richard M. Adams: They need to be goal-oriented. It’s hard to get to where you want to go if you don’t know where you want to go. Whether in business or in your personal life, goal setting must be at the top of the list. They must also nurture and uphold their core values – such as integrity, hard work, teamwork and caring. No matter what their goals and values are, though, they must be able to execute. They must take advantage of all the opportunities that are afforded to them. If they want to be successful, they must learn as much as possible about the fundamentals for success.
If you had to pitch a new business concept today, what would it be and why?
Richard M. Adams: I would pitch the old business concept of the proven fundamentals for success listed above. These time-tested fundamentals for success are not only for winning companies, but for your personal life as well.
You’re invited to support Richard M. Adams’ induction into the Washington Business Hall of Fame. All proceeds benefit Junior Achievement of Greater Washington’s work to prepare local students to be ready for the future.