United Bankshares, Inc. (UBSI) today reported record earnings for 1999. Fourth quarter earnings were $17.6 million or 41˘ per share while earnings for the year of 1999 were $70.2 million or $1.61 per share. Cash basis operating earnings per share were 42˘ and $1.66 for the quarter and year ended December 31, 1999, respectively. For the year, these results represented a return on average assets of 1.45% and a return on shareholders' equity of 16.73%. These ratios compare very favorably to regional and national peer group banking companies.

"1999 was the best earnings year in our company's history," said Richard M. Adams, Chairman and CEO. "For the first time, United achieved earnings before taxes of more than $100 million at $105 million."

United earned $6.1 million or 14˘ per share and $44.4 million or $1.02 per share for the fourth quarter and year of 1998, respectively. United's 1998 figures contain significant merger-related and one-time charges associated with the second quarter 1998 George Mason Bankshares, Inc. and the fourth quarter 1998 Fed One Bancorp, Inc. mergers which distorted United's true financial performance. Other charges that impacted United's 1998 earnings were the fourth quarter mark-to-market accounting adjustment for certain junior lien mortgage loans due to an unanticipated dislocation in the securitization market of a third-party loan purchaser and United's ongoing costs associated with its Year 2000 readiness program.

The 1999 dividend of 82˘ per share represents the twenty-sixth consecutive year of dividend increases for United shareholders. United's asset quality remains sound with the nonperforming asset level at 0.49% of total assets. The loan loss reserve was $39.6 million or 1.25% of total loans, net of unearned income at December 31, 1999. United has a capital to assets ratio of 7.81% and a risk-based capital ratio that considerably exceeds the regulatory minimum requirement. All these measures provide evidence that United's financial condition is strong.

Analysts are forecasting record earnings for United in 2000. United continues to be one of the highest performing regional banking companies in the country.

The Year 2000 Issue turned out to be a non-event for United as all systems performed properly and all work was completed without any interruption in service to customers.

United Bankshares, with $5.1 billion in assets, has 78 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C. United is the 72nd largest institution in the U.S. based on market capitalization.

United Bankshares stock is traded on the NASDAQ (National Association of Securities Dealers Quotation System) National Market System under the quotation symbol "UBSI".

This press release contains certain forward-looking statements, including certain plans, expectations, goals and projections, which are subject to numerous assumptions, risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the nature and extent of governmental actions and reforms; and rapidly changing technology and evolving banking industry standards.