Solid revenue growth led to a 19 percent increase in operating earnings per share in United Bankshares+ Inc.'s (United's) second quarter 1998.

Operating earnings were 37 cents per common share compared with 31 cents in the second quarter of 1997. Operating earnings, which represent earnings before merger-related and restructuring charges, were a record $14.7 million, an increase of 21 percent from $12.1 million in the second quarter of 1997.

Second quarter 1998 operating earnings represent a return on average stockholders' equity of 16.16 percent and a return on average assets of 1.54 percent.

For the first six months of 1998, operating earnings increased 19 percent to $28.4 million compared with $24.0 million in the first six months of 1997. Operating earnings per share increased 17 percent to 72 cents compared with 61 cents in the first six months of 1997.

Merger-related and restructuring charges of $7.9 million after-tax were primarily associated with the acquisition of George Mason. After merger-related and restructuring charges, earnings were 17 cents for the second quarter of 1998 and 52 cents for the first six months of 1998.

United's historical results have been restated to include the pooling acquisition of George Mason Bankshares, Inc. on April 2, 1998.

"We are very pleased with the strong financial results in the second quarter of 1998. We are focused on completing our pending acquisitions and on developing our existing businesses which drive revenue growth," said Richard M. Adams, Chairman and Chief Executive Officer. "United's core operating performance trends continue to be quite positive. We are particularly pleased with the growth in our secondary market mortgage banking operation which is lessening our dependence on spread-based income."

A significant event during the second quarter of 1998 was United's addition to the S&P Small Cap 600 Index effective with the close of trading on May 22, 1998. United was added to the Banks (Regional) industry group and made United the only regional bank in Maryland, Kentucky and West Virginia included in the index.

The first half dividend of 36 cents per share equals 72 cents which would represent the twenty-fifth consecutive year of dividend increases for United shareholders. Additionally, based on the market price for United's stock on June 30, 1998, United shareholders have experienced a 61 percent appreciation in their stock ownership value since a year ago.