United Bankshares, Inc., today reported record earnings for the third quarter of $17.7 million or 41¢ per share, representing an 8.3% increase in earnings over the same period last year. Net income for the first nine months of 1999 was $52.7 million or $1.20 per share. United has reported three consecutive quarters of record earnings during 1999. Cash basis operating earnings per share were 42¢ and $1.24 for the quarter and nine months ended September 30, 1999, respectively.

"Third quarter core earnings were strong," said Richard M. Adams, Chairman and CEO. "The record earnings results for the first three quarters of 1999 are particularly gratifying in light of the changing interest rate environment. Our earnings momentum for the first nine months of the year demonstrate our progress towards achieving our 1999 earnings goal."

United earned $16.3 million or 38¢ per share and $38.3 million or 88¢ per share for the third quarter and first nine months 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. merger which distorted United’s true financial performance. In addition, the 1998 figures have been restated to include the fourth quarter 1998 acquisition of Fed One Bancorp, Inc.

United’s key performance ratios remained strong for the three months and nine months ended September 30, 1999; United’s return on average assets was 1.40% and 1.46%, respectively while the return on average equity was 17.49% and 16.68%, respectively. These ratios compare very favorably to regional and national peer group banking companies. Today, United is one of the best performing regional banking companies in the country.

Asset quality remains strong. The nonperforming asset ratio at September 30, 1999 declined to 0.48% of total assets as compared to 0.54% at the previous quarter end.

The third quarter dividend was 21¢ per share. It is expected that 1999 will represent the twenty-sixth consecutive year of dividend increases for United shareholders. The annualized 1999 dividends equates to a yield of over 3% based on recent UBSI market prices.

United Bankshares, with $5 billion in assets, is the second largest West Virginia headquartered bank holding company. United has 78 full-service offices in West Virginia, Virginia, Maryland, Ohio, and Washington, D.C.

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.