United's key performance ratios were strong for the first quarter of 1998; return on average assets was 1.66% and return on average equity was 15.60%.  These key financial performance ratios are indicative of United's earnings strength and strong capital levels.  Today, United is one of the best performing regional banking companies in the nation.

The annualized first quarter dividend of 18¢ per share equals 72¢ which would represent the twenty-fifth consecutive year of dividend increases for United shareholders.  Additionally, based on recent market prices for United's stock, United shareholders have experienced nearly 60% appreciation in their stock ownership value over the last year.

United's asset quality remains strong with the nonperforming asset level at 0.65% of total assets, the capital ratio remains strong at nearly 11% and United is categorized as well capitalized based on the risk-based capital ratio, considerably exceeding the regulatory minimum requirement.  These ratios compare very favorably to industry averages and support a strong financial position.

On April 2, 1998, United consummated the merger of George Mason Bankshares, Inc. of Fairfax, Virginia, with assets of approximately $1 billion.  The transaction, which is being accounted for under the pooling of interests method of accounting, tripled United's Virginia franchise to form an institution with over $3.8 billion in assets.  Following the combination, United ranks within the top 100 banking companies in the nation based on market capitalization.  As part of the merger, George Mason Bank, the subsidiary bank of George Mason, was merged with United Bank, United's Virginia banking subsidiary.

The merger provides for a tax-free exchange of 1.70 shares, as adjusted for the 100% stock dividend, of United common stock for each common share of George Mason.  The financial condition and results of operations of the George Mason merger will be included in United's reported financial condition and results of operations beginning in the second quarter of 1998.

George Mason President and Chief Executive Officer, Bernard H. Clineburg, said, ``George Mason is joining a shareholder-driven company with a strong track record of performance.  We are excited to be a part of the United team."  Clineburg became the President of United Bankshares and Chairman and CEO of United's Virginia banking entity.  Also, George Mason is represented by five members on the United Bankshares Board of Directors.

Richard M. Adams, Chairman and Chief Executive Officer of United, said, ``George Mason's franchise, along with United's recent acquisition of First Patriot Bankshares Corporation, significantly enhances United's market share.  United will be a major bank in northern Virginia with assets over $1.3 billion.  We expect the transaction to be nondilutive to earnings per share and should significantly enhance our franchise value."

United recently signed a definitive agreement to acquire Fed One Bancorp, Inc. (``FOBC"), headquartered in Wheeling, WV.  The transaction will add $367 million in assets and twelve full service banking offices to United's franchise bringing total company assets to over $4 billion and total offices to seventy-eight in West Virginia, Ohio, Virginia, Maryland and Washington, D.C.  Consummation of the transaction, which is expected to close early in the fourth quarter of 1998, is subject to approval of the shareholders of both companies and the receipt of all required regulatory approvals, as well as other customary conditions.

United Bankshares, with $3.8 billion in assets, is the second largest West Virginia headquartered bank holding company.  UBSI with its lead bank, United National Bank, and Virginia subsidiary, United Bank, has 43 offices in 34 West Virginia communities and 23 offices in the Northern Virginia region.