United Bankshares, Inc. (NASDAQ: UBSI) declared a third quarter dividend of 24¢ per share for shareholders of record as of September 13, 2002. This is a 4% increase over the 23¢ paid in both the second quarter of 2002 and the third quarter of 2001. Dividends per share of 70¢ for the first three quarters of 2002 represents a 3% increase over the 68¢ per share paid for the first three quarters of 2001.

The dividend payout of approximately $10.2 million on 42.4 million shares is payable October 1, 2002. The year 2002 will be the 29th consecutive year of dividend increases to United shareholders. The annualized third quarter 2002 dividend equates to 96¢ per share or a yield of approximately 3.2% based on recent UBSI market prices.

United previously announced record earnings for the second quarter and first half of 2002. Net income was $22.2 million or 51¢ per diluted share for the second quarter of 2002, up 12% from $19.8 million or 47¢ per diluted share earned during the second quarter of 2001. Net income for the first six months of 2002 was $44.0 million or $1.01 per diluted share, an increase of 13% compared to $39.1 million or 93¢ per diluted share for the first six months of 2001. United continues to be one of the highest performing regional banking companies in the country.