The dividend payout of approximately $5.25 million on fifteen million shares is payable April 1, 1998.  The year 1998 will be the 25th consecutive year of dividend increases to United shareholders.  The annualized 1998 dividend of $1.40 equates to a yield of approximately 3% based on recent UBSI market prices.

United previously announced a 100% stock dividend, payable March 27, 1998, to shareholders of  record as of  March 13, 1998, which  is subject to shareholder approval of an articles amendment to be voted on at the March special meeting to be held in connection with United's pending merger with George Mason Bankshares, Inc.

United just announced an 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 $4 billion and total offices to eighty-two in West Virginia, Ohio, Virginia, Maryland and Washington, D.C.

United recently reported record fourth quarter and 1997 annual earnings of 69¢ and $2.70 per share, respectively.  On a net income basis, United earned $40.9 million for the year of 1997, compared to $30.5 million reported for 1996.

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