United Bankshares, Inc. (NASDAQ: UBSI) today announced that the board of directors declared a first quarter dividend of 23¢ per share for shareholders of record as of March 8, 2002. This is a 5% increase over the 22¢ paid in the first quarter of 2001.

The dividend payout of approximately $9.9 million on 42.9 million shares is payable April 1, 2002. The year 2002 will be the 29th consecutive year of dividend increases to United shareholders. The annualized 2002 dividend of 92¢ equates to a yield of over 3% based on recent UBSI market prices.

United previously announced record earnings for the year 2001. Fourth quarter earnings were $21.1 million or 49¢ per share while earnings for the year 2001 were $80.0 million or $1.90 per share. Forecasts for 2002 are excellent. Analysts have projected another record earnings year for United.

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