DATE:
FROM:
CONTACT:
MAY 17, 2000
United Bankshares, Inc.
514 Market Street
Parkersburg, WV  26101
Steven E. Wilson
(304) 424-8704
FOR IMMEDIATE RELEASE

     
 

United Bankshares Declares Second Quarter Dividend
and Stock Repurchase Program

 

Richard M. Adams, Chairman and Chief Executive Officer of United Bankshares, Inc. (UBSI), announced that at the May 15, 2000 board meeting, United's Board of Directors declared the second quarter dividend and approved a new plan to repurchase up to 1.675 million shares of its common stock on the open market effective immediately.

The second quarter dividend of 214 per share for shareholders of record as of June 9, 2000 represents a 5% increase over the 204 per share paid in the second quarter of 1999.

The second quarter dividend payout of approximately $8.8 million on 41.9 million shares is payable July 3, 2000. The year 2000 will be the 27th consecutive year of dividend increases to United shareholders. The annualized 2000 dividend of 844 equates to a yield of approximately 4.3% based on recent UBSI market prices.

The stock repurchase plan represents 4% of the issued and outstanding shares of United. "This new stock repurchase program follows the successful completion of our 1.75 million share repurchase program started in May of 1999. We feel that another repurchase plan underscores our commitment to enhancing long-term shareholder value and reflects our confidence in United’s long-term prospects," stated Chairman Adams.

The timing, price and quantity of purchases under the plan will be at the discretion of management and the plan may be discontinued, suspended or restarted at any time depending on the facts and circumstances. The repurchase plan, depending upon market conditions, provides capital management opportunities. Shares repurchased under the plan will be available to fund employee benefit programs as well as for a variety of other corporate purposes.

United Bankshares, with $5.0 billion in assets, has 77 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".