Richard M. Adams, Chairman and Chief Executive Officer of United Bankshares, Inc. (UBSI), announced that at the May 17, 1999 board meeting, United’s Board of Directors declared the second quarter dividend and approved a new plan to repurchase up to 1.75 million shares of its common stock on the open market effective immediately.

The second quarter dividend of 20¢ per share for shareholders of record as of June 11, 1999, represents an 11% increase over the 18¢ per share paid in the second quarter of 1998.

The second quarter dividend payout of approximately $8.7 million on 43.3 million shares is payable July 1, 1999. The year 1999 will be the 26th consecutive year of dividend increases to United shareholders. The annualized 1999 dividend of 80¢ equates to a yield of approximately 3.2% based on recent UBSI market prices.

The stock repurchase plan represents 4% of the issued and outstanding shares of United. Purchases made under the repurchase plan may be made periodically depending upon market conditions. The timing, price and quantity of purchases under the plan will be at the discretion of the company and the plan may be discontinued, suspended or restarted at any time. All prior plans have been discontinued.

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’s stock closed at $25.50 per share on the NASDAQ market on May 17, 1999.

United is the second largest West Virginia headquartered bank holding company, with assets of $4.7 billion and has 78 offices in Maryland, Ohio, Virginia, West Virginia and Washington, D.C.