United Bankshares, Inc., a $5.6 billion regional banking company based in Parkersburg held its Annual Meeting of Shareholders today at the University of Charleston. United started in Parkersburg 163 years ago as a branch of the Northwestern Bank of Virginia.

The following directors were elected by the Shareholders to serve on the Board of Directors until the 2003 Annual Meeting: Richard M. Adams, Chairman and Chief Executive Officer; Robert G. Astorg, Managing Director, American Express Tax and Business Services and Member, Astorg, Weyer & Daugherty; Thomas J. Blair, III, Consulting Engineer; Joseph S. Bracewell, Partner & Executive Director, McKee Nelson, LLP; Harry L. Buch, Attorney-at-Law, Partner, Bailey, Riley, Buch & Harman; W. Gaston Caperton, III, President, The College Board, New York, NY, President, Caperton Group, and Former Governor, State of West Virginia; H. Smoot Fahlgren, Chairman of the Board, Fahlgren, Inc.; Theodore J. Georgelas, Commercial Real Estate Developer and Chairman, Sector Communications; F. T. Graff, Jr., Attorney-at-Law, Partner, Bowles, Rice, McDavid, Graff & Love; Alan E. Groover, Former Chairman/President/CEO, Fed One Bancorp, Inc., Russell L. Isaacs, Owner, Russell L. Isaacs and Company; John M. McMahon, Chairman, Miller & Long Co., Inc.; G. Ogden Nutting, President, The Ogden Newspapers, Inc., William C. Pitt, III, Hotel and Resort Developer; I. N. Smith, Jr., former President, UBSI; Warren A. Thornhill, III, Attorney-at-Law; P. Clinton Winter, Jr., President, Bray and Oakley Insurance Agency; and James W. Word, Jr., President, Beckley Loan Company and Vice President, Beckley Loan and Industrial Corporation.

Richard M. Adams, Chairman of the Board and Chief Executive Officer, announced that 2001 was the most successful year in the Company's history with before tax earnings of $119 million and double digit earnings per share growth. He stated that the dividend to shareholders had increased for the 28th consecutive year and the stock price had increased 35.8%. In addition, United completed its 25th acquisition in one of the best markets in the United States, and is ranked the 72nd largest banking company in the nation based upon market capitalization, and 4th in efficiency as measured by expenses related to revenues.

Adams reported that United was once again recognized as the only West Virginia corporation in the Forbes 500, as well as being listed in the Russell 2000 and the S&P 600. He stated United continues to give back to the communities it serves. In 2001, United contributed over one-half million dollars to organizations needing its help, and paid over $42 million in federal, state and local taxes with a total payroll of $61 million.

Adams advised that 2002 was off to a great start reporting record earnings for the first quarter and the dividend to shareholders is expected to increase for the 29th consecutive year. United Bankshares, with $5.6 billion in assets, has 83 full-service offices in West Virginia, Virginia, Maryland, Ohio and Washington, D.C.