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| May 21, 1999 | ||
| United Bankshares, Inc. 514 Market Street Parkersburg, WV 26101 |
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| Steven E. Wilson (304) 424-8704 |
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FOR IMMEDIATE RELEASE |
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1998 was a year of record growth for United Bankshares
On Monday, May 17, 1999, United Bankshares, Inc. (UBSI), Parkersburg's only listed, headquartered company, held their Annual Meeting at The Blennerhassett Hotel, Parkersburg, West Virginia. 1998 marked the 25th consecutive year of dividend increases to shareholders. United started in Parkersburg 160 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 2000 Annual Meeting: Richard M. Adams, Robert G. Astorg, Harry L. Buch, Dr. C. Barrie Cook, Bernard H. Clineburg, Thomas J. Blair, III, W. Gaston Caperton, III, H. Smoot Fahlgren, Theodore J. Georgelas, F. T. Graff, Jr., Alan E. Groover, William A. Hazel, Russell L. Isaacs, Arthur Kellar, John M. McMahon, G. Ogden Nutting, William C. Pitt, III, I.N. Smith, Jr., Warren A. Thornhill, III, William W. Wagner, P. Clinton Winter, Jr., and James W. Word, Jr.
Richard M. Adams, Chairman and CEO, announced that 1998 was a year of record growth for United with assets increasing from $2.7 billion to $4.6 billion with the successful completion of two mergers and two branch acquisitions. United has 79 offices in Maryland, Ohio, Virginia, Washington, D.C., and West Virginia.
Adams reported that we feel these transactions clearly increased our franchise value. With approximately 20% insider ownership, continuing to create shareholder value is our primary focus. During the 24 years of this Administration, the dividend to shareholders has increased each year from $.06 to $.75 or 1,150%. This represents an average annual increase of 48%.
During the same period, United's stock price has also increased from $1.50 to a high of $34.125 or 2,175%. This represents an average annual increase of 91%. Adams reported that United continues to give back to the communities it serves. In 1998, United contributed over $600,000 to organizations such as the United Way,YWCA, Salvation Army, Kids Count, West Virginia Business Roundtable, the Area Roundtable, Boys' and Girls' Club and many more. United again was the official sponsor and proud supporter of the West Virginia Mountaineers. United is also a proud supporter of the Marshall University Thundering Herd and the official sponsor and proud supporter of the D.C. United Major League Soccer Team. United paid $4.7 million in state and local taxes and over $22 million in federal taxes. Adams concluded by stating that United continues to be one of the best performing banking companies in the nation with record earnings for the first quarter of 1999.
United Bankshares stock is traded on the NASDAQ (National Association of Securities Dealers Quotation System) National Market System under the quotation symbol "UBSI".