PARKERSBURG, WV--The Board of Directors of United Bankshares, Inc. (NASDAQ: UBSI) today declared a fourth quarter cash dividend of 25¢ per share for shareholders of record as of December 13, 2002. This dividend is 9% higher than the 23¢ paid in the fourth quarter of 2001 and a 4% increase from the 24¢ paid in the third quarter of 2002. Dividends per share of 95¢ for 2002 represents a 4% increase over the 91¢ per share paid for 2001.

The dividend payout of approximately $10.5 million on 42.1 million shares is payable January 2, 2003. The year 2002 is the 29th consecutive year of dividend increases to United shareholders. During this time period, the dividend has increased from 6¢ to 95¢ which represents an annual compound growth rate of 10%. The annualized fourth quarter 2002 dividend of $1.00 equates to a yield of approximately 3.4% based on recent UBSI market prices.

United recently reported record earnings for the third quarter and the first nine months of 2002. Net income was $22.4 million for the third quarter of 2002, up 13% from $19.8 million earned during the third quarter of 2001. Diluted earnings per share were 52¢ for the third quarter, up 8% compared to 48¢ per share for the third quarter of 2001. Net income for the first nine months of 2002 was $66.4 million or $1.53 per diluted share, which was also an increase of 13% compared to $58.9 million or $1.41 per diluted share for the prior year's first nine months.