PARKERSBURG, WV -- United Bankshares, Inc., a $5.8 billion regional banking company based in Parkersburg held its Annual Meeting of Shareholders today at The Blennerhassett Hotel. United started in Parkersburg 164 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 2004 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; 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; 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 2002 was an excellent year for the Company with record before tax earnings of $128.3 million. The dividend to shareholders increased for the 29th consecutive year. United's financial performance produced a return on average assets of 1.6% and a return on average shareholders' equity of 16.7% which continued the company's position as one of the best performing regional banking companies in the country. Adams advised that in the May 2002 US Banker, United was ranked the 12th best performing banking company among the 100 largest in the nation. UBSI is the 62nd largest banking company in the USA based upon market capitalization.

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 2002, United contributed nearly one million dollars to organizations needing its help, and paid over $46 million in federal, state and local taxes with a total payroll, salaries and benefits of $80 million. Adams reported that a $100,000 investment in UBSI in 1990 would be worth over $750,000 at the end of 2002.

Adams advised that in April 2003, United announced its 26th acquisition, Sequoia Bancshares, Inc., located in Bethesda, Maryland. He stated that this transaction would increase United's assets to over $6.4 billion by the 4th quarter of this year. Half of UBSI's revenues will be coming from the Northern Virginia/Washington, D.C. MSA. In addition, he stated that it is anticipated that the dividend to shareholders would increase for the 30th consecutive year.