United Bankshares, Inc. (UBSI) declared a second quarter dividend of $0.18 per share for shareholders of record as of June 12, 1998. This represents a 3% increase over the $0.175 paid in the first quarter of 1998 and a 9% increase over the $0.165 paid in the second quarter of 1997.

The dividend payout of approximately $7 million on thirty-nine million shares is payable July 1, 1998. The year 1998 will be the 25th consecutive year of dividend increases to United shareholders. The annualized 1998 divided of $0.72 equals to a yield of approximately 3% based on recent UBSI market prices.

United recently signed a definitive agreement to acquire Fed One Bancop, Inc. ("FOBC"), headquartered in Wheeling, WV. The transaction will add $368 million in assets and twelve full service banking offices to United's franchise. Consummation of the transaction, which is expected to close early in the fourth quarter of 1998, is subject to approval of the shareholders of both companies and the receipt of all required regulatory approvals, as well as other customary conditions.

United's agreement to acquire two branches in the eastern panhandle of West Virginia, is on schedule to close during the second quarter of 1998 pending final regulatory approval. The branches, located in Charles Town and Shepherdstown, have combined deposits of approximately $80 million. Additionally, United will purchase certain loans and bank premises in the transaction. Upon consummation, the branches will become branches of United's lead bank, United National Bank, Parkersburg, West Virginia.

Consummation of the two pending transactions will bring United's total company assets to over $4 billion and total offices to eighty-two in West Virginia, Ohio, Virginia, Maryland and Washington, D.C.

United Bankshares stock is traded on the NASDAQ (National Association of Securities Dealers Quotation System) National Market System under the quotation symbol "UBSI".