UBSI Chairman Richard Adams Reports To Shareholders

United Bankshares, Inc. (NASDAQ: UBSI), a $8.5 billion regional banking company with dual headquarters in Charleston, WV and Washington, DC, held its Annual Meeting of Shareholders today at The Blennerhassett Hotel in Parkersburg, WV.

United Bankshares, Inc. (UBSI) is the largest headquartered company in West Virginia, and is ranked the 46th largest banking company in the U.S. based on market capitalization. United consists of 123 full-service offices in West Virginia, Virginia, Maryland, Ohio, Pennsylvania and Washington, DC. United’s Virginia-Metro-DC bank subsidiary is the largest independent banking franchise headquartered in the nation’s capital metropolitan statistical area. This year, UBSI celebrated its 25 th year as a publicly traded company on NASDAQ.

“2011 was another successful year for United, as we were able to increase the dividends to shareholders for the 38 th consecutive year. We are one of only two major banking companies in the USA to achieve such a record, which is evidence of our consistent profitability, solid asset quality, and sound capital position,” stated Richard Adams, United Chairman & CEO.

“In addition, we also closed the 28 th acquisition of the current administration, Centra Financial Holdings, with assets of $1.3 billion. I would like to officially welcome all of our new shareholders from Centra. We are very happy to have you on our United team,” Adams stated. With the addition of Centra, United now holds the #1 market share in Morgantown, increased its market share in the Hagerstown-Martinsburg, MD-WV MSA and entered the Pittsburgh, PA MSA.

During the meeting, it was announced that the following directors were elected by the Shareholders to serve on the Board of Directors until the next Annual Meeting in 2013: Richard M. Adams, Chairman and Chief Executive Officer; Robert G. Astorg, CPA and Managing Member of Astorg and Koreski, PLLC; W. Gaston Caperton, III, President of The College Board, Chairman of the Caperton Group, and Former Governor of the State of West Virginia; Lawrence K. Doll, President of The Lawrence Doll Co. and Lawrence Doll Homes, LLC; Theodore J. Georgelas, Managing Director of the Georgelas Group, LLC; F. T. Graff, Jr., Attorney and Partner of Bowles Rice McDavid Graff & Love LLP; Douglas J. Leech, Former Chairman, President and Chief Executive Officer of Centra Financial Holdings, Inc; John M. McMahon, Chairman, Miller & Long Co., Inc.; J. Paul McNamara, Chairman, Potomac Capital Advisors; Mark R. Nesselroad, Chief Executive Officer Glenmark Holding, LLC; William C. Pitt, III, Hotel and Resort Developer; Donald L. Unger, Former President and Chief Executive Officer of the Shenandoah Valley region of United Bank; Mary K. Weddle, CPA and Executive Vice President of Long & Foster Real Estate, Inc.; Gary G. White, President and Chief Executive Officer, International Resource Partners LP; and P. Clinton Winter, Jr., President of Bray & Oakley Insurance Agency.

Other 2011 highlights included, United being added to the S&P High Yield Dividends Aristocrats ® Index, which measures the performance of the sixty highest dividend yielding S&P Composite 1500 ® Index constituents that have increased dividends every year for at least 25 consecutive years.

Moody’s Investors Services affirmed United’s financial strength in a recent outlook which stated “United’s relatively low credit costs and good operating efficiency have enabled the company to remain consistently profitable throughout the credit crisis.” Moody’s also noted that United’s loan portfolios “performed well, as demonstrated by nonperforming asset ratios that are better than similarly-rated peer medians.”

Keefe, Bruyette & Woods of New York stated, “We believe United Bankshares, Inc. offers investors a high-quality valuable franchise in the attractive banking markets of Northern Virginia, Metro DC, and West Virginia. United’s strong core profitability, impressive credit trends, high dividend yield and sufficient capital base afford the company an above-peer valuation.”

United Bankshares is traded on the NASDAQ Global Select Market System under the quotation symbol " UBSI."


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