Exhibit 99.1

United Bankshares Declares Second Quarter Dividend and Stock
Repurchase Program

    PARKERSBURG, W.Va.--(BUSINESS WIRE)--May 22, 2003--United
Bankshares, Inc. (NASDAQ: UBSI), announced that at the May 19, 2003
board meeting, the Board of Directors declared a second quarter
dividend and approved a new plan to repurchase up to 1.65 million
shares of United's common stock on the open market effective upon
completion of the 2002 repurchase plan.
    The second quarter dividend of 25 cents per share for
shareholders of record as of June 13, 2003 represents a 9% increase
over the 23 cents per share paid in the second quarter of 2002. The
dividend payout of approximately $10.4 million on 41.6 million shares
is payable July 1, 2003. The year 2003 is expected to be the 30th
consecutive year of dividend increases to United shareholders. The
annualized 2003 dividend of $1.00 equates to a yield of approximately
3.4% based on recent UBSI market prices.
    The stock repurchase plan represents approximately 4% of the
issued and outstanding shares of United. The timing, price and
quantity of purchases under the plan will be at the discretion of
management and the plan may be discontinued, suspended or restarted at
any time depending on the facts and circumstances. The repurchase
plan, depending upon market conditions, provides capital management
opportunities. Shares repurchased under the plan will be available to
fund employee benefit programs as well as for a variety of other
corporate purposes.
    United recently announced diluted earnings per share of 53 cents
for the first quarter of 2003, which represented a 6% increase from
diluted earnings per share of 50 cents for the first quarter of 2002.
United generated net income of $22.5 million for the first quarter of
2003, an increase of 3% above the $21.8 million earned in the first
quarter of 2002.
    Additionally, United's recently announced agreement to acquire
Sequoia Bancshares, Inc. of Bethesda, Maryland, with assets of
approximately $547 million, is progressing towards obtaining all
applicable regulatory and shareholder approvals. The transaction,
which is expected to close during the fourth quarter of 2003, will
increase United's Virginia franchise to more than $3 billion in assets
and United's total franchise to more than $6.4 billion in consolidated
assets.
    United Bankshares stock is traded on the NASDAQ (National
Association of Securities Dealers Quotation System) National Market
System under the quotation symbol "UBSI".

    CONTACT: United Bankshares, Inc.
             Steven E. Wilson, 304/424-8704