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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) OCTOBER 1, 1998
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UNITED BANKSHARES, INC.
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(Exact name of registrant as specified in its charter)
WEST VIRGINIA 0-13322 55-0641179
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File No.) Identification No.)
300 UNITED CENTER
500 VIRGINIA STREET, EAST
CHARLESTON, WEST VIRGINIA 25301
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(Address of principal executive offices) Zip Code
(304) 424-8761
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(Registrant's telephone number, including area code)
NOT APPLICABLE
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(Former name or address, if changed since last report)
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ITEM 5. OTHER EVENTS
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On October 1, 1998, United Bankshares, Inc. ("United") consummated its
merger with Fed One Bancorp, Inc., Wheeling, West Virginia ("Fed One"), in a
common stock exchange accounted for under the pooling of interests method of
accounting. United exchanged 1.50 shares of United common stock for each of the
2,629,538 common shares of Fed One or approximately 3,944,307 shares, unadjusted
for cash paid in lieu of fractional shares. A copy of the capsule financial
information reporting thirty days post-merger combined results of United and Fed
One is filed as Exhibit 99.1 to this report.
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
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(c) Exhibits
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99.1 Capsule financial information dated December 1, 1998, reporting
United's earnings for the one month and ten months ended October 31,
1998.
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SIGNATURES
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Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
UNITED BANKSHARES, INC.
Date December 1, 1998 By /s/ Steven E. Wilson
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Steven E. Wilson
Its Executive Vice President,
Secretary and Chief Financial Officer
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UNITED BANKSHARES. INC. AND SUBSIDIARIES
FINANCIAL SUMMARY
(IN THOUSANDS EXCEPT FOR PER SHARE DATA)
<TABLE>
<CAPTION>
One Month Ended Ten Months Ended
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October 31 October 31 October 31 October 31
1998 1997 1998 1997
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<S> <C> <C> <C> <C>
EARNINGS SUMMARY
Interest income $ 28,084 $ 25,101 $ 268,953 $ 230,295
Interest expense 13,565 11,939 128,523 107,631
Net interest income 14,519 13,162 140,430 122,664
Provision for loan losses 256 273 10,904 2,540
Noninterest income 2,038 1,946 20,324 17,655
Gain on security transactions 2 2,766 72
Income from mortgage banking operations 2,406 1,685 20,677 13,229
Noninterest expenses 16,159 9,432 117,264 85,155
Income taxes 718 2,466 15,890 22,412
Net income 1,830 4,624 40,139 43,513
PER COMMON SHARE:
Net income:
Basic 0.04 0.11 0.94 1.04
Diluted 0.04 0.11 0.92 1.02
Book value 9.86 9.20
Closing market price 26.750 22.438
Common shares outstanding:
Actual, net of treasury shares 43,015,233 42,321,953
Basic 42,980,669 42,690,887 42,690,887 42,003,338
Diluted 43,781,076 43,543,829 43,543,829 42,701,057
</TABLE>
<TABLE>
<CAPTION>
October 31 October 31 December 31
1998 1997 1997
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<S> <C> <C> <C>
PERIOD END BALANCES
Assets 4,379,225 3,916,576 4,094,836
Earning assets 4,139,109 3,694,094 3,853,391
Loans, net of unearned income 3,245,717 2,665,355 2,775,024
Investment securities 892,292 995,319 1,005,842
Total deposits 3,380,490 3,062,461 3,185,963
Shareholders' equity 424,127 389,183 396,056
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