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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) DECEMBER 30, 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 December 30, 1998, United Bankshares, Inc. announced a revision to its
fourth quarter 1998 earnings estimate.
A copy of the press release 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 Press release dated December 30, 1998 announcing a revision to
estimated fourth quarter 1998 earnings for United Bankshares, Inc.
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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 30, 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. News Release Letterhead]
UNITED REVISES ESTIMATED FOURTH QUARTER EARNINGS
United Bankshares, Inc. (NASDAQ:UBSI) today revised its earnings estimate
for the fourth quarter of 1998. Operating earnings will be distorted by merger-
related and one-time charges associated with the merger of Fed One Bancorp, Inc.
completed during the fourth quarter. The estimated annual earnings are also
distorted by the same type charges in connection with the merger of George Mason
Bankshares, Inc. in the second quarter.
United's 1998 earnings after the merger distortions were estimated to be
$1.17 per share for 1998 and $0.29 per share for the fourth quarter.
United has warehoused loans for a third party. The third party was unable
to repurchase the loans, and as a result, United anticipates that it will take a
FAS 115 accounting adjustment on these loans which will reduce reported fourth
quarter and 1998 earnings per share estimates by $0.15. These loans are on a
performing status. Analysts are forecasting record earnings for 1999, and on a
core earnings basis United continues to be one of the highest performing
regional banking companies in the country.
The year 1998 represents the twenty-fifth consecutive year of dividend
increases for United shareholders. United's assets exceed $4.5 billion, and
there are 79 full service offices in West Virginia, Virginia, Maryland, Ohio and
Washington, D.C.
[United Bankshares, Inc. News Release Letterhead]
