United Bankshares, Inc. has notified that it has received preliminary approval from the U.S. Department of the Treasury to participate in its Capital Purchase Program ("CPP") under the Emergency Economic Stabilization Act of 2008.

United Bankshares as a participant in the CPP, could receive up to $197.28 million in capital from the Treasury in exchange for the issuance of shares of preferred stock and warrants for shares of United's common stock.

CPP is a voluntary program available only to financially sound institutions to build capital levels to support the U.S. economy by increasing the amount of available credit to businesses and consumers.

The scrip of United Bankshares closed on Tuesday at $30.10, up 7.12% compared to previous close of $28.10.