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                      Securities and Exchange Commission
                                Washington D.C.

                                  FORM 10-KSB

               ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF

                      THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 1999       Commission File Number 0-13395

                           UNITED FINANCIAL BANKING
                                COMPANIES, INC.
            (Exact name of registrant as specified in its charter)

                VIRGINIA                                 54-1201253
      (State or other jurisdiction of                (I.R.S. Employer
      incorporation or organization)              Identification Number)

            8399 Leesburg Pike
               P.O. Box 2459
             Vienna, Virginia                              22182
   (Address of principal executive offices)              (Zip Code)

      Registrant's telephone number, including area code: (703) 734-0070

     Securities registered pursuant to Section 12(g) of the Exchange Act:

                              Title of each class
                         Common Stock, $1.00 par value

          Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes  X    No_____
                                             -----

          Indicate by check mark if disclosure of delinquent files pursuant to
Item 405 of Regulation S-B is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB. _________

          For the year ended December 31, 1999, United Financial Banking
Companies, Inc. reported net income of $850,113.

          The aggregate market value of the Common Stock held by non-affiliates
of the registrant was $3,287,637 as of March 1, 2000.

          As of March 1, 2000, the registrant had 1,001,499 shares of
outstanding common stock, $1.00 par value.

                      DOCUMENTS INCORPORATED BY REFERENCE

          Selected information from the Company's 1999 Proxy Statement for the
Annual Meeting to be held June 2, 2000 is incorporated by reference into Part
III of this report, and information from the 1998 Annual Report to Shareholders
to be filed with the Securities and Exchange Commission pursuant to Regulation
14A, are incorporated by reference into Parts I, II and III of this report.
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                                    PART  I
Item 1. Business

          United Financial Banking Companies, Inc. ("UFBC"), is a one-bank
holding company which was organized under the laws of the State of Virginia in
February 1982.  In July 1983, UFBC acquired all the outstanding common stock of
The Business Bank (the "Bank"), a banking company organized under the laws of
the State of Virginia.  UFBC also wholly owns Business Venture Capital, Inc.
(BVCI), a subsidiary which holds and has developed certain foreclosed real
estate and conducts limited lending activities.  Collectively, UFBC, the Bank
and BVCI are referred to as "the Company".

          The Bank was organized in 1980.  In October 1981, the Bank commenced
limited operations and began full scale operations in August 1982, when its main
office building was completed.

          As of December 31, 1999, the Company had consolidated total assets of
$56,455,892, total deposits of $49,191,302, total loans of $40,652,769 and total
stockholders' equity of $6,928,065.

          On March 1, 2000, the Company and its subsidiaries employed 25 full-
time employees.

The Bank

          The Bank, UFBC's primary subsidiary, is a state banking association
engaging in a general commercial banking business and specializing in offering
banking services to business and professional customers. These services include
the usual deposit functions of commercial banks, including business and personal
checking accounts, "NOW" accounts and savings accounts; business and commercial
loans; and processing of collections. The Bank is a Federally insured state non-
member bank and its deposits are insured up to $100,000 by the Bank Insurance
Fund of the Federal Deposit Insurance Corporation (FDIC).

          The Bank markets its services to professionals and small and medium
sized businesses in its service area of Northern Virginia and surrounding
communities because it believes that business accounts are more profitable than
small consumer accounts, which comprise the majority of accounts at most retail
banks. The Bank further believes that professionals and small businesses
represent a market segment whose needs have not been met by many retail banks.

          It is the Bank's belief that business accounts can be more profitable
due to the income generated from business' higher average balances for both
deposits and loans.  Business accounts are less costly than consumer accounts as
they usually require fewer conveniences such as numerous branches, extended
hours and drive-thru facilities.  The Bank had previously limited its service
relationship with customers to primarily encompass their business needs.  In
order to fully meet customers' needs and to remain competitive in the current
market, the Bank has broadened service to business and professional customers by
offering products such as consumer installment and mortgage loans to the owners
and employees of the businesses.  It is the Bank's belief that this augmentation
will help maintain the Bank's core accounts and will enable the organization to
diversify asset growth.

          By emphasizing individualized relationships between the Bank's
officers and its customers, the Bank believes it attracts customers that have
been neglected by retail banks that direct their services to more numerous
consumer accounts and large business customers.

          The Company experiences a high degree of competition in the Washington
Metropolitan area.  All of the Company's products and services compete actively
with national and state banks, savings banks, savings and loan associations,
credit unions, finance companies, money market funds, mortgage banks, insurance
companies, investment banking firms, brokerage firms and other nonbank
institutions that provide one or more of the services offered by the Company and
its subsidiaries, primarily the Bank.  As a result of federal and state
legislation regarding interstate branching and mergers, additional competitors
not currently in the Bank's service area  may enter the market.  Among
commercial banks, the principal method of competition is the provision and
delivery of financial services that are specific to the needs of the community.
The Company believes that the expertise in and awareness of the demands of our
business community position us with the unique ability to meet those needs
expeditiously.

          The Company does not believe that there will be any material effect on
capital expenditures, results of operations, financial condition or the
competitive position of itself or any of its subsidiaries with regard to
compliance with federal, state or local requirements related to the general
protection of the environment.

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Supervision and Regulation

General

          United Financial Banking Companies, Inc. is a bank holding company
subject to supervision and regulation by the Board of Governors of the Federal
Reserve System (the "Federal Reserve Board") pursuant to the BHCA, and files
with the Federal Reserve Board an annual report and such additional reports as
the Federal Reserve Board may require. As a bank holding company, UFBC's
activities and those of its banking and nonbanking subsidiary are limited to the
business of banking and activities closely related or incidental to banking.
UFBC may not directly or indirectly acquire the ownership or control of more
than 5 percent of any class of voting shares or substantially all of the assets
of any company, including a bank, without prior approval of the Federal Reserve
Board.

          The deposits of UFBC's subsidiary bank are insured by, and therefore
the subsidiary bank is subject to the regulations of the FDIC, and is also
subject to regulation and examination by the State of Virginia. Various consumer
laws and regulations also affect the operations of the Bank.  Regulatory
limitations on the payment of dividends to UFBC by its banking subsidiary are
discussed in Note 11 to the consolidated financial statements.

Holding Company Liability

          Federal Reserve Board policy requires bank holding companies to serve
as a source of financial strength to their subsidiary banks by standing ready to
use available resources to provide adequate capital funds to subsidiary banks
during periods of financial stress or adversity.  A bank holding company also
could be liable under certain provisions of a new banking law for the capital
deficiencies of an undercapitalized bank subsidiary.  In the event of a bank
holding company's bankruptcy under Chapter 11 of the U.S. Bankruptcy Code, the
trustee will be deemed to have assumed and is required to cure immediately any
deficit under any commitment by the debtor to any of the federal banking
agencies to maintain the capital of an insured depository institution, and any
claim for a subsequent breach of such obligation will generally have priority
over most other unsecured claims.

Supervisory Agreements

          At December 31, 1999, neither UFBC nor it subsidiaries were subject to
any formal or informal supervisory agreements with their regulators.

Enforcement Actions and Administrative Sanctions

          Failure to comply with applicable laws and regulations could subject
UFBC, its subsidiary bank and their officers, directors and other institution-
affiliated parties to administrative sanctions and potentially substantial civil
money penalties.

Transactions with Affiliates

          UFBC's subsidiary bank is subject to restrictions under federal law
which limit a bank's extensions of credit to, and certain other transactions
with, affiliates. Such transactions by any subsidiary bank with any one
affiliate are limited in amount to 10 percent of such subsidiary bank's capital
and surplus and with all affiliates to 20 percent of such subsidiary bank's
capital and surplus. Furthermore, such loans and extensions of credit, as well
as certain other transactions, are required to be secured in accordance with
specific statutory requirements. The purchase of low quality assets from
affiliates is generally prohibited. Federal law also provides that certain
transactions with affiliates, including loans and asset purchases, must be on
terms and under circumstances, including credit standards, that are
substantially the same, or at least as favorable to the institution as those
prevailing at the time for comparable transactions involving other non-qualified
companies or, in the absence of comparable transactions, on terms and under
circumstances, including credit standards, that in good faith would be offered
to, or would apply to, non-affiliated companies.

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CAPITAL REQUIREMENTS

          Under the prompt corrective action provisions of the Federal Deposit
Insurance Act of 1991 ("FDIA") federal banking regulators are required to take
prompt corrective action in respect of depository institutions that do not meet
minimum capital requirements. FDIA establishes five capital categories: "well
capitalized," "adequately capitalized," "undercapitalized," "significantly
undercapitalized," and "critically undercapitalized ."

          Under the regulations, a "well capitalized" institution has a minimum
total capital to total risk-weighted assets ratio of at least 10 percent, a
minimum Tier I capital to total risk-weighted assets ratio of at least 6
percent, a minimum leverage ratio of at least 5 percent and is not subject to
any written order, agreement, or directive; an "adequately capitalized"
institution has a total capital to total risk-weighted assets ratio of at least
8 percent, a Tier I capital to total risk-weighted assets ratio of at least 4
percent, and a leverage ratio of at least 4 percent (3 percent if given the
highest regulatory rating and not experiencing significant growth), but does not
qualify as "well capitalized." An "undercapitalized" institution fails to meet
any one of the three minimum capital requirements. A "significantly
undercapitalized" institution has a total capital to total risk-weighted assets
ratio of less than 6 percent, a Tier I capital to total risk-weighted assets
ratio of less than 3 percent or a Tier I leverage ratio of less than 3 percent.
A "critically undercapitalized" institution has a Tier I leverage ratio of 2
percent or less. Under certain circumstances, a "well capitalized," "adequately
capitalized" or "undercapitalized" institution may be required to comply with
supervisory actions as if the institution was in the next lower capital
category.  The Bank meets the criteria of a well capitalized institution.

          A depository institution is generally prohibited from making any
capital distribution (including payment of a dividend) or paying any management
fee to its holding company if the depository institution would thereafter be
undercapitalized. Undercapitalized depository institutions are subject to
restrictions on borrowing from the Federal Reserve System.  In addition,
undercapitalized depository institutions are subject to growth and activity
limitations and are required to submit "acceptable" capital restoration plans.
Such a plan will not be acceptable unless, among other things, the depository
institution's holding company guarantees the capital plan, up to an amount equal
to the lesser of five percent of the depository institution's assets at the time
it becomes undercapitalized or the amount of the capital deficiency when the
institution fails to comply with the plan.  Federal banking agencies may not
accept a capital plan without determining, among other things, that the plan is
based on realistic assumptions and is likely to succeed in restoring the
depository institution's capital. If a depository institution fails to submit an
acceptable plan, it is treated as if it is significantly undercapitalized and
may be placed into conservatorship or receivership.

          Significantly undercapitalized depository institutions may be subject
to a number of requirements and restrictions, including orders to sell
sufficient voting stock to become adequately capitalized, more stringent
requirements to reduce total assets, cessation of receipt of deposits from
correspondent banks, further activity restricting prohibitions on dividends to
the holding company and requirements that the holding company divest its bank
subsidiary, in certain instances. Subject to certain exceptions, critically
undercapitalized depository institutions must have a conservator or receiver
appointed for them within a certain period after becoming critically
undercapitalized.

Brokered Deposits

          FDIC regulations prohibit a bank from accepting brokered deposits
(which term is defined to include any deposit with an interest rate more than 75
basis points above prevailing rates in the applicable market area) unless (i) it
is well capitalized, or (ii) it is adequately capitalized and receives a waiver
from the FDIC. For purposes of this regulation, a bank is defined to be well
capitalized if it maintains a leverage ratio of at least 5 percent, a risk-
adjusted Tier I capital ratio of at least 6 percent and a risk-adjusted total
capital ratio of at least 10 percent and is not otherwise in a "troubled
condition", as specified by its appropriate federal regulatory agency. A bank
that is not adequately capitalized may not pay an interest rate on any deposits
in excess of 75 basis points over the prevailing market rates of its specified
market area. There are no such restrictions on a bank that is well capitalized.
At December 31, 1999, the Company had no brokered deposits.

FDIC Insurance Assessments

          The bank is subject to FDIC deposit insurance assessments.  The FDIC
has adopted a risk-based system for determining deposit insurance assessments.
An insured institution is assessed at rates depending on its capital and
supervisory classifications, as assigned by its primary federal regulator.  As a
result of the bank insurance fund ("BIF"), which insures the Bank's deposits,
reaching the mandated level of reserves, the range of deposit premium rates was
reduced in the first half of 1996 to a range of .00 percent to .27 percent.

                                       4
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Conservatorship and Receivership Powers of Federal Banking Agencies

          The authority of the federal banking regulators over depository
institutions includes, among other things, appointment of the FDIC as
conservator or receiver of an undercapitalized institution under certain
circumstances. In the event a bank is placed into conservatorship or
receivership, the FDIC is required, subject to certain exceptions, to choose the
method for resolving the institution that is least costly to the BIF of the
FDIC, such as liquidation.

          The FDIC may provide federal assistance to a "troubled institution"
without placing the institution into conservatorship or receivership.  In such
case, pre-existing debtholders and shareholders may be required to make
substantial concessions and, insofar as practical, the FDIC will succeed to
their interests in proportion to the amount of federal assistance provided.

          Various other legislation, including proposals to overhaul the banking
regulatory system and to limit the investments that a depository institution may
make with insured funds are from time to time introduced in Congress. The
Company cannot determine the ultimate effect that recent legislation and the
implementing regulations to be adopted thereunder, or any other potential
legislation, if enacted, would have upon its financial condition or results of
operations.

United Financial Banking Companies, Inc. Subsidiaries

The Business Bank

          The Business Bank was organized on April 17, 1980 to provide
commercial banking services.

Business Venture Capital, Inc.

          Business Venture Capital, Inc. was incorporated February 26, 1985 to
hold certain foreclosed real estate and to provide limited banking services.

Item 2.  Properties

          The main offices of the Company and the Bank are located at 8399
Leesburg Pike, Vienna, Virginia 22182.

          A portion of the information required by this item is incorporated by
reference to the section entitled, "Note 6 of the Consolidated Financial
Statements " appearing on page 26 of the Annual Report to Shareholders for the
year ended December 31, 1999.

          Management believes that the Company's current facilities are adequate
for operating in the normal course of business.

Item 3. Legal Proceedings

          In the ordinary course of its business, the Company is party to legal
proceedings.  There is no litigation currently pending against the Company or
any of its subsidiaries which individually or in the aggregate would have a
material adverse affect on the Company's financial condition or results of
operation.

Item 4. Submission of Matters to a Vote of Security Holders

          No matters were submitted to security holders during the fourth
quarter of the Company's fiscal year.


                                    PART II

Item 5. Market for the Registrant's Common Equity and Related Shareholder
Matters

          A. There is no established trading market for the stock of the
Company.

          B. There were 425 holders of record of the Registrant's common stock
as of December 31, 1999.

          C. The Company's cash dividend history is incorporated by reference to
the section entitled "Corporate Information" appearing on page 42 of the Annual
Report to Shareholders for the year ended December 31, 1999.

                                       5
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Selected Consolidated Financial Data

          The information required by this item is incorporated by reference to
the section entitled, "Selected Consolidated Financial Data" appearing on page
26 of the Annual Report to Shareholders for the year ended December 31, 1999.

Item 6. Management's Discussion and Analysis

          The information required by this item is incorporated by reference to
the section entitled, "Management's Discussion and Analysis" appearing on pages
27 through 41 of the Annual Report to Shareholders for the year ended December
31, 1999.

Item 7. Financial Statements and Supplementary Data

          The information required by this item is incorporated by reference
from the information appearing on pages 1 through 23 of the Annual Report to
Shareholders for the year ended December 31, 1999.

Item 8. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure

          None.

                                   PART III

Item 9. Directors and Executive Officers of the Registrant

          Information as to the Registrant's Executive Officers and Directors is
incorporated by reference from the information contained under "Election of
Directors" in the Registrant's Proxy Statement filed with respect to the Annual
Meeting of Shareholders to be held on June 2, 2000.

Item 10. Executive Compensation

          The information required by this item is incorporated by reference to
the information contained under "Election of Directors" in the Registrant's
Proxy Statement filed with respect to the Annual Meeting of Shareholders to be
held on June 2, 2000.

Item 11. Security Ownership of Certain Beneficial Owners and Management

          The information required by this item is incorporated by reference to
the information contained under "Election of Directors" in the Registrant's
Proxy Statement filed with respect to the Annual Meeting of Shareholders to be
held on June 2, 2000.

Item 12. Certain Relationships and Related Transactions

          The information required by this item is incorporated by reference to
the information contained under "Election of Directors" in the Registrant's
Proxy Statement filed with respect to the Annual Meeting of Shareholders to be
held on June 2, 2000.

                                       6
<PAGE>

Item 13. Exhibits, Financial Statements, Schedules, and Reports on Form 8-K
(a)(1) Financial Statements

          The following financial statements of United Financial Banking
Companies, Inc. and subsidiaries are incorporated by reference to the
Registrant's 1999 Annual Report to Shareholders as listed below:

                                                                Page
                                                                ----
Report of Independent Certified Public Accountants                 1
Consolidated Balance Sheets--December 31, 1999 and 1998            2
Consolidated Statements of Income--
Years Ended December 31, 1999, 1998 and 1997                       3
Consolidated Statements of Changes in Shareholders' Equity--
Years Ended December 31, 1999, 1998 and 1997                       4
Consolidated Statements of Cash Flows--
Years Ended December 31, 1999, 1998 and 1997                       5
Notes to Financial Statements                                   6-23

(a)(2) Schedules

          All schedules are omitted since the required information is either not
applicable, not deemed material or is shown in the respective financial
statements or in the notes thereto.

(b) Reports on Form 8-K

          A Form 8-K was filed on December 23, 1999 to announce the extension
of the Company's Public Offering.

(c)  Exhibits

Exhibit 11--Statement Regarding Computation of Per Share Earnings

          Earnings per share are computed as expressed in Note 1 to the
consolidated financial statements, incorporated by reference to the 1999 Annual
Report.

Exhibit 13--Annual Report to Security Holders

Exhibit 21--Subsidiaries of the Registrant

                                       Jurisdiction             Percent of
                                        under laws           Voting Security
                                         of which                owned by
       Name of Subsidiary               organized            Immediate Parent
       ------------------               ---------            ----------------

       The Business Bank                Virginia                      100%
       Business Venture Capital, Inc    Virginia                      100%

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                                  SIGNATURES


     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report or amendment
thereto to be signed on its behalf by the undersigned, thereunto duly authorized
on the 14th day of April, 2000.

                                    UNITED FINANCIAL BANKING COMPANIES, INC.
                                    (Registrant)


                                    By:  /s/ JEFFERY T. VALCOURT
                                         ---------------------------------------
                                         Jeffery T. Valcourt, Chairman


     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated.

/s/ JEFFERY T. VALCOURT          Chairman/Director             4/14/00
-------------------------------                                -------
Jeffery T. Valcourt

/s/ HAROLD C. RAUNER             President, CEO/Director       4/14/00
-------------------------------                                -------
Harold C. Rauner

/s/ MANUEL V. FERNANDEZ          Vice Chairman/Director        4/14/00
-------------------------------                                -------
Manuel V. Fernandez

/s/ WILLIAM J. MCCORMICK, JR.    Director                      4/14/00
-------------------------------                                -------
William J. McCormick, Jr.

/s/ DENNIS I. MEYER              Director                      4/14/00
-------------------------------                                -------
Dennis I. Meyer

/s/ EDWARD H. PECHAN             Director                      4/14/00
-------------------------------                                -------
Edward H. Pechan

/s/ SHARON A. STAKES             Director                      4/14/00
-------------------------------                                -------
Sharon A. Stakes

/s/ LISA M. PORTER               Principal Financial Officer   4/14/00
-------------------------------                                -------
Lisa M. Porter                   Principal Accounting Officer

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