<TABLE>
                                        <S>   <C>  <S>  <C>    <C>
                                  					  Total # of Pages:      22     
                                       Exhibit Index: Page      21    
</TABLE>
					  
                         				UNITED STATES

          		      SECURITIES AND EXCHANGE COMMISSION

                  			  Washington, D.C.  20549
			  
                          				FORM 10-Q
				

[ X ]        QUARTERLY  REPORT PURSUANT TO SECTION 13 OR 15(d)
         		   OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended  September 30, 1995

                                  OR

[   ]         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
         		    OF THE SECURITIES EXCHANGE ACT OF 1934
		    

For the transition period from    N/A     to      N/A                   

Commission File Number:             0-16540  

                        			UNITED BANCORP, INC.
       	(Exact name of registrant as specified in its Charter.)
	

  Ohio                                      34-1405357                
(State or other jurisdiction of       (IRS Employer Identification No.)
 incorporation or organization) 
			       


      Fourth at Hickory Street, Martins Ferry, Ohio   43935 
      	(Address of principal executive offices) (Zip Code)

                     			     (614) 633-0445
       	  (Registrant's telephone number, including area code)
      
                             Not Applicable
    (Former name, former address and former fiscal year, if changed
     	since last report)


	      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 the number of shares outstanding of the issuer's
	classes of common stock as of the latest practicable date.

  Common Stock, $1.00 Par Value  1,847,942 shares as of November 10, 1995.

<PAGE>
<TABLE>
                     				United Bancorp, Inc.
                      				Table of Contents
                         				Form 10-Q


<S> <C> <S>                                                             <C>
Part I  Financial Information    

Item 1. Financial Statements (Unaudited)         

       	Condensed Consolidated Balance Sheets...September 30, 1995       
       	 and December 31, 1994.                                         3 


       	Condensed Consolidated Statements of Income...Three And          
       	 Nine Months Ended September 30, 1995 and 1994.                 4 


       	Condensed Consolidated Statements of Cash Flows...       
      	  Nine Months Ended September 30, 1995 and 1994.                 5 


       	Notes to Condensed Consolidated Financial Statements...          
      	  September 30, 1995.                                       6 - 15 


Item 2  Management's Discussion and Analysis of Financial 
       	 Condition and Results of Operations                      16 - 20 


Part II Other Information        
       

       	Item 1.    Legal Proceedings                                   21 
 
	       Item 2.    Changes in Securities                               21 

       	Item 3.    Defaults Upon Senior Securities                     21 

       	Item 4.    Submission of Matters to a Vote of Security Holders 21 

       	Item 5.    Other Information                                   21 

       	Item 6.    Exhibits and Reports on Form 8-K                    21 

		
       	Signatures                                                     22 

</TABLE>
                

<TABLE>
                    			  United Bancorp, Inc.
         Condensed Consolidated Balance Sheets (Unaudited)
                       Form 10-Q (In Thousands)
<CAPTION>
      
Part I - Financial Information                          

                                 					  Sept 30, 1995    Dec 31, 1994 
                                 					  -------------    ------------
ASSETS                           
------
<S>                                        <C>  <C>        <C>  <C>
Cash and Due From Banks                    $    5,884      $    6,680 
Federal Funds Sold                                140              50 
					                                      ----------      ----------
  Total Cash and Cash Equivalents               6,024           6,730 

Investment Securities Available For Sale       15,391          13,243 

Investment Securities  Held To Maturity 
 (estimated Fair value of $46,430 at 
  09/30/95 and $49,580 at 12/31/94)            45,744          51,261 

Loans                            
 Commercial Loans                              10,220           8,816 
 Commercial Real Estate Loans                  34,810          28,515 
 Real Estate Loans                             32,989          32,585 
 Installment Loans                             43,837          38,521 
                                   					   ----------      ----------
    Total Loans                               121,856         108,437 

  Unearned Income                                  (1)            (46) 
  Allowance for Loan Losses                    (1,634)         (1,438) 
                                   					   ----------      -----------
    Net Loans                                 120,221          106,953 

Premises and Equipment, Net                     4,779            4,937 
Accrued Interest Receivable & Other Assets      2,425            2,510 
                                   					   ----------      -----------
    Total Assets                           $  194,584      $   185,634 
                                   					   ==========      ===========
</TABLE>
<TABLE>
LIABILITIES                              
-----------
<CAPTION>
Deposits                                 
 <S>                                       <C> <C>         <C>  <C>
 Non-interest Bearing                      $   12,410      $    12,782 
 Interest Bearing                             154,468          150,531 
	                                   				   ----------      -----------
    Total Deposits                            166,878          163,313 

Repurchase Agreements                           5,898            3,311 
Borrowed Funds                                  2,549            1,265 
Accrued Interest Payable                          704              743 
Other Liabilities                                 628              483 
                                   					   ----------      -----------
    Total Other Liabilities                     9,779            5,802 

    Total Liabilities                         176,657          169,115 
</TABLE>
<TABLE>
SHAREHOLDERS' EQUITY                             
<CAPTION>
 <S>                                         <C> <C>       <C> <C>    
Common Stock: ($1 par value) 
 10,000,000 shares authorized;                      
 issued and outstanding: 1,847,942 shares       1,848            1,848 

Additional Paid-In-Capital                      9,359            9,359 
Retained Earnings                               6,576            5,478 
Unrealized Gain/(Loss) on Securities 
 Available For Sale                               144             (166) 
                                   					   ----------      -----------
    Total Shareholders' Equity                 17,927           16,519 

    Total Liabilities and                  ----------      -----------
     Shareholders' Equity                  $  194,584      $   185,634 
                                   					   ==========      ===========

<FN>
	The accompanying notes are an integral part of these condensed
	consolidated financial statements
</TABLE>
<PAGE>	      
              
<TABLE>
          	      
                       			United Bancorp, Inc.              
        	Condensed Consolidated Statements of Income (Unaudited)
		                      Form 10-Q (In Thousands)

                               			Three Months Ended  Nine Months Ended
                                  ------------------  -----------------  
                               			   September 30,        September 30, 
                                    1995      1994       1995       1994
                                  ------------------  -----------------
 Intrest Income                                                                  
  Interest and
   <S>                          <C>        <C>       <C>       <C>
   Fees on Loans                $ 2,737    $ 2,221   $ 7,703   $ 6,095
  Interest on Investment
   Securities                                                            
    Taxable                         688        671     2,142     1,977 
    Tax Exempt                      242        243       726       730 
  Interest on Fed Funds Sold         18         12        67       191 
                     					      -------   --------   -------   -------
    Total Interest Income         3,685      3,147    10,638     8,993 

Interest Expense                                                                
  Deposits                        1,581      1,352     4,663     3,916 
  Other                              95         28       216        63 
                     					      -------   --------   -------   -------
    Total Interest Expense        1,676      1,380     4,879     3,979 

Net Interest Income               2,009      1,767     5,759     5,014 

Provision For Loan Losses          (125)       (75)     (294)     (186) 

Net Interest Income After 
 Provision For Loan Losses        1,884      1,692     5,465     4,828 

Noninterest  Income                                                              
  Service Charges on
   Deposit Accounts                 137        108       397       313 
  Investment Security
   Gains, Net                         0          5        12       106 
  Other                              73         75       278       240  
                        					   -------    -------   -------   ------- 
    Total Noninterest Income        210        188       687       659 

Noninterest Expenses                                                            
  Salaries And  Employee
   Benefits                         658        587     1,953     1,710 
  Premises, Furniture and
   Equipment Expense                 48        203       447       586 
  Other Operating Expense           522        464     1,515     1,366 
                                -------     ------    ------   -------           
  Total Noninterest Expenses      1,228      1,254     3,915     3,662 

Income Before Taxes                 866        626     2,237     1,825 
Provision For Income Taxes         (229)      (137)     (566)     (394) 
                                -------     ------    ------    ------
Net Income                      $   637     $  489   $ 1,671   $ 1,431 
                                =======     ======   =======   =======
							   
Earnings Per Common Share       $  0.35     $ 0.26   $  0.91   $  0.77 

Average Number of
 Shares Outstanding             1,847,942  1,847,942 1,847,942 1,847,942 

Dividends Per Common Share      $ 0.110    $ 0.080   $ 0.310   $ 0.225 

<FN>
	The accompanying notes are an integral part of these condensed
	consolidated financial statements.
</TABLE>
<PAGE>	
	
<TABLE>
	
	                       		United Bancorp, Inc.              
     	Condensed Consolidated Statements of Cash Flows (Unaudited)
		                      Form 10-Q (In Thousands)
<CAPTION>
                                             						 Nine Months Ended               
                                    					   ------------------------------
                                 					      SEPT 30, 1995    SEPT 30, 1994 
                                 					      -------------    -------------

CASH FLOWS FROM OPERATING ACTIVITIES                             
  <S>                                          <C> <C>          <C> <C>
  Net Incom                                    $   1,671        $   1,431 

  Adjustments to Reconcile Net Income 
   to Net Cash From Operating Activities                           

      Depreciation and Amortization                  272              315 
      Amortization of Intangibles                     66               47 
      Provision for Loan Losses                      294              186 
      Deferred Taxes                                  91                2 
      Gain/Loss on Sale/Call of 
       Investment Securities                         (12)            (106) 
      Amortization ofinvestment
       securities, Net                                60              155 

    Net Changes in:                              
      Other Assets                                    19             (711) 
      Other Liabilities                             (143)              62 
                                         					 ---------        ---------
	Net Cash From Operating Activities                2,318            1,381 

CASH FLOWS FROM INVESTING ACTIVITIES                             
 
 Investment Securities Available For Sale                            
    Proceeds From Sales of Investment 
     Securities                                      500            1,887 
    Proceeds From Maturities/Calls 
     of Investment Securities 
    Purchase Of Investment Securities             (2,144)          (6,711) 

 Investment Securities Held To Maturity                               
   Proceeds From Sales of Investment 
    Securities                                                      1,212 
   Proceeds From Maturities/Calls of 
    Investment Securities                          6,224            8,379 
   Purchase Of Investment Securities                (791)          (7,114) 
 Net Change in Loans                             (13,562)         (18,887) 
 Property and Equipment Expenditures                (114)            (200) 
                                          						 -------          -------
      Net Cash From Investing Activities          (9,887)         (21,434) 

CASH FLOWS FROM FINANCING ACTIVITIES                             
    Net Change in Deposits                         3,565            4,421 
    Net Change in Repurchase Agreements 
     And Borrowed Funds                            3,871            1,807 
     Cash Dividends Paid                            (573)            (417) 
                                            					 ------          -------
      Net Cash From Financing Activities           6,863            5,811 
                                           						 ------          --------
Net Change In Cash And Cash Equivalents             (706)         (14,242) 

Cash And Cash Equivalents At
  Beginning Of Year                                6,730           19,909 
                                            					-------         --------
Cash And Cash Equivalents At
  End Of Period                                  $ 6,024         $  5,667 
                                           						=======         ========
			       
<FN>
	The accompanying notes are an integral part of these condensed
	consolidated financial statements
</TABLE>
	
<PAGE>
        
                  			      United Bancorp, Inc.              
      Notes To The Condensed Consolidated Financial Statements (Unaudited)
                        				  Form 10-Q 

1     Summary of Significant Accounting Policies

	The following is a summary of significant accounting policies
	followed in the preparation of the accompanying condensed
	consolidated financial statements.

	Basis of Presentation

	The accompanying condensed consolidated financial statements
	include the accounts of United Bancorp, Inc. (Company) and its
	wholly owned subsidiaries,  The Citizens Savings Bank of Martins
	Ferry, Ohio, (Citizens-Martins Ferry) and The Citizens-State
	Bank of Strasburg, Ohio, (Citizens-Strasburg).  For purposes of
	consolidation, all material intercompany balances and
	transactions have been eliminated.  The results of operations
	for the period ended  September 30, 1995, are not necessarily
	indicative of the operating results for the full year of 1995.

	These interim financial statements are prepared without audit
	and reflect all adjustments which, in the opinion of management,
	are necessary to present fairly the consolidated financial
	position of the Company at September 30, 1995 and its results of
	operations and statement of cash flows for the periods
	presented.  The accompanying condensed consolidated financial
	statements do not purport to contain all the necessary financial
	disclosures required by generally accepted accounting principles
	that might otherwise be necessary in the circumstances and
	should be read in conjunction with the  1994 United Bancorp,
	Inc. consolidated financial statements and related notes thereto
	included in its Annual Report to Shareholders for the year ended
	December 31, 1994.
	
	Investment Securities

	The Company classifies securities into held-to-maturity,
	available-for-sale and trading categories.  Held-to-maturity
	securities are those which the Company has the positive intent
	and ability to hold to maturity, and are reported at amortized
	cost.  Available-for-sale securities are those which the Company
	may decide to sell if needed for liquidity, asset/liability
	management, or other reasons.  Available-for-sale securities are
	reported at fair value, with unrealized gains or losses included
	as a separate component of equity, net of tax.  Trading
	securities are bought principally for sale in the near term and
	are reported at fair value with unrealized gains or losses
	included in earnings.  The Company had no trading securities
	through September 30, 1995.
	
	Realized gains or losses are determined based on the amortized
	cost of the specific security sold.  Interest and dividend
	income, adjusted by amortization of purchase premium or discount
	is included in earnings.
	
	Interest and Fees on Loans

	Interest income on loans is accrued over the term of the loans
	based on the principal amount outstanding.  Where no account
	activity occurs for 90 consecutive days, the accrual of interest
	is discontinued and adjusted back to the date of non payment. 
	Loan fees and direct costs associated with originating or
	acquiring loans are deferred and recognized over the life of the
	related loan as an adjustment of the yield.  The net amount of
	fees and costs deferred is reported in the condensed
	consolidated balance sheets as part of loans.
	
<PAGE>        

                  			      United Bancorp, Inc.              
      Notes To The Condensed Consolidated Financial Statements (Unaudited)
                        				  Form 10-Q 

	
	Allowance For Loan Losses

	The allowance for  loan losses represents that amount which
	management estimates is adequate to provide for inherent losses
	in its loan portfolio.  The allowance balance and the annual
	provision charged to expense are judgmentally determined by
	management based upon past loan loss experience, economic
	conditions and various other circumstances that are subject to
	change over time.  The collectibility of the loans is based upon
	factors including the financial position of the borrower, the
	estimated market value of the collateral at the current time,
	guarantees and the Company's collateral position versus other
	creditors.

	The Company adopted Statement of Financial Accounting Standards,
	("SFAS") No. 114, "Accounting By Creditors For Impairment Of A
	Loan" and SFAS No. 118, " Accounting By Creditors For Impairment
	Of A Loan - Income Recognition And Disclosures" at January 1,
	1995.  Under SFAS No. 114, loans considered to be impaired are
	reduced to the present value of expected future cash flows or to
	the fair value of collateral, by allocating a portion of the
	allowance for loan losses to such loans.  If these allocations
	cause the allowance for loan losses to increase, such increases
	are reported as bad debt expense.  SFAS No. 118 allows existing
	methods to recognize interest income on impaired loans.  The
	effect of adopting these standards had no impact on the
	Company's financial statements.  Historical loss information and
	local economic conditions are considered in establishing
	allowances on the remaining portfolio.  The allowance is reduced
	by charging off loans deemed uncollectible by management.  The
	allowance is increased by provisions charged to expense and
	recoveries of previous charge-offs.  After a loan is charged
	off, collection efforts continue.


	Premises and Equipment

	Premises and equipment are stated at cost less accumulated
	depreciation.  Premises and related components are depreciated
	using the straight-line method with lives ranging primarily from
	20 to 50 years.  Furniture and equipment are depreciated using
	the straight-line method, with lives ranging primarily from 5 to
	15 years.  Maintenance and repairs are expensed and major
	improvements are capitalized.  At the time of sale or
	disposition of an asset, the applicable cost and accumulated
	depreciation amounts are removed from the accounting records.
	
	Other Real Estate

	Other real estate is included in other assets at fair market
	value, less estimated costs to sell.  Any reduction from the
	carrying value of the related loan to estimated fair value at
	the time the property is acquired is accounted for as a loan
	charge-off.  Any subsequent reductions in the estimated fair
	value are reflected in a valuation allowance through a charge to
	other real estate expense.  Expenses incurred to carry other
	real estate are charged to operations as incurred.  There was no
	other real estate held at September 30, 1995 and December 31,
	1994.
	
	Income Taxes

	The Company follows the liability method in accounting for
	income taxes.  The liability method provides that deferred tax
	assets and liabilities are recorded based on the difference
	between the tax basis of assets and liabilities and their
	carrying amounts for financial reporting purposes.

<PAGE>

                			      United Bancorp, Inc.              
      Notes To The Condensed Consolidated Financial Statements (Unaudited)
                      				  Form 10-Q 


	Earnings and Dividends Per Common Share

	Earnings per common share have been computed based on the
	weighted average number of shares outstanding during the periods
	presented.  The weighted average number of shares used in the
	computation of earnings per share was 1,847,942 for the
	comparative periods presented.
	
	On August 11, 1994, a 10% stock dividend was approved for all
	shareholders of record on August 19, 1994 and distributed on
	September 9, 1994.  This stock dividend was recorded by
	transferring the fair market value of the shares issued from
	Retained Earnings to Common Stock and
	Additional-Paid-In-Capital.  On November 16, 1993, the Board of
	Directors declared a 100% stock split effected in the form of a
	stock dividend to shareholders of record as of November 30,
	1993.  The dividends were distributed on December 10, 1993. 
	This transaction was recorded by transferring the par value of
	the shares issued from retained earnings to common stock.  All
	per share data has been retroactively adjusted for the stock
	dividend and stock split.
	
	Statement of Cash Flows

	For purposes of the Statements of Cash Flows, the Company
	considers "cash and cash equivalents" to include cash,
	noninterest bearing deposits with financial institutions and
	Federal funds sold.  The Company reports net cash flows for
	Federal funds sold, customer loan transactions, deposit
	transactions, securities sold under agreements to repurchase and
	other borrowed funds.  For the periods ended September 30, 1995
	and September 30, 1994, the Company paid $4,919,000 and
	$3,984,000 in interest on deposits and other borrowings and
	$535,000  and $429,000 for income taxes, respectively.
	
	Financial Statement Presentation

	Certain reclassifications have been made in prior period
	financial statements to conform to the September 30, 1995
	presentation.  The  reclassifications had no effect on total
	assets, shareholders' equity or net income as previously
	reported.
	
	Industry segment information

	The single industry in which the Company is involved through the
	activities of its two subsidiary banks is commercial community
	banking serving the financial needs of local commercial,
	individual and public entity customers.  Revenue received by the
	Company is derived primarily from upstream dividends paid by the
	two subsidiary banks with disbursement to shareholders through
	United Bancorp, Inc. dividends.  Subsidiary income is generated
	from activities specific to the commercial banking industry.

	
	Future Accounting Pronouncements

	The Financial Accounting Standards Board ("FASB") issued SFAS
	No. 122, "Accounting for Mortgage Servicing Rights," in May
	1995, effective for fiscal years beginning after December 15,
	1995.  It requires companies to recognize, as separate assets,
	rights to service mortgage loans for others, regardless of how
	these rights are acquired.  A company that acquires mortgage
	servicing rights through either the purchase or origination of
	mortgage loans and sells or securitizes those loans with
	servicing rights retained should allocate the total cost of the
	mortgage loans to mortgage servicing rights and to loans
	(without the mortgage servicing rights) based on their
	
<PAGE>
	
                   			      United Bancorp, Inc.              
      Notes To The Condensed Consolidated Financial Statements (Unaudited)
                          				  Form 10-Q 

	
	Future Accounting Pronouncements (Continued)

	relative fair values.  Mortgage servicing rights recorded as a
	separate asset will be amortized in proportion to, and over the
	period of, estimated net servicing income.  This pronouncement
	has no impact on the Company at the present time due to the
	Company not selling any loans or acquiring servicing rights to
	date.

<TABLE>
	
2       Investment Securities
<CAPTION>
	The amortized cost and estimated fair values of investment
	securities are as follows:

                               					      September 30, 1995                                                       
                    			     ----------------------------------------------
                                 			       Gross       Gross      Estimated        
                     			     Amortized   Unrealized   Unrealized    Fair     
                     			       Cost         Gain        Loss        Value
                     			     ---------   ----------   ----------  ---------
Investment Securities 
 Available For Sale                                                                

  <S><C>        <S>         <C>           <C>        <C>       <C>
  U.S. Treasury Obligations $  2,439,847  $  66,403            $  2,506,250 
  U.S. Agency Obligations     12,205,253    136,584  $ (1,250)   12,340,587 
  State And Municipal 
   Obligations                   336,365     17,462    (1,721)      352,106 
  Other Investments              191,700                            191,700 

    Total Investments       ------------  ---------  --------- ------------
     Available For Sale     $ 15,173,165  $ 220,449  $ (2,971) $ 15,390,643 
                     			    ============  =========  ========= ============
Investment Securities 
 Held To Maturity                                                          

  U.S. Treasury Obligations $  4,988,767  $  63,221  $  (8,269) $  5,043,719 
  U.S. Agency Obligations     22,844,285     39,985   (190,689)   22,693,581 
  State And Municipal 
   Obligations                17,877,191    782,183       (846)   18,658,528 
  Other Investments               33,872        216                   34,088 

      Total Investments     ------------  ---------  ---------- ------------
       Held To Maturity     $ 45,744,115  $ 885,605  $(199,804) $ 46,429,916 
                     			    ============  =========  ========== ============
</TABLE>
<TABLE>
                                  					      December 31, 1994                                                       
                     			     ----------------------------------------------
                      			       Gross       Gross                  Estimated        
                       		     Amortized   Unrealized   Unrealized    Fair     
                       		       Cost         Gain        Loss        Value
                       		     ---------   ----------   ----------  ---------
Investment Securities 
 Available For Sale                                                                

  <S><C>        <S>          <C>          <C>        <C>         <C>
  U.S. Treasury Obligations  $  2,427,438            $ (27,282)  $  2,400,156 
  U.S. Agency Obligations      10,686,024 $   2,830   (217,334)    10,471,520 
  State And Municipal 
   Obligations                    336,207              (10,422)       325,785 
  Other Investments                45,100                              45,100 

    Total Investments        ------------ ---------  ----------  ------------
     Available For Sale      $ 13,494,769 $   2,830  $(255,038)  $ 13,242,561 
                      		     ============ =========  ==========  ============

Investment Securities 
 Held To Maturity                                                           

  U.S. Treasury Obligations  $  5,475,051 $     991  $(157,167)  $  5,318,875 
  U.S. Agency Obligations      27,925,802     8,283   (1,285,462)  26,648,623 
  State And Municipal 
   Obligations                 17,824,316   279,229   (525,531)    17,578,014 
  Other Investments                35,850               (1,513)        34,337 

      Total Investments      ------------ ---------  ------------ -----------
       Held To Maturity      $ 51,261,019 $ 288,503  $(1,969,673) $49,579,849 
                     			     ============ =========  ============ ===========
</TABLE>
<PAGE>

                      			      United Bancorp, Inc.              
      Notes To The Condensed Consolidated Financial Statements (Unaudited)
                             				  Form 10-Q 

	Investment Securities (Continued)

	Total proceeds from sales of investment securities classified as
	available-for-sale for the nine months ended September 30, 1995
	were $500,312.  Gross gains of $11,778  were realized on those
	sales.

	During the period ended September 30, 1994, Citizens-Strasburg
	sold $1,018,860 in U.S. government agency obligations from the
	held-to-maturity category.  The proceeds were then invested in
	U.S. Treasury Notes classified as held-to-maturity.  This sale
	and repurchase was mandated to satisfy state auditor comments
	from an examination of a local school district, which holds a
	depository relationship with Citizens-Strasburg.  U.S. Agency
	obligations pledged against the school district deposits were
	cited during their audit as being in violation of the Ohio
	Revised Code.  This transaction corrected any potential exposure
	to criticism to other school districts which have a depository
	relationship with the Bank.  The securities were sold for
	$1,027,813 for a recognized gain of $8,953.

	There was one sale of equity securities during the period ended
	September 30, 1994.  These equity securities were held with the
	intent of a possible expansion opportunity for the Company. 
	After further review, the expansion opportunity appeared remote
	and, therefore, the securities were sold.  Proceeds from the
	sale of these securities were $184,500, with $47,000 recorded as
	gross gains associated with the sale.  

	Total proceeds from sales of investment securities classified as
	available-for-sale for the nine months ended September 30, 1994
	were $1,886,469.  Gross gains of $46,187 and gross losses of
	$751 were realized on those sales.

	During the nine months ended September 30, 1994, two investment
	securities classified as held-to-maturity were sold within 90
	days of their maturity.  Proceeds from the sales are reflected
	as maturities in the statements of cash flows.  The gross gain
	associated with these sales was $5,057.

<PAGE>
			                            United Bancorp, Inc.              
    Notes To The Condensed Consolidated Financial Statements (Unaudited)
                             				  Form 10-Q 

	Investment Securities (Continued)

	The amortized cost and estimated fair value of investment
	securities at September 30, 1995, by contractual maturity is
	shown below.  Expected maturities will differ from contractual
	maturities because borrowers may have the right to call or repay
	obligations with or without call or prepayment penalties.  The
	average interest rates are based on coupon rates adjusted for
	amortization and accretion.  Yields on tax-exempt securities
	have been computed on a tax equivalent basis.



<TABLE>
<CAPTION>
                     			     ----------------------------------------------
                                   					Investment Securities                                           
September 30, 1995                        Available For Sale                                              
                     			     ----------------------------------------------
                                   					   Estimated    Weighted          
                     		      Amortized        Fair       Average    Average 
                             				Cost         Value      Maturity    Yield 
                     			     ----------    ---------    ---------   -------
U.S. Treasury Notes                                                             
  <S>                        <C>          <C> <C>        <C>  <S><C> <C>
  Within One Year            $  503,513   $   506,562    12.0 mos.   6.26% 
  One Through Two Years         994,680     1,011,095    16.5 mos.   6.90% 
  Two  Through Five Years       941,654       988,593    37.5 mos.   7.75% 
                     			     ----------   -----------    ---------   -----
      Total                   2,439,847     2,506,250    24.0 mos.   7.11% 

U.S. Agency                                                              
  Within One Year               503,436       512,343    11.8 mos.   7.50% 
  One Through Two Years       1,488,580     1,521,157    16.4 mos.   7.60% 
  Two through Five Years      4,465,664     4,555,837    34.4 mos.   7.58% 
  Five Through Ten Years      5,747,573     5,751,250    99.8 mos.   6.66% 
                       	     ----------   -----------    ---------   -----
	  Total                     12,205,253    12,340,587    64.4 mos.   7.11% 

State & Municipal Obligations                                                            
  Within One Year                                                            
  One Through Two Years                                                              
  Two through Five Years                                                             
  Five Through Ten Years        268,178       279,589   107.0 mos.   8.31% 
  Over Ten Years                 68,187        72,517   122.0 mos.   8.59% 
                     			     ----------   -----------   ----------   -----
	  Total                        336,365       352,106   110.3 mos.   8.37% 

Other Investments                                                                
  Five Through Ten Years                                                             
  Other                         191,700       191,700                5.00% 
 
                     			    -----------   -----------    ---------  ------
Total Investment
  Securities                $15,173,165   $15,390,643    56.9 mos.   7.17% 
                      		    ===========   ===========    =========  ======
</TABLE>
<PAGE>


                  			      United Bancorp, Inc.              
      Notes To The Condensed Consolidated Financial Statements (Unaudited)
                        				  Form 10-Q 

<TABLE>
	Investment Securities (Continued)
<CAPTION>

                     			     ----------------------------------------------
                                   					Investment Securities                                           
September 30, 1995                         Held To Maturity                                              
                     			     ----------------------------------------------
                                        		 Estimated    Weighted          
                     			      Amortized      Fair        Average    Average 
                             				Cost        Value      Maturity    Yield 
                     			     ----------    ---------    ---------   -------
U.S. Treasury Notes                                                              
  <S>                      <C>           <C>              <C> <S><C> <C>
  Within One Year          $  1,750,595  $  1,746,406     5.5 mos.   5.42% 
  One Through Two Years         999,370     1,006,875    16.0 mos.   6.30% 
  Two Through Five Years      2,238,802     2,290,438    38.8 mos.   6.75% 
                     			   ------------  ------------    ---------   ------
      Total                   4,988,767     5,043,719    22.8 mos.   6.19% 

U.S. Agency                                                              
  Within One Year             5,018,503     5,034,532     5.5 mos.   6.62% 
  One Through Two Years       4,013,700     4,022,968    17.8 mos.   5.97% 
  Two through Five Years     13,312,281    13,128,269    38.2 mos.   5.64% 
  Five Through Ten Years        499,801       507,812    68.4 mos.   8.71% 
                     			   ------------  ------------    ---------   -----
	  Total                     22,844,285    22,693,581    28.6 mos.   5.98% 

State & Municipal Obligations                                                            
  Within One Year             1,456,011     1,456,668     2.3 mos.   6.37% 
  One Through Two Years       1,071,132     1,079,494    15.9 mos.   6.65% 
  Two through Five Years      2,562,795     2,705,535    42.8 mos.   8.78% 
  Five Through Ten Years     12,411,926    13,023,381    83.0 mos.   8.27% 
  Over Ten Years                375,327       393,450   121.5 mos.   8.42% 
                     			    -----------  ------------    ---------   -----
	  Total                     17,877,191    18,658,528    67.4 mos.   8.10% 

Other Investments                                                                
  Five Through Ten Years         33,872        34,088    66.5 mos.   7.46% 
  Other                                                              
                     			    -----------   -----------    ---------   -----
Total Investment
  Securities                $45,744,115   $46,429,916    42.9 mos.   6.83% 
                     			    ===========   ===========    =========   =====
</TABLE>
	
	Securities with a par value of approximately $22,458,000 at
	September 30, 1995 and $20,972,000 at December 31, 1994 were
	pledged to secure public deposits, repurchase agreements and
	other liabilities as required or permitted by law.  
				

<PAGE>
			                        United Bancorp, Inc.              
      Notes To The Condensed Consolidated Financial Statements (Unaudited)
                        				  Form 10-Q 

	3       Loans

	Nonaccrual loans at September 30, 1995 and December 31, 1994
	totaled $34,850 and $61,882, respectively.  

	The gross interest income that would have been recorded on
	nonaccrual loans as of September 30, 1995 and September 30,
	1994, if the loans had been current in accordance with their
	original terms and had been outstanding throughout the period or
	since origination, if held for part of the period was $9,196 and
	$3,369, respectively.  The interest income that was recorded on
	those loans as of September 30, 1995 and September 30, 1994 was
	$988  and $1,154, respectively.  It is the Company's policy to
	place loans in the nonaccrual status when the collection of the
	interest due is highly doubtful, or when the loan has no account
	activity for 90 consecutive days.  When loans are charged-off,
	any accrued interest recorded in the current fiscal year is
	charged against interest income, with the remaining balance
	treated as a loan charge-off.

	The  Company  has, and expects to have in the future, banking
	transactions with directors and officers of the Company and its
	subsidiaries.  Loans to such borrowers, their immediate
	families, affiliated corporations, and other entities in which
	they own more than a 10% voting interest are summarized below:
<TABLE>

 <S>                 <C>      <C>  <C>      <C>
	Aggregate balance - December 31,  1994     $ 2,471,043 

	New loans                                    1,100,000 

	Repayments                                    (514,730) 
                                   						   -----------
	Aggregate balance - September 30, 1995     $ 3,056,313 
                                   						   ===========
</TABLE>

	4       Allowance For Loan Losses

	The activity in the allowance for loan losses is summarized as
	follows:


<TABLE>
                                  						  1995            1994 
                                          ----            ----
 <S>       <C>     <S> <C>            <C>             <C>
	Balance - 1/01/95 and 1/01/94        $ 1,437,734     $ 1,256,322 

	Provision charged to 
	 operating expense                       294,000         281,000 

	Loans charged-off                       (118,082)       (123,312) 

	Recoveries                                20,617          23,724 
                              			     -----------     -----------
	Balance - 9/30/95 and 12/31/94       $ 1,634,269     $ 1,437,734 
                            					     ===========     ===========
</TABLE>
<PAGE>


                   			      United Bancorp, Inc.              
      Notes To The Condensed Consolidated Financial Statements (Unaudited)
                          				  Form 10-Q 



	5      Premises and Equipment

	Premises and equipment, at cost, and accumulated depreciation
	and amortization as of September 30, 1995 and December 31, 1994
	are as follows:
<TABLE>
					                               1995              1994 
                      			       ------------       ------------
 <S>                            <C>                <C>
	Buildings and land             $  5,304,987       $  5,261,772 

	Furniture and equipment           2,091,596          2,033,267 

	Computer software                   321,984            318,490 
                     				       ------------       ------------
	Total                             7,718,567          7,613,529 

	Accumulated depreciation 
	 and amortization                 2,939,784          2,676,253 
                      			       ------------       ------------
	Premises and equipment (net)   $  4,778,783       $  4,937,276 
                     				       ============       ============
</TABLE>

	6      Commitments and Contingencies

	The Company's subsidiaries are parties to financial instruments
	with off-balance sheet risk in the normal course of business, to
	meet the financing needs of their customers.  These financial
	instruments include lines of credit and commitments to make
	loans.  The Company's exposure to credit loss in the event of
	nonperformance by the other party to the financial instrument
	for commitments to make loans and standby letters of credit is
	represented by the contractual amount of those instruments.  The
	Company follows the same credit policy to make such commitments
	as is followed for those loans recorded in the financial
	statements.
	
	As of September 30, 1995 and December 31, 1994,  commitments to
	extend credit (at market rates) and commitments under
	outstanding standby letters of credit amounted to approximately
	$11,252,000 and $8,542,000 respectively.  Since many commitments
	to make loans expire without being used, the amount does not
	necessarily represent future cash commitments.  The Company does
	not anticipate any losses as a result of these commitments.  In
	addition, commitments to extend credit are agreements to lend to
	a customer as long as there is no violation of any condition
	established in the contract.  Collateral obtained upon the
	exercise of the commitment is determined using the Company's
	evaluation of the borrower, and may include business assets,
	real estate and other items.
	
	At September 30, 1995, the Company has lines of credit enabling
	it to borrow up to $6.5 million with Mellon Bank, Pittsburgh,
	Pennsylvania, National City Bank, Cleveland, Ohio, National Bank
	Detroit, Detroit, Michigan.  The Company also has the ability to
	borrow up to $10 million under a borrowing agreement with the
	Federal Home Loan Bank (FHLB), Cincinnati, Ohio.  Borrowings
	under this agreement are collateralized by the Company's FHLB
	stock and a blanket pledge of the Company's 1-4 family
	residential real estate loans.
	
	The Company, on an ongoing basis, is a defendant in legal
	actions arising from normal business activities.  Management
	believes that those actions are without merit or that the
	ultimate liability, if any, resulting from them will not
	materially affect the Company's financial statements.
	
	At September 30, 1995 and December 31, 1994, the Company was
	required to have $725,000 and $581,000, respectively, of cash on
	hand or on deposit with the Federal Reserve Bank to meet
	regulatory reserve requirements.  These balances do not earn
	interest.
	
<PAGE>
			                     United Bancorp, Inc.              
      Notes To The Condensed Consolidated Financial Statements (Unaudited)
                      				  Form 10-Q 


   7    Concentration of Credit Risk

	The Bank's grant commercial, real estate and installment loans
	to customers mainly in Belmont, Tuscarawas and Carroll Counties
	and the surrounding localities.  Substantially all loans are
	secured by specific items of collateral including business
	assets, consumer assets, commercial real estate and residential
	real estate.
	
	At September 30, 1995, total commercial loans make up
	approximately 37.0% of the loan portfolio with 36.3% of these
	commercial loans secured by commercial and residential real
	estate and business assets in the Columbus, Ohio area. 
	Installment loans account for approximately 36.0% of the loan
	portfolio and are secured by consumer assets including
	automobiles which account for 76.2% of the installment loan
	portfolio.  Real estate loans comprise 27.0% of the loan
	portfolio and primarily include first mortgage loans on
	residential properties and home equity lines of credit.
	
	Included in cash and due from bank and Federal funds sold is
	$1,623,656 on deposit with National City Bank, Cleveland, Ohio
	and $1,963,956 on deposit with Mellon Bank, N.A., Pittsburgh,
	Pennsylvania.
	

   8    Dividend Restriction

	Dividends paid by the subsidiary banks are the primary source of
	funds available to the Company for payment of dividends to
	shareholders and for other working capital needs.  Applicable
	state statutes and regulations impose restrictions on the amount
	of dividends that may be declared by the Company.  Those
	restrictions generally limit dividends to earnings retained in
	the current and prior two years, as defined by regulations. In
	addition to these restrictions, as a practical matter, dividend
	payments cannot reduce regulatory capital levels below minimum
	regulatory guidelines.  These restrictions would not limit the
	Company's ability to pay normal dividends.  As of September 30,
	1995, $3,581,174 was available for dividend payments under the
	more restrictive of the two limitations.


   9    Branch Acquisition

	Effective December 2, 1994, the Company, acting through its
	wholly owned subsidiary, Citizens-Strasburg, acquired from
	National City Bank of Cleveland, Ohio certain assets and assumed
	certain deposit and other liabilities of a branch banking
	facility located in Dellroy, Ohio.  Citizens-Strasburg purchased
	the National City Bank branch's cash, various loans, and
	premises and equipment and assumed substantially all deposit
	liabilities.  The transaction was accounted for as a purchase,
	and accordingly, the acquired assets and liabilities have been
	recorded based on their respective fair market values at the
	date of acquisition.  A summary of assets acquired and
	liabilities assumed follows:

<TABLE>
	Assets                                   
<CAPTION>
 <S>                                           <C>
	Cash and Cash Equivalents Received            $6,255,044  
	Loans                                            570,957    
	Premises And equipment                           275,000    
	Intangible assets                                140,000    
	Other Assets                                       4,171  
                                   						      ----------
	  Total Assets                                $7,245,172
                                    					      ==========
	Liabilities

	Noninterest Bearing Deposits                  $1,457,187  
	Interest Bearing Deposits                      5,785,705 
                                   						       ---------
	    Total Deposits                             7,242,892 

	Other Liabilities                                  2,280
                                   						      ----------
	    Total Liabilities                         $7,245,172  
                                   						      ========== 
</TABLE>
				

<PAGE>
			                     United Bancorp, Inc.
               			Management's Discussion And Analysis
                        				 Form 10-Q

	Introduction

	In the following pages, Management presents an analysis of
	United Bancorp, Inc.'s financial condition at September 30, 1995
	compared to December 31, 1994 and results of operations for the
	three and nine month periods ended September 30, 1995 compared
	to the same periods ended September 30, 1994.  This discussion
	is designed to provide shareholders with a more comprehensive
	review of the operating results and financial position than
	could be obtained from an examination of the financial
	statements alone.  This analysis should be read in conjunction
	with the financial statements and related footnotes and the
	selected financial data included elsewhere in this report.
	
	United Bancorp, Inc. is a multi-bank holding company located in
	Martins Ferry, Ohio.  The Company originally became incorporated
	as a one bank holding company in July of 1983, through the
	acquisition of 100% of the voting stock of The Citizens Savings
	Bank of Martins Ferry, Ohio.  As a shell holding company, the
	Company is headquartered at the main office location of The
	Citizens Savings Bank at 4th at Hickory Street, Martins Ferry.
	Ohio.  The Company became a multi-bank holding company in
	December of 1986, through the purchase of 100% of the voting
	stock of The Citizens-State Bank of Strasburg, Ohio.  United
	Bancorp, Inc. has been traded on the Nasdaq Small Cap Market
	since February of 1993 under the trading symbol UBCP.
	
	The markets served by both bank subsidiaries are rich in
	diversity and widespread in geographic location. 
	Citizens-Martins Ferry meets the commercial banking needs of a
	customer base within the greater Ohio Valley area on the eastern
	border of Ohio.  The decline of heavy industry, mining and rail
	transportation in the local area within the last decade has seen
	an erosion of the younger population base necessary for economic
	revitalization.    Citizens-Martins Ferry has developed lending
	markets within the Columbus, Ohio region, while continuing to
	meet the economic needs of its traditional local customer base. 
	Citizens-Strasburg's market is primarily centered within a light
	industrial, residential area of north eastern Ohio, south of the
	Akron and Canton, Ohio metro areas.  Both bank subsidiaries are
	postured to continue to serve the traditional needs of their
	respective customer bases and also to introduce new products and
	services to meet the ever-changing needs of today's service and
	value oriented customer.
	

	Results of Operations

	Net income for the three and nine months ended September 30,
	1995 increased by $148,091, or 30.28% and $240,406, or 16.80%
	respectively, over the comparable prior year periods.  Net
	income for the nine months ended September 30, 1995 yielded an
	annualized Return On Average Assets of 1.18% and a Return On
	Average Equity of 12.94%.  Factors contributing to this earnings
	growth were increases in commercial  lending at both subsidiary
	locations and continued increases in indirect automobile lending
	at the Citizens-Martins Ferry location.  Additionally, the
	Company experienced a 22.24% increase in noninterest income
	without security gains for the nine months ended September 30,
	1995 over the prior year nine month period, while experiencing
	only a minor increase of 6.85% in noninterest expenses.   
	
	Net interest income, by definition, is the difference between
	interest income generated on interest earning assets and the
	interest expense incurred on interest bearing liabilities. 
	Various factors contribute to changes in net interest income,
	including volumes, interest rates and the composition or mix of
	interest 
	
<PAGE>

               			      United Bancorp, Inc.              
           		    Management's Discussion And Analysis
                      				  Form 10-Q 


	Results of Operations (Continued)

	earning assets in relation to interest bearing liabilities.  Net
	interest income for the three and nine months ended September
	30, 1995 increased $241,363, or 13.65% and $744,391, or 14.84%
	compared to the prior year periods.
	
	The continued increase was the result of the growth of the
	Company's average earning assets as well as an increase in the
	yield on these earning assets.  The increased yield was due to
	the upward movement in market interest rates which began in the
	second quarter of 1994 after reaching the lowest levels in many
	years.  Interest rates have now begun to soften slightly in
	response to recent Federal interest rate downward adjustments. 
	The Company increased its yield as a result of funding loan
	growth from lower earning overnight funds to higher earning
	loans and also reinvesting excesses in higher yielding
	investment securities. The Company has continued to employ
	aggressive marketing and pricing concepts to increase volume
	throughout 1995 with the goal of generating a higher yielding
	product mix..
	
	Total interest income for the three month period ended September
	30, 1995 compared to the same period in 1994 increased by
	$537,650, or 17.08%.  The nine month comparison for total
	interest income shows an increase of $1,644,665, or 18.29%. 
	Average earning assets  increased $14,689,815, or 9.00% over
	September 30, 1994 totals.  A significant portion of the growth
	was from the investment of funds acquired from
	Citizens-Strasburg's branch bank acquisition of the Dellroy,
	Ohio office of National City Bank in December of 1994.  Interest
	and fee income on loans for the three months ended September 30,
	1995, increased $515,412, or 23.20% over the September 30, 1994
	activity.  Interest and fee income on loans for the nine months
	ended September 30, 1995, increased $1,607,245, or 26.37% over
	the same nine month period in 1994.  Funds previously generating
	lower yields on short term Federal funds investments were
	utilized for funding the continued increases in loan growth
	experienced by both subsidiary banks.

	Total interest expense for the three and nine months ended
	September 30, 1995 increased by $296,287, or 21.48% and
	$900,274, or 22.63%, respectively over the same periods ended
	September 30, 1994.  Average interest bearing liabilities
	increased $12,456,201, or 8.33% over September 30, 1994 average
	balances.  The increase in interest expense was due to both
	increased volume as well as the increase in the Company's
	overall cost of funds which began during the second quarter of
	1994.

	
	Noninterest Income and Expense

	Noninterest income, not including investment securities gains,
	for the three and nine month periods ended September 30, 1995
	increased $26,207, or 14.32% and $122,905, or 22.24%,
	respectively as compared to the same three and nine month
	periods in 1994.  Service charges on deposit accounts increased
	27.14% and 27.22% for the three and nine month comparative
	periods, reflecting the continued benefits derived from a
	realignment of service charges during the second quarter of
	1995. 
	
	Noninterest expense for the three months ended September 30,
	1995 compared to the same three months ended September 30, 1994
	actually decreased $27,442, or 2.19%.  This decrease represents
	the cost savings recognized from utilization of the fully
	depreciated in-house data processing system at the
	Citizens-Martins Ferry location.  Future plans call for the
	installation and conversion to a new generation hardware and
	software system during the 4th quarter of 1995.
	

<PAGE>
			                     United Bancorp, Inc.              
            		    Management's Discussion And Analysis
                       				  Form 10-Q 

	
	Results of Operations (Continued)
	
	Noninterest Income and Expense (Continued)

	The FDIC Bank Insurance Fund refund issued to eligible banks
	during September 1995 resulted in a one-time benefit to pretax
	earnings of $104,649.  The reduction in insurance premium
	expense from $.23 to $.04 per $100 in deposits will continue to
	provide benefit to overall earnings performance for the Company.
	 The noninterest expense nine month comparison for the period
	ended September 30, 1995 compared to nine months ended September
	30, 1994 indicates a modest increase of $251,034, or 6.85%.  The
	above mentioned cost benefits have minimized the effects of
	increases in incremental salaries implemented at the beginning
	of 1995, increased overhead expenses at the newly acquired
	Dellroy branch banking facility, (December 1994) and the
	Company's costs associated with the newly implemented employee
	401 K program which began March 10, 1995.

	
	Financial Condition

	Total assets of the Company increased  to $194,584,099 at
	September 30, 1995, a 4.82% increase over $185,634,119 at
	December 31, 1994.  The most significant portion of the increase
	was due to continued loan growth which increased by 12.41% from
	December 31, 1994.  The mix of assets shifted as funds from
	maturing investments were reinvested in loans.  Installment
	loans grew 13.82% and Commercial real estate loans grew 22.08%
	over December 31, 1994 totals.  The balance sheet growth was
	funded through deposit growth, other borrowings and retention of
	earnings.  Total deposit growth during the nine months ended
	September 30, 1995 was 2.18%, with certificates of deposit
	greater than $100,000 increasing 11.04% over December 31,  1994
	totals.

	
	Capital Resources

	Internal capital growth, through the retention of earnings, is
	the primary means of maintaining capital adequacy for the
	Company. Shareholder equity at September 30, 1995 was
	$17,926,689 compared to $16,518,060 at December 31, 1994, an
	8.53% increase.  This increase includes a $143,535 increase in
	equity due to the after tax change in the fair value of
	securities categorized as available-for-sale as compared to a
	$166,458 reduction in equity for the period ended December 31,
	1994.  The ratios for Average Equity-to-Average total Assets at
	September 30, 1995 and December 31, 1994 were 9.09% and 9.07% ,
	respectively.
	

	Regulatory standards require banks and bank holding companies to
	maintain capital based on "risk adjusted" assets so that
	categories of assets with potentially higher credit risk require
	more capital backing than assets with lower risk.  Additionally,
	banks and bank holding companies are required to maintain
	capital to support, on a risk-adjusted basis, certain
	off-balance sheet activities such as standby letters of credit
	and interest rate swaps.

	
	In order to monitor relative levels of risk throughout the
	financial industry, the Federal Reserve Board classifies capital
	into two tiers.  Tier 1 capital consists of common shareholders'
	equity, noncumulative and cumulative perpetual preferred stock,
	and minority interests less goodwill.  Tier 2 capital consists
	of allowance for loan and lease losses, perpetual preferred
	stock (not included in Tier 1), hybrid capital instruments, term
	subordinated debt, and intermediate-term preferred stock.  All
	banks are required to meet a minimum ratio of 8.0% of qualifying
	total capital to risk-adjusted total assets. 
	

<PAGE>
			                    United Bancorp, Inc.              
          		    Management's Discussion And Analysis
                      				  Form 10-Q 

	Capital Resources (Continued)

	The Tier 1 capital ratio must be at least 4.0%.  Capital
	qualifying as Tier 2 capital is limited to 1.25% of  gross
	risk-weighted assets.  The minimum leverage ratio for a bank
	holding company is 3.0% calculated by dividing Tier 1 capital by
	adjusted total assets. The Federal Deposit Insurance Corporation
	Improvement Act of 1991 (FDICIA) required banking regulatory
	agencies to revise risk-based capital standards by June 19, 1993
	to ensure that they take adequate account of interest rate,
	concentration of credit and nontraditional banking activities. 
	The following table illustrates the Company's risk-weighted
	capital ratios at September 30, 1995:

<TABLE>
<CAPTION>
                            		September 30, 1995 

 <S>                <C>          <C>
	Common Shareholders' Equity     $  17,926,689 

	Tier 1 Capital                  $  17,525,567 

	Tier 2 Capital                  $   1,579,471 

	Tier 1 and 2 Capital            $ 191,102,038 

	Adjusted Total Assets           $ 190,594,277 

	Total Risk-Adjusted Assets      $ 126,357,649 
</TABLE>

<TABLE>
 <S>                                              <C>
	Leverage Ratio                                   9.20% 

	Tier 1 Risk-Based Capital Ratio                 13.87% 

	Tier 1 and Tier 2 Risk-Based Capital Ratio      15.12% 
</TABLE>

	Liquidity

	The Company's objective in managing liquidity is to maintain the
	ability to continue to meet the cash flow needs of its
	customers, such as borrowings or deposit withdrawals, as well as
	its own financial commitments.  The principal sources of
	liquidity are net income, loan payments, maturing investment
	securities, investment securities available-for-sale, Federal
	funds sold and  cash and deposits with banks.  Along with its
	liquid assets, the Company has additional sources of liquidity
	available to ensure that adequate funds are available as needed
	which include, but are not limited to, the purchase of  Federal
	funds, the ability to borrow funds under line of credit
	agreements with correspondent banks and a borrowing agreement
	with the Federal Home Loan Bank of Cincinnati, Ohio, and the
	adjustment of interest rates to obtain depositors.  Management
	feels that it has the capital adequacy, profitability and
	reputation to meet the current and projected needs of its
	customers.  

	For the period ended September 30, 1995, the adjustments to
	reconcile net income to net cash from operating activities
	consist mainly of depreciation and amortization of premises and
	equipment and intangibles, the provision for loan losses, gain
	on sales of investment securities, net amortization of
	investment securities and net changes in other assets and
	liabilities.  The most significant outflow of cash from
	investing activities was $13,562,000 used due to the net change
	in loans.  This use of funds was partially offset by a net cash
	infusion of $3,566,000 in deposits, $3,871,000 in repurchase
	agreements and other borrowed funds and $6,224,000 in proceeds
	from maturing investment securities.  For a more detailed
	illustration of the Company's sources and uses of cash, refer to
	the condensed consolidated statements of cash flows.

<PAGE>
			                    United Bancorp, Inc.              
                Management's Discussion And Analysis
                      				  Form 10-Q 

	Inflation

	Substantially all of the Company's assets and liabilities relate
	to banking activities and are monetary in nature.  The
	consolidated financial statements and related financial data are
	presented in accordance with Generally Accepted Accounting
	Principles (GAAP).  GAAP currently requires the Company to
	measure the financial position and results of operations in
	terms of historical dollars, with the exception of securities
	available-for-sale which are measured at fair value.  Changes in
	the value of money due to rising inflation can cause purchasing
	power loss.

	Management's opinion is that movements in interest rates affects
	the financial condition and results of operations to a greater
	degree than changes in the rate of inflation.  It should be
	noted that interest rates and inflation do effect each other,
	but do not always move in correlation with each other.  The
	Company's ability to match the interest sensitivity of its
	financial assets to the interest sensitivity of its liabilities
	in its asset/liability management may tend to minimize the
	effect of change in interest rates on the Company's performance.
	

	Regulatory Review

	The Company is subject to the regulatory requirements of The
	Federal Reserve System as a multi-bank holding company.  The
	affiliate banks, Citizens-Martins Ferry and Citizens-Strasburg
	are subject to regulations of The Federal Deposit Insurance
	Corporation (FDIC) and the State of Ohio, Division of Banks. 
	Citizens-Martins Ferry was subject to a FDIC regulatory safety
	and soundness review on July 10, 1995 as of the close of
	business on March 31, 1995. There were no significant findings,
	which upon implementation, would have a material effect on the
	holding company or its subsidiary banks. 


<PAGE>


                     			 United Bancorp, Inc.
                     			  Other Information
                     			     Form 10-Q

<TABLE>
Part I I     Other Information

<S>  <C>        <S>
Item 1.         Legal proceedings

              		Not applicable.


Item 2.         Changes in securities

              		Not applicable.


Item 3.         Defaults upon senior securities

              		Not applicable.


Item 4.         Submission of matters to a vote of security holders

              		Not applicable.


Item 5.         Other information

              		Not applicable.


Item 6.         Exhibits and reports on Form 8 K

              		(a) Exhibits

              		(b) Reports on Form 8 K
		
          		    The Company filed no Form 8 K's with the Securities 
          		    Exchange Commission during the quarter ending 
          		    September 30, 1995.
</TABLE>
<PAGE>

                    			 United Bancorp, Inc.
                    			  Other Information
                    			     Form 10-Q


	Signatures

	Pursuant to the requirements of the Securities Exchange Act of
	1934, the Registrant has duly caused this report to be signed on
	its behalf by the undersigned thereunto duly authorized.





<TABLE>
   <C>      <C> <C>          <S><C>
	  November 10, 1995         By:________________________________                      
				  
	  Date                         James W. Everson
                     				       President and Chief Executive Officer




	  November 10, 1995         By:________________________________                         
			      
	  Date                         Ronald S. Blake
                     				       Treasurer
</TABLE>