U.S. Securities and Exchange Commission
                   Washington, D.C.  20549
                              
                          Form 10-Q
                              
          For the Quarter Ended September 30, 1996
                              


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

[  ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
EXCHANGE ACT
     For the transition period from ___________________ to
__________________

               Commission file number 0-12724
                              
                      Belmont Bancorp.
                     An Ohio Corporation
             IRS Employer ID number - 34-1376776
                       325 Main Street
                   Bridgeport, Ohio  43912
                  Telephone (614) 695-3323
                              
                              
     Check whether the issuer (1) filed all reports required
to be filed by Section 13 or 15(d) of the Exchange Act
during the past 12 months, and (2) has been subject to such
filing requirements for the past 90 days.  Yes   X   No ___

The number of shares outstanding of each of the issuer's
classes of common equity, as of the latest practicable date:
                              
                Common Stock, $0.50 par value,
                2,114,644 shares outstanding
                   as of October 24, 1996
                              
                          FORM 10-Q
                      BELMONT BANCORP.
              Quarter Ending September 30,1996
                              
                            INDEX
                              
Part I.  Financial information

Management's report on financial statements

Financial highlights

Consolidated Statements of Condition - September 30, 1996,
December 31, 1995, and September 30, 1995

Consolidated Statements of Income-Three Months
Ended September 30, 1996 and September 30, 1995

Consolidated Statements of Income-Nine Months
Ended September 30, 1996 and September 30, 1995

Consolidated Statements of Cash Flows-Nine Months
Ended September 30, 1996 and September 30, 1995

Consolidated Statements of Changes in Shareholders' Equity
Nine Months Ended September 30, 1996 and Year Ended
December 31, 1995

Notes to the Consolidated Financial Statements

Management's Discussion and Analysis of Financial Condition
and Results of Operations

Part II - Other Information

Legal Proceedings
Changes in Securities
Defaults upon Senior Securities
Submission of Matters to a Vote of Security Holders
Other Information
Signature page

PART I - FINANCIAL INFORMATION

ITEM 1. - FINANCIAL STATEMENTS

MANAGEMENT'S REPORT ON FINANCIAL STATEMENTS

     The following consolidated financial statements and
related notes of Belmont Bancorp. and subsidiaries were
prepared by management which has the primary responsibility
for the integrity of the financial information.  The
statements are prepared in conformity with generally
accepted accounting principles appropriate in the
circumstances, and include amounts that are based on
management's best estimates and judgments.  Financial
information elsewhere in the quarterly report is prepared on
a basis consistent with that in the financial statements.

     In meeting its responsibility for the accuracy of the
financial statements, management relies on the Corporation's
comprehensive system of internal accounting controls.  This
system provides reasonable assurance that assets are
safeguarded and transactions are recorded to permit the
preparation of appropriate financial information.  The
system of internal controls is characterized by an effective
control oriented environment within the Corporation which is
augmented by written policies and procedures, internal
audits and the careful selection and training of qualified
personnel.

     The functioning of the accounting system and related
internal accounting controls is under the general oversight
of the Audit Committee of the Board of Directors which is
comprised of five outside directors.  The accounting system
and related controls are reviewed by a program of internal
audits and by the Corporations' independent accountants.
The Audit Committee meets regularly with the contract
internal auditor and the independent public accountants to
review the work of each and ensure that each group is
properly discharging its responsibilities.  In addition, the
Committee reviews and approves the scope and timing of the
internal and external audits and any findings with respect
to the system of internal controls.  Reports of examinations
conducted by federal regulatory agencies are also reviewed
by the Committee.

     The annual consolidated financial statements of Belmont
Bancorp. and subsidiaries will be examined by S.R. Snodgrass
A.C., the Corporation's independent certified public
accountants.  Their examination will be conducted in
accordance with generally accepted auditing standards and
will include a review of internal controls and a test of
transactions in sufficient detail to allow them to report on
the fair presentation of the consolidated operating results
and financial condition of Belmont Bancorp. and
subsidiaries.

BASIS OF PRESENTATION

     The consolidated financial statements include the
accounts of Belmont Bancorp. and its subsidiaries, Belmont
National Bank and Belmont Financial Network.
<TABLE>
BELMONT BANCORP. AND SUBSIDIARIES
Financial Highlights                                    
                                                        
<CAPTION>
                        
September 30                   1996       1995            % Change
<S>                            <C>        <C>             <C>
Earnings and dividends ($000's)
Net income                         3,657      3,324       10.0
Operating earnings (1)             4,712      4,253       10.8
Cash dividends declared on           
common stock                         910        729       24.7
Per common share (2):                                   
Net income                          1.70       1.54       10.4
Cash dividends declared            0.430      0.345       24.6
Book value                         12.00      10.89       10.2
Market price for the quarter:                           
  High                             28.00      25.00       12.0
  Low                              26.00      18.50       40.5
At quarter-end ($000's)                                 
Assets                           349,315    321,386        8.7
Loans and leases                 181,465    157,975       14.9
Deposits                         256,309    245,977        4.2
Stockholders' equity              26,380     24,030        9.8
Key Ratios                                              
Return on average assets           1.45%       1.43%       1.5
Return on average common         
shareholders' equity              19.22%      20.48%      (6.2)
Net interest margin (TE)           4.42%       4.58%      (3.5)
Number of shares (2)           2,114,644  2,114,644        0.0
                                           
Number of full time equivalent     
employees                          120.0      111.0        8.1
Total assets per FTE employee      2,911      2,895        0.5
</TABLE>                                                        

(1) Operating earnings are defined as earnings before income taxes
minus securities and trading gains or plus securities and trading losses.      
                                                        
(2)  Per common share amounts have been restated for the effect of a 100%
common stock dividend paid May 8, 1995.
                                                      
<TABLE>
Consolidated Condensed Balance Sheet
(Unaudited)  ($000s except per share amounts)
<CAPTION>                                 
                                   September  December     September
                                         30,       31,           30,
                                        1996      1995          1995
<S>                                <C>        <C>          <C>
ASSETS                                                            
                                                                  
    Cash and due from banks         11,970     10,175        9,458
    Federal funds sold                 665          0            0
    Securities available for                                      
    sale at market value           122,516    112,109       58,456
    Securities held to                                    
    maturity (1)                    20,056     23,726       83,931
    Loans                          181,465    159,957      157,975
    Less allowance for possible                                   
    loan losses                      3,060      2,703        2,464
      Net Loans                    178,405    157,254      155,511
    Premises and equipment, net      6,272      5,090        4,881                             
    Other real estate owned            645        579          579
    Accrued income receivable        2,547      2,150        2,392
    Other assets                     6,239      6,196        6,178
          Total Assets             349,315    317,279      321,386
                                                                  
LIABILITIES                                                       
                                                                  
    Non-interest bearing                                          
    deposits
           Demand                   28,499     26,494       25,703
     Interest-bearing deposits:                                   
           Demand                   40,285     27,193       25,986
           Savings                  79,070     78,883       77,264
           Time                    108,455    114,280      117,024
           Total deposits          256,309    246,850      245,977
      Short-term borrowings         42,924     38,665       50,097
      Long term debt                21,910      4,802            -
      Accrued int on deposits                                        
      and other borrowings             700        661          736
      Other liabilities              1,092      1,137          546
            Total liabilities      322,935    292,115      297,356
                                                                  
SHAREHOLDERS' EQUITY                                              
                                                                  
   Preferred stock -                                  
   authorized 90,000 shares with
   no par value; issued and                                   
   outstanding, none                     -          -            -
   Senior cumulative preferred
   stock - authorized, issued and
   outstanding 10,000 shares with 
   a $100 par value                  1,000      1,000        1,000
   Common stock  - $0.50 par                                  
   value, 8,900,000
   shares authorized;2,115,476 
   issued in 1996 and 1995           1,057      1,057        1,057
       Surplus                       7,781      7,781        7,781
       Treas stock (832 shares)        (8)        (8)          (8)
       Retained earnings:                                         
         Unappropriated             16,835     14,148       13,561
         Appropriated for                                     
         contingencies                 850        850          850
       Net unrealized loss on                                     
       securities avail. for sale  (1,135)        336        (211)
          Total shareholders'       
          equity                    26,380     25,164       24,030
          Total liabilities and    
          shareholders' equity     349,315    317,279      321,386
  
</TABLE>  

(1)  Market value at September 30, 1996, $19,813; December 31,1995, 
       $23,758, September 30, 1995, $83,148.

<TABLE>
Consolidated Condensed Statement of Income
(Unaudited)  ($000s except per share amounts)
<CAPTION>                                 
                                 Three months ended September 30,   Increase
                                       1996               1995      (Decrease)
<S>                                  <C>              <C>           <C>        
INTEREST INCOME                                                          
                                                                         
    Loans and lease financing                                            
        Taxable                          4,079            3,565       514
        Tax-exempt                          83               80         3
    Investment securities:                                               
        Taxable                          2,001            1,883       118
        Tax-exempt                         363              380      (17)
     Dividends                              50               31        19
     Interest on fed funds                                               
     sold                                    -               16      (16)
        Total interest income            6,576            5,955       621
                                                                         
INTEREST EXPENSE                                                         
                                                                         
      Deposits                           2,384            2,203       181
      Borrowings                           817              588       229
         Total interest                                                  
         expense                         3,201            2,791       410
         Net interest income             3,375            3,164       211
      Provision for possible                                             
      loan losses                          105              200      (95)
         Net interest income                                             
         after provision
         for possible loan 
         losses                          3,270            2,964       306
                                                                         
NON-INTEREST INCOME                                                      
                                                                         
      Trust fees                           111               54        57
      Service charges on                                                 
      deposits                             166              135        31
      Other operating income               150              128        22
      Investment securities                                              
      gains (losses)                         -             (23)        23
      Trading profits                                                    
      (losses)                               -                -         -
      Gains (losses) on                                            
      securities avail for sale             34               41       (7)
          Total non-interest                                             
          income                           461              335       126
                                                                         
NON-INTEREST EXPENSE                                                     
                                                                         
      Salary and employee                                                
      benefits                             843              701       142
      Net occupancy expense                                              
      of premises                          175              140        35
      Equipment expenses                   206              186        20
      Other operating                                                    
      expenses                           1,100              667       433
          Total non-interest                                             
          expense                        2,324            1,694       630
          Income before                                                  
          income taxes                   1,407            1,605     (198)
INCOME TAXES                               324              385      (61)
           Net income                    1,083            1,220     (137)     
                                                                    
PER COMMON SHARE DATA                                                    
                                                                         
        Net income per share              0.50             0.57          
        Cash dividend per share          0.150            0.130          
        Book value per share                                             
                                                                         
        Weighted average                                            
        shares outstanding           2,114,644        2,114,644
</TABLE>

<TABLE>
Consolidated Condensed Statement of Income
(Unaudited)  ($000s except per share amounts)
<CAPTION>                                  
                                  Nine Months Ended September 30,    Increase
                                          1996            1995       (Decrease)
<S>                                   <C>             <C>             <C>
INTEREST INCOME                                                            
                                                                           
    Loans and lease                                                        
    financing
        Taxable                          11,647          10,357       1,290
        Tax-exempt                          244             212          32
    Investment securities:                                                 
        Taxable                           6,029           5,838         191
        Tax-exempt                        1,005           1,073        (68)
     Dividends                              125              90          35
     Interest on fed funds                                                 
     sold                                     7              46        (39)
        Total interest                                                     
        income                           19,057          17,616       1,441
                                                                           
INTEREST EXPENSE                                                           
                                                                           
      Deposits                            6,997           6,791         206
      Borrowings                          2,111           1,394         717
         Total interest                                                    
         expense                          9,108           8,185         923
         Net interest                                                      
         income                           9,949           9,431         518
      Provision for                                                        
      possible loan losses                  360             900       (540)
         Net interest                                                      
         income after provision
         for possible loan                                                 
         losses                           9,589           8,531       1,058
                                                                           
NON-INTEREST INCOME                                                        
                                                                           
      Trust fees                            374             350          24
      Service charges on                                                   
      deposits                              481             409          72
      Other operating                                                      
      income                                458             354         104
      Investment securities                                                
      gains (losses)                        (1)            (22)          21
      Trading profits                                                      
      (losses)                                -               -           -
      Gains (losses) on                                                
      securities available
      for sale                              268             204          64
      Total non-                                                       
      interest income                     1,580           1,295         285
                                                                           
NON-INTEREST EXPENSE                                                       
                                                                           
      Salary and employee                                                  
      benefits                            2,463           2,206         257
      Net occupancy expense                                                
      of premises                           515             414         101
      Equipment expenses                    593             563          30
      Other operating                                                      
      expenses                            2,619           2,208         411
          Total non-                                                       
          interest expense                6,190           5,391         799
          Income before                                                    
          income taxes                    4,979           4,435         544
INCOME TAXES                              1,322           1,111         211
           Net income                     3,657           3,324         333   
                                                                       
PER COMMON SHARE DATA                                                      
                                                                           
        Net income per                                 
        share                              1.70            1.54
        Cash dividend per                            
        share                             0.430           0.345
        Book value per                                
        share                             12.00           10.89
                                                                           
        Weighted average                                
        shares outstanding            2,114,644       2,114,641
</TABLE>

<TABLE>
CONSOLIDATED STATEMENT OF CASH FLOWS                         
For the Nine Months Ended September 30
 (Unaudited) ($ expressed in 000s)                           
<CAPTION>                                                             
BELMONT BANCORP.                                             
                                                             
                                       1996          1995
<S>                                    <C>           <C>
Operating Activities:                                        
                                                             
Net income                                3,657         3,324
Adjustments to reconcile net income                          
to net cash flows provided by 
operating activities:
Provision for loan losses                   360           900
Depreciation expense                        483           450
Amortization of investment security                          
     premiums                             1,147           774
Accretion of investment security                             
     discounts                            (294)         (249)
Investment and trading securities        
(gains) losses                            (267)         (182)
Proceeds  on sale of securities          
available for sale                       60,003        60,759
Purchase of securities available for  
sale                                   (90,103)      (77,444)
Loss (gain)  on sale of fixed assets          7            23
Gain on sale of loans                      (50)          (90)
(Increase) decrease in interest           
receivable                                (397)         (259)
Increase (decrease) in interest              
payable                                      39           146
Others, net                                 668         (359)
   Net cash provided by                                      
     operating activities              (24,747)      (12,207)
                                                             
Investing Activities:                                        
Proceeds from maturities and calls of    
investment securities                     1,198         6,322
Proceeds from sale of investment            
securities (1)                              551             0
Purchases of investment securities            0       (2,321)
Principal collected on mortgage-                             
backed securities                        18,800        13,492
Net (increase) decrease in loans and                         
  leases, net of charge offs           (28,359)      (17,021)
Proceeds on loans sold                    6,787         6,298
Loans purchased                               0          (94)
Recoveries on loans previously               
charged off                                  45            62
Purchases of fixed assets               (1,679)         (711)
Proceeds on sale of fixed assets              8             4
   Net cash used by                                          
     investing activities               (2,649)         6,031
                                                             
Financing Activities:                                        
Net increase (decrease) in deposits       9,459       (9,946)
Net increase (decrease) in short-term     
borrowings                                4,259        14,599
Dividends paid on common and              
preferred stock                           (970)         (789)
Proceeds on long term borrowings         17,225             0
Repayments on long term borrowings        (117)             0
   Net cash provided by financing        
   activities                            29,856         3,864
                                                             
Increase (decrease) in cash and                              
   cash equivalents                       2,460       (2,312)
                                                             
Cash and equivalents, beginning          10,175        11,770
Cash and equivalents, ending             12,635         9,458
</TABLE>                                                             

(1) The sale of investment securities occurred after the Corporation had
already collected a substantial portion of the principal outstanding at
acquisition.
            
<TABLE>
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
(Unaudited) ($ expressed in 000s)
<CAPTION>                                                                             
BELMONT BANCORP.                                                             
                                                 Year Ended December 31, 1995 and
                                                 Nine Months Ended September 30, 1996
                                                                                         Unrealized
                                                                                         Loss on
                                                         Retained                             
                                                         Earnings                        Securities
                            Preferr Common               Unappro-    Appro-     Treasury Available
                            Stock   Stock     Surplus    priated     priated    Stock    for sale
<S>                         <C>     <C>       <C>        <C>         <C>        <C>      <C>
Balance, December 31,      
1994                        1,000     3,777     5,061    11,026      850        (8)      (1,492)
Transfer to surplus                                                          
resulting from
change in par value of                                          
common stock                        (3,248)     3,248
2 for 1 stock split                     528     (528)                                 
1995 Net income                                           4,206                
  Cash dividends                                                             
  declared:
    Preferred stock                                         (80)                   
    Common stock ($475                                               
    per share)                                           (1,004)
Change in unrealized                                                         
loss-securities
available for sale                                                                         1,828
Balance, December 31,      
1995                        1,000     1,057     7,781    14,148      850        (8)          336
  Year to date 1996 Net                                               
  income                                                  3,657
  Cash dividends                                                             
  declared:
     Preferred stock                                       (60)                          
     Common stock ($.43                                          
     per share)                                           (910)
   Change in unrealized                                                      
   loss- securities
   available-for-sale                                                                    (1,471)
Balance, Sept. 30, 1996     1,000     1,057     7,781    16,835      850        (8)      (1,135)
</TABLE>

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

     The foregoing financial statements are unaudited,
however, in the opinion of Management, all adjustments
necessary for a fair presentation of the financial
statements have been included.   A summary of the
Corporation's significant accounting policies is set forth
in Note 1 to the Consolidated Financial Statements in the
Corporation's Annual Report on Form 10-K for 1995.

     Related party transactions - The Corporation's and it
Subsidiaries' directors and officers and their associates
were customers of, and had other transactions with, the
subsidiary bank in the ordinary course of business during
1996.  All loans and commitments included in such
transactions were made on substantially the same terms,
including interest rates and collateral, as those prevailing
at the time for comparable transactions with other persons
and did not involve more than the normal risk of
collectibility.

     Per share data has been restated in previous periods
for a 100% common stock dividend paid in May 1995.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

SUMMARY

     The third quarter of 1996 added another quarter of
solid earnings to Belmont Bancorp.'s year to date
performance despite the federal government's assessment of a
"one time" deposit premium on about 30% of our deposits that
are insured by the Savings Association Insurance Fund (SAIF)
of the Federal Deposit Insurance Corporation (FDIC).  In
1992, Belmont National Bank purchased three branches of a
savings and loan.  These deposits are insured under the SAIF
fund because moving the deposit insurance to the Bank
Insurance Fund where the Bank's other deposits are insured
would have been quite expensive.   The deposit insurance
assessment recognized during the third quarter was $397,000,
or $262,000 after the effect of income taxes.  Results for
the third quarter remained strong with return on common
shareholders' equity (ROE) at 16.89% and  ROE for the year
to date period at 19.22%.  Without the SAIF assessment, ROE
would have been 21.06% for the quarter and 20.27% for the
nine months ended September 30, 1996.

     Earnings per common share for the nine months were
$1.70, up $0.16 per share or 10.4% from the first nine
months of 1995. Earnings per common share were $0.50 for the
quarter, down from $0.57 per share during the comparable
quarter last year.  The SAIF assessment reduced earnings per
share by  $0.12.

     For the nine months ended September 30, 1996, net
income increased 10.0% to $3,657,000, compared to $3,324,000
for the first nine months of 1995.  The net income of
Belmont Bancorp. for the third quarter of 1996 decreased
11.2% to $1,083,000, compared to $1,220,000 in the third
quarter of 1995.

     Operating earnings increased to $4,712,000 for the nine
months ended September 30, 1996, up 10.8% from $4,253,000
for the same period last year.  For the third quarter of
1996, operating earnings were $1,373,000, down 13.5% from
$1,587,000 during the year ago quarter.

     The following table presents the return on average
shareholders' equity and the return on average assets for
comparative periods of 1996 and 1995.
<TABLE>
<CAPTION>
                       Three Months Ended    Nine Months Ended
                       September 30,         September 30,
($000s)                1996      1995        1996      1995
<S>                    <C>       <C>         <C>       <C>              
Return on average         
assets                    1.25%     1.55%       1.45%     1.43%
Return on                
shareholders' equity     16.55%    20.78%      18.78%    19.92%
Return on average        
common equity            16.89%    21.34%      19.22%    20.48%
                                                         
Average assets         $346,453  $314,108    $336,798  $310,811
Average shareholders' 
equity                 $ 26,171  $ 23,489    $ 25,959  $ 22,249
</TABLE>

NET INTEREST INCOME

     A major share of the Corporation's income results from
the spread between income on earning assets and interest
expense on the liabilities used to fund those assets.   Net
interest income is affected by changes in interest rates and
the amounts and distributions of interest earning assets and
interest bearing liabilities outstanding.  Net interest
margin is net interest income divided by the average earning
assets outstanding.  A third frequently used measure is net
interest rate spread which is the difference between the
average rate earned on assets and the average rate paid on
liabilities without regard to the amounts outstanding in
either category.

     Tables 1 and 3, Consolidated Average Balance Sheets and
Analysis of Net Interest Income, compares interest revenue
and interest earning assets outstanding with interest cost
and liabilities outstanding for the nine months and three
months ended September 30, 1996, 1995, and 1994.  The tables
contain net interest income, net interest margin and net
interest rate spread for each period.  All three of these
measures are reported on a taxable equivalent basis.

     The taxable equivalent yield on interest earning assets
declined from 8.32% during the first nine months of 1995 to
8.26% in 1996, a decrease of 6 basis points.  (A basis point
(bp) is equivalent to .01%.)   The cost of interest bearing
liabilities increased 15 basis points from 4.18% during the
first nine months of 1995 to 4.33% in 1996.  The net
interest margin (net interest income divided by interest
earning assets)  declined from 4.58% to 4.42% during the
comparative year-to-date periods.

     The taxable equivalent yield on interest earning assets
decreased from 8.27% during the third quarter of 1995 to
8.21% in 1996, a decrease of 6 basis points. The cost of
interest bearing liabilities rose 18 basis points from 4.21%
during the third quarter of 1995 to 4.39% in 1996.  The net
interest margin decreased 20 basis points from 4.53% to
4.33% during the comparative quarters.

     Tables 2 and 4, Analysis of Net Interest Income
Changes, separates the dollar change in the Corporation's
net interest income into three components:  changes caused
by (1) an increase or decrease in the average asset and
liability balances outstanding (volume); (2) the changes in
average yields on interest earning assets and average rates
for interest bearing liabilities (yield/rate); and (3)
combined volume and yield/rate effects (mix).

<TABLE>
TABLE 1. - CONSOLIDATED AVERAGE BALANCE SHEETS AND ANALYSIS OF NET
           INTEREST INCOME (Fully Taxable Equivalent Basis) ($000's)
<CAPTION>                                                                     
                                                                     
                                              Nine Months Ended September 30,
                              1996                          1995                        1994     
                   Average             Average  Average             Average  Average            Average
                   Out-       Revenue/ Yield/   Out-       Revenue/ Yield/   Out-       Revenue/Yield/
                   standing   Cost     Rate     standing   Cost     Rate     standing   Cost    Rate
<S>                <C>        <C>      <C>      <C>        <C>      <C>      <C>        <C>     <C>
Assets                                                               
Interest earning                                                     
assets
  Loans and      
  leases           $171,028   $11,987   9.37%   $151,005   $10,668   9.45%   $132,316   $8,551   8.64%   
  Securities                                                         
    Taxable         121,267     6,150   6.78%    114,616     5,926   6.91%    110,310    4,761   5.77%
    Exempt from  
    income tax       24,952     1,466   7.86%     25,757     1,554   8.07%     22,750    1,392   8.18%                      
  Trading             
  account assets          0         0   0.00%          0         0   0.00%        184        1   0.73%
  Federal funds     
  sold                  188         7   4.98%      1,054        46   5.84%        166        3   2.42%
Total interest   
earning assets      317,435    19,610   8.26%    292,432    18,194   8.32%    265,726   14,708   7.40%
Cash and due      
from banks            8,860                        8,424                        8,153           
Other assets         14,100                       12,926                       11,906           
Valuation                                                     
allowance-
available for
sale securit          (725)                        (955)                        (642)           
Allowance for              
possible loan        
loss                (2,872)                      (2,016)                      (1,427)
Total assets        336,798                      310,811                      283,716           
                      
Liabilities                                                          
Interest bearing                                                     
liabilities
  Interest       
  checking           37,639       888   3.15%     25,570       450   2.35%     27,014      435   2.15%
  Savings            79,272     1,808   3.05%     79,067     1,771   2.99%     98,573    2,198   2.98%
  Other time     
  deposits          112,334     4,301   5.12%    123,089     4,570   4.96%     94,954    3,093   4.36%
  Other          
  borrowings         52,198     2,111   5.41%     33,840     1,393   5.50%     17,574      531   4.04%
Total interest   
bearing              
liabilities         281,443     9,108   4.33%    261,566     8,184   4.18%    238,115    6,257   3.51%
Demand deposits      27,144                       25,377                       24,390           
Other             
liabilities           2,252                        1,619                        1,513           
Total            
liabilities         310,839                      288,562                      264,018           
Shareholders'    
equity               25,959                       22,249                       19,698           
                              
Liabilities &
shareholders'      
equity              336,798                      310,811                      283,716
Net interest                                                         
income
  Margin on a      
  taxable                             
  equivalent 
  basis                        10,502   4.42%               10,010   4.58%               8,451   4.25%
Net interest               
rate spread                             3.93%                        4.14%                       3.89%
Interest bearing                                                     
liabilities
to interest                
earning assets                         88.66%                       89.45%                      89.61%
</TABLE>               

<TABLE>                                                                     
TABLE 2. - ANALYSIS OF NET INTEREST INCOME CHANGES 
(Taxable Equivalent Basis)($000's)
<CAPTION>                                                                  
                                       Nine Months Ended September 30, 1995
                            1996 Compared to 1995             1995 Compared to 1994
                        Volume  Yield    Mix     Total    Volume  Yield   Mix       Total
<S>                     <C>     <C>      <C>     <C>      <C>     <C>     <C>       <C>
Increase                                                 
(Decrease) in
Interest Income
Loans and Leases        $1,415   ($84)   ($12)   $1,319   $1,208    $797    $113    $2,118
Securities                                                      
    Taxable                344   (113)     (7)      224      186     942      37     1,165
    Exempt from                                            
    income taxes          (49)    (41)       1     (89)      184    (19)     (3)       162
Trading Account       
Assets                       0       0       0        0      (1)     (1)       0       (2)
Federal Funds Sold        (38)     (7)       6     (39)       16       4      23        43
Total Interest      
Income Change            1,672   (245)    (12)    1,415    1,593   1,723     170     3,486

Increase                                                 
(Decrease) in
Interest Expense
  Interest            
  Checking                 212     153      72      437     (23)      40     (2)        15
  Savings                    5      32       0       37    (435)      10     (2)     (427)
  Other Time        
  Deposits               (399)     143    (12)    (268)      916     432     129     1,477
  Other               
  Borrowings               756    (24)    (15)      717      491     192     180       863
Total Interest        
Expense Change             574     304      45      923      949     674     305     1,928

Increase                                                 
(Decrease) in Net
Interest Income 
on a Taxable        
Equivalent Basis        $1,098  ($549)   ($57)     $492     $644  $1,049  ($135)    $1,558

(Increase)                                                 
Decrease in
Taxable
Equivalent
Adjustment                                           26                               (72)
Net Interest                           
Income Change                                      $518                             $1,486
</TABLE>                                                   

<TABLE>
TABLE 3. - CONSOLIDATED AVERAGE BALANCE SHEETS AND ANALYSIS OF NET
           INTEREST INCOME (Fully Taxable Equivalent Basis) ($000's)
<CAPTION>                                                                   
                                                                   
                                             Three Months Ended September 30,
                               1996                        1995                        1994     
                    Average            Average  Average            Average  Average            Average
                    Out-       Revenue Yield/   Out-       Revenue Yield/   Out-       Revenue Yield/
                    standing   Cost    Rate     standing   Cost    Rate     standing   Cost    Rate
<S>                 <C>        <C>     <C>      <C>        <C>     <C>      <C>        <C>     <C>
Assets                                                             
Interest earning                                                   
assets
  Loans and       
  leases            $178,969   $4,182   9.27%   $155,384   $3,682   9.40%   $135,934   $3,016   8.80%
  Securities                                                       
    Taxable          121,462    2,049   6.69%    111,329    1,914   6.82%    118,511    1,837   6.15%
    Exempt from   
    income tax        26,892      541   7.98%     27,588      550   7.91%     26,138      593   9.00%
  Federal funds     
  sold                    25        0   0.00%      1,158       16   5.48%          5        0   0.00%
Total interest    
earning assets       327,348    6,772   8.21%    295,459    6,162   8.27%    280,588    5,446   7.70%
Cash and due  
from banks             9,064                       8,575                       8,139           
Other assets          14,933                      12,808                      11,950           
Valuation                                              
allowance-
available for
sale           
securities           (1,899)                       (416)                       (911)           
Allowance for     
possible loan
loss                 (2,993)                     (2,318)                     (1,315)           
Total assets         346,453                     314,108                     298,451           
                    
Liabilities                                                        
Interest bearing                                                   
liabilities
  Interest        
  checking            42,131      356   3.35%     25,618      153   2.37%     26,363      146   2.20%
  Savings             79,844      618   3.07%     79,033      598   3.00%     94,612      709   2.97%
  Other time      
  deposits           108,970    1,410   5.13%    115,916    1,452   4.97%    101,732    1,144   4.46%
  Short term      
  borrowings          58,430      817   5.55%     42,522      587   5.48%     29,235      332   4.51%
Total interest    
bearing       
liabilities          289,375    3,201   4.39%    263,089    2,790   4.21%    251,942    2,331   3.67%
Demand deposits       28,594                      26,082                      24,737           
Other liabilities      2,313                       1,448                       1,593           
Total liabilities    320,282                     290,619                     278,272           
Shareholders'     
equity                26,171                      23,489                      20,179           
Liabilities &  
Shareholders'           
Equity               346,453                     314,108                     298,451           

Net interest                                                       
income
Margin on a      
taxable 
equivalent basis                3,571   4.33%               3,372   4.53%               3,115   4.40%
Net interest rate            
spread                                  3.82%                       4.07%                       4.03%
Interest bearing                                                   
liabilities
to interest                
earning assets                         88.40%                      89.04%                      89.79%
</TABLE>               

<TABLE>                                                                   
TABLE 4. - ANALYSIS OF NET INTEREST INCOME CHANGES
(Taxable Equivalent Basis)($000's)
<CAPTION>                                                                 
                                   Three Months Ended September 30,
                          1996 Compared to 1995        1995 Compared to 1994
                       Volum Yield   Mix     Total  Volume  Yield Mix    Total
<S>                    <C>   <C>     <C>     <C>    <C>     <C>   <C>    <C>
Increase (Decrease)                                               
 in Interest Income
  Loans and Leases     $559   ($51)   ($8)   $500    $432   $205    $29   $666
  Securities                                                      
    Taxable             174    (36)    (3)    135   (111)    200   (12)     77
    Exempt from      
    Income Taxes       (14)       5      0    (9)      33   (72)    (4)   (43)
  Federal Funds      
  Sold                 (16)    (16)     16   (16)       0      0     16     16
Total Interest        
Income Change           703    (98)      5    610     354    333     29    716
Increase (Decrease)                                               
in Interest Expense
  Interest Checking      99      63     41    203     (4)     11      0      7
  Savings                 6      14      0     20   (117)      7    (1)  (111)
  Other Time         
  Deposits             (87)      48    (3)   (42)     160    130     18    308

  Short Term          
  Borrowings            220       8      1    229     151     72     33    256
Total Interest        
Expense Change          238     133     39    410     190    220     50    460

Increase (Decrease)                                               
    in Net Interest
Income on a Taxable  
Equivalent Basis       $465  ($231)  ($34)   $200    $164   $113  ($21)   $256
           
(Increase) Decrease                                               
in Taxable
Equivalent
Adjustment                                     11                         (11)
Net Interest Income                   
Change                                       $211                         $245
</TABLE>

OTHER OPERATING INCOME

     Other operating income, excluding securities gains and
losses, increased 18.0%, or $200,000, and totaled $1,313,000
for the first nine months of 1996, compared to $1,113,000
for the respective period last year.  Changes in various
categories of other income are depicted in the table below.
<TABLE>
<CAPTION>
                      Three Months          Nine Months
                      Ended September 30,   Ended September 30,
($000s)               1996  1995    %Change 1996    1995     % Change
(S>                   <C>   <C>     <C>     <C>     <C>      <C>
Trust fees             111    54    105.6%  $  374  $  350    6.9%
Service charges on     
deposits               166   135     23.0%     481     409   17.6%
Other income           150   128     17.2%     458     354   29.4%
     Subtotal          427   317     34.7%   1,313   1,113   18.0%
Security gains           
(Losses)                 0  (23)    100.0%     (1)    (22)   95.5%
Gains (losses)                                             
securities
available for       
sale                    34    41    -17.1%     268     204   31.4%
      Total           $461  $335     37.6%  $1,580  $1,295   22.0%
</TABLE>

INVESTMENT SECURITIES

     The amortized cost and estimated market values of
securities held to maturity at September 30, 1996 are as
follows:
<TABLE>
<CAPTION>
                                          Gross         Gross   Estimated
                              Amortized Unrealized   Unrealized Market
($000s)                         Cost       Gains        Losses  Value
<S>                             <C>        <C>          <C>     <C>
U.S. Treasury securities and                                
obligations of
U.S. Government            
corporation and agencies        $ 2,265    $  0         $134    $ 2,131
Obligations of states and        
political subdivisions            4,845      95           88      4,852
Mortgage-backed securities       12,946      52          168     12,830
     Total                      $20,056    $147         $390    $19,813
</TABLE>

Included above in U.S. Government corporations and
agencies is a structured note with a book value of
$2,265,000 and a market value of $2,132,000 which matures in
the year 2000.

     The amortized cost and estimated market values of
securities available for sale at September 30, 1996 are as
follows:
<TABLE>
<CAPTION>
                                           Gross        Gross      Estimated
                             Amortized  Unrealized   Unrealized    Market
($000s)                         Cost        Gains      Losses      Value
<S>                             <C>         <C>        <C>         <C>
U.S. Treasury securities and                             
obligations of
U.S. Government           
corporations and agencies       $ 11,742    $  0       $  339      $ 11,403
Obligations of states and       
political subdivisions            20,915     105          370        20,650
Mortgage-backed securities        51,893     276          608        51,561
Mortgage derivatives              36,464      88          872        35,680
Marketable equity securities       3,222                              3,222
     Total                      $124,236    $469       $2,189      $122,516
</TABLE>                                    

The mortgage derivatives are comprised solely of
collateralized mortgage obligations (CMOs) including one
principal only CMO issued by FNMA with a book value of
$199,000 and an estimated market value of $154,000.
Privately issued CMOs included in the table above have a
book value of $11,863,000 and an estimated market value of
$11,846,000.  Credit risk on privately issued CMOs is
evaluated based upon independent rating agencies and on the
underlying collateral of the obligation.  At September 30,
1996, the Corporation held two CMOs issued by Prudential
Home Mortgage with an aggregate book value of $6,783,000 and
an estimated market value of $6,847,000 and one CMO issued
by Ryland Acceptance Corporation with a book value of
$2,799,000 and an estimated market value of $2,783,000.

     Market factors and prepayment speeds can have an impact
on the yield and average lives of mortgage-backed securities
including mortgage derivatives.

OPERATING EXPENSES

     Successful expense control is an essential element in
maintaining the Corporation's profitability.  Historically,
when comparing the Corporation to various peer groups, the
overhead costs of the Corporation have been significantly
lower than peer.  The following table shows the dollar
amounts and growth in various components of operating
expenses.
<TABLE>
<CAPTION>
                           Three Months Ended Sept. 30,  Nine Months Ended Sept. 30,
($000s)                    1996      1995      %Change 1996     1995     %Change
<S>                        <C>       <C>       <C>     <C>      <C>      <C>

Salaries and Wages         $  654    $  552    18.5%   $1,856   $1,665   11.5%
Employee benefits             189       149    26.8%      607      541   12.2%
Net occupancy expense         175       140    25.0%      515      414   24.4%
Equipment expense             206       186    10.8%      593      563    5.3%
Other operating expenses    1,100       667    64.9%    2,619    2,208   18.6%
       Total               $2,324    $1,694    37.2%   $6,190   $5,391   14.8%
</TABLE>                                                            

     Year-to-date operating expenses have increased 14.8%
during 1996 compared to the same period last year.  The
subsidiary bank opened a new headquarters office in the
Woodsdale section of Wheeling, WV in January 1996 and a new
branch in the Elm Grove section of Wheeling, WV in September
1996.  Expenses attributed to these offices included $99,000
for salaries, $26,000 for benefits, $78,000 for occupancy
expenses, $17,000 for equipment expense and $57,000 for
other operating expenses.

     As discussed above during the third quarter of 1996,
the subsidiary bank was assessed $397,000 in insurance
premiums on deposits insured through the Savings Association
Insurance Fund ("SAIF"), included in other operating expense
in the table above.  During the third quarter of 1995, the
Bank received a refund of $113,000 from the Bank Insurance
Fund ("BIF") for FDIC premiums previously paid during 1995
which reduced other operating expense.  Eliminating the
impact of the both the SAIF assessment and the BIF refund in
1996 and 1995, respectively, other operating expense
declined $99,000 for the comparative nine month period.
Also, total operating expenses would have reflected an
increase of $289,000, or 5.4%.

PROVISION AND ALLOWANCE FOR POSSIBLE LOAN LOSSES

     The Corporation provides as an expense an amount which
reflects expected loan losses.  This provision is based on
the growth of the loan and lease portfolio and on historical
loss experience.  The expense is called the provision for
possible loan losses in the Consolidated Statement of
Income.  Actual losses on loans and leases are charged
against the allowance built up on the Consolidated Balance
Sheet through the allowance for possible loan losses.  The
amount of loans and leases actually removed as assets from
the Consolidated Balance Sheets is referred to as charge-
offs and, after netting out recoveries previously charged-
off assets, becomes net charge-offs.

     For the nine months of 1996, $360,000 was added to the
allowance and charged to expense compared to $900,000 in
1995.  At September 30, 1996, the allowance for possible
loan losses to total loans and leases was 1.94% compared to
1.56% last year.  The ratio of the Allowance for Possible
Loan Losses to underperforming assets was 332.6% at
September 30, 1996.  The following table details the
Allowance for Possible Loan Losses and also includes various
loan charge off statistics for 1996 and 1995.
<TABLE>
Allowance for Possible Loan Losses
<CAPTION>
                             Three months ended     Nine months ended
                             September 30,          September 30,
($000s)                      1996       1995        1996        1995
<S>                          <C>        <C>         <C>         <C>
Balance, beginning of period $  2,945   $  2,228    $  2,703    $  1,537
                                                        
Provision for possible loan     
losses                            105        200         360         900

Loans charged-off                   2         14          48          35
Recoveries on loans              
previously charged-off             12         50          45          62
  Net charge offs                (10)       (36)           3        (27)
                                                        
Balance, end of period       $  3,060   $  2,464    $  3,060    $  2,464
                                                        
Loans and leases outstanding               
at period                                           $157,975    $157,975
Average loans and leases     $178,969   $155,384    $171,028    $151,005
Annualized net charge offs                              
as a percent of:
   Average loans and leases    -0.02%     -0.09%       0.00%      -0.02%
   Total loans at end of                    
   period                                              0.00%      -0.02%
   Reserve for possible loan 
   losses                      -1.31%     -5.84%       0.13%      -1.46%
Reserve for possible loan                               
losses to:
   Average loans and leases     1.71%      1.59%       1.79%       1.63%
   Total loans at end of                    
   period                                              1.94%       1.56%
   Under-performing assets                           332.61%     338.00%
</TABLE>                                             

UNDER-PERFORMING ASSETS

     Under-performing assets consist of (1) non-accrual
loans, leases and debt securities on which the ultimate
collectibility of the full amount of interest is uncertain,
(2) loans and leases past due ninety days or more as to
principal or interest and (3) other real estate owned.  A
summary of under-performing assets at September 30 follows:
<TABLE>
<CAPTION>
Under-performing assets             September 30,
($000s)                             1996   1995
<S>                                 <C>    <C>
Non-accrual loans and leases        $238   $133
Ninety days past due loans                     
and leases still accuring
interest                              37     17
Other real estate owned              645    579
     Total                          $920   $729
                                               
Restructured loans and                         
leases included
in above totals                     $  0   $  0
Restructured loans and                         
leases in
compliance with                
modified terms                       641    107
</TABLE>

CAPITAL RESOURCES

     At September 30, 1996, shareholders' equity was
$26,380,000 compared to $25,164,000 at December 31, 1995 and
$24,030,000 at September 30, 1995.  The following table
presents various capital ratios as of September 30:
<TABLE>
<CAPTION>
September 30,                 1996     1995
<S>                           <C>      <C>
Average shareholder's                     
equity to :
  Average assets               7.7%     7.2%
  Average deposits            10.1%     8.8%
  Average loans and           
  leases                      15.2%    14.7%
Primary capital                8.4%     8.2%
Risk-based capital                        
ratio:
   Tier 1                     12.0%    12.6%
   Total                      13.3%    13.9%
Leverage ratio                 7.5%     7.1%
</TABLE>

     The Federal Reserve Board has adopted risk-based
capital guidelines that assign risk weightings to assets and
off-balance sheet items.  The guidelines also define and set
minimum capital requirements (risk-based capital ratios).
Banks are required to have core capital (Tier 1) of at least
4.0% of risk-weighted assets and total capital of 8.0% of
risk-weighted assets.  Tier  1 capital consists principally
of shareholders' equity less goodwill, while total capital
consists of core capital, certain debt instruments and a
portion of the reserve for possible loan losses.  At
September 30, 1996, the Corporation had a Tier 1 capital
ratio of 12.0% and a total capital ratio of 13.3%, well
above regulatory minimum requirements.

     National banks are required to maintain Tier 1 capital
in an amount equal to at least 3.0% of adjusted total
assets, referred to as a total assets leverage ratio.  At
September 30, 1996, the Corporation's leverage ratio was
7.5%.

PART II - OTHER INFORMATION

Item 1.  Legal proceedings

None

Item 2.  Changes in securities

None

Item 3.  Defaults upon senior securities

None

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

None

Item 5.  Other information

None

Item 6.  Exhibits

None

SIGNATURE

     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.

                         Belmont Bancorp.
                         (Registrant)


November 4, 1996         s/J. Vincent Ciroli, Jr.
                         J. Vincent Ciroli, Jr.
                         President & CEO