<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 10-K

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

                   FOR THE FISCAL YEAR ENDED DECEMBER 31, 2004

                                       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)

201 SOUTH FOURTH STREET, MARTINS FERRY, OHIO                            43935
--------------------------------------------                          ----------
   (Address of principal executive offices)                           (ZIP Code)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (740) 633-0445

           SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:

      NONE                                                N/A
      ----                                                ---
(Title of class)                     (Name of each exchange on which registered)

           SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:

                      COMMON STOCK, PAR VALUE $1.00 A SHARE
                      -------------------------------------
                                (Title of class)

INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED
TO BE FILED BY SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING
THE PRECEDING 12 MONTHS (OR FOR SUCH SHORTER PERIOD THAT THE REGISTRANT WAS
REQUIRED TO FILE SUCH REPORTS), AND (2) HAS BEEN SUBJECT TO SUCH FILING
REQUIREMENTS FOR THE PAST 90 DAYS. YES [X]  NO [ ]

INDICATE BY CHECK MARK IF DISCLOSURE OF DELINQUENT FILERS PURSUANT TO ITEM 405
OF REGULATION S-K IS NOT CONTAINED HEREIN, AND WILL NOT BE CONTAINED TO THE BEST
OF REGISTRANT'S KNOWLEDGE, IN DEFINITIVE PROXY OR INFORMATION STATEMENTS
INCORPORATED BY REFERENCE IN PART III OF THIS FORM 10-K OR ANY AMENDMENT TO THIS
FORM 10-K. {X}

INDICATE BY CHECK MARK WHETHER THE REGISTRANT IS AN ACCELERATED FILER (AS
DEFINED IN EXCHANGE ACT RULE 12B-2).
YES [ ]   NO [X]

THE AGGREGATE MARKET VALUE OF THE VOTING AND NON-VOTING COMMON EQUITY HELD BY
NON-AFFILIATES OF THE REGISTRANT AS OF JUNE 30, 2004 WAS $46,327,776.

REGISTRANT HAD 3,780,976 COMMON SHARES OUTSTANDING AS OF MARCH 5, 2005.

DOCUMENTS INCORPORATED BY REFERENCE

PORTIONS OF THE PROXY STATEMENT FOR THE ANNUAL SHAREHOLDERS MEETING TO BE HELD
APRIL 20, 2005 ARE INCORPORATED BY REFERENCE INTO PART III.

PORTIONS OF THE ANNUAL REPORT TO SHAREHOLDERS FOR THE YEAR ENDED DECEMBER 31,
2004 ARE INCORPORATED BY REFERENCE INTO PARTS I AND II.

<PAGE>

PART I

ITEM 1 BUSINESS

            BUSINESS

            United Bancorp, Inc. (Company) is a financial holding company
            headquartered in Martins Ferry, Ohio. The Company has two wholly
            owned subsidiary banks, The Citizens Savings Bank, Martins Ferry,
            Ohio (CITIZENS) and The Community Bank, Lancaster, Ohio (COMMUNITY),
            collectively "Banks".

            The Banks are located in northeastern, eastern, southeastern and
            south central Ohio and are engaged in the business of commercial and
            retail banking in Belmont, Harrison, Tuscarawas, Carroll, Athens,
            Hocking, and Fairfield counties and the surrounding localities. The
            Banks provide a broad range of banking and financial services, which
            include accepting demand, savings and time deposits and granting
            commercial, real estate and consumer loans. CITIZENS conducts its
            business through its main office in Martins Ferry, Ohio and nine
            branches located in Bridgeport, Colerain, Dellroy, Dover, Jewett,
            New Philadelphia, St. Clairsville, Sherrodsville, and Strasburg,
            Ohio. COMMUNITY conducts its business through its seven offices in
            Amesville, Glouster, Lancaster, and Nelsonsville, Ohio. COMMUNITY
            offers full service brokerage service provided through UVEST(R)
            member NASD/SIPC.

            The markets in which the Banks' operate continue to be highly
            competitive. CITIZENS competes for loans and deposits with other
            retail commercial banks, savings and loan associations, finance
            companies, credit unions and other types of financial institutions
            within the Mid-Ohio valley geographic area along the eastern border
            of Ohio, extending into the northern panhandle of West Virginia and
            the Tuscarawas and Carroll County geographic areas of northeastern
            Ohio. COMMUNITY also encounters similar competition for loans and
            deposits throughout the Athens, Hocking, and Fairfield County
            geographic areas of central and southeastern Ohio.

            The Company is regulated under the Bank Holding Company Act of 1956,
            as amended (the "BHC Act"), and is subject to the supervision and
            examination of the Board of Governors of the Federal Reserve System
            (the Federal Reserve Board). The BHC Act requires the prior approval
            of the Federal Reserve Board for a bank holding company to acquire
            or hold more than a 5% voting interest in any bank. The BHC Act
            allows interstate bank acquisitions anywhere in the country and
            interstate branching by acquisition and consolidation in those
            states that did not opt out by January 1, 1997.

            Other than as described more thoroughly below with respect to
            activities that are "financial in nature," the Company is generally
            prohibited by the Act from acquiring direct or indirect ownership or
            control of more than five percent of the voting shares of any
            company which is not a bank or bank holding company and from
            engaging directly or indirectly in activities other than those of
            managing or controlling banks or furnishing services to its
            subsidiaries.

            On November 12, 1999, the Gramm-Leach-Bliley Act (the "GLB Act") was
            enacted into law. The GLB Act made sweeping changes with respect to
            the permissible financial services, which various types of financial
            institutions may now provide. The Glass-Steagall Act, which had
            generally prevented banks from affiliation with securities and
            insurance firms, was repealed. Pursuant to the GLB Act, bank holding
            companies may elect to become a "financial holding company,"
            provided that all of the depository institution subsidiaries of the
            bank holding company are "well capitalized" and "well managed" under
            applicable regulatory standards. The Company has elected to be a
            financial holding company.

            Under the GLB Act, a financial holding company may affiliate with
            securities firms and insurance companies and engage in other
            activities that are financial in nature. Activities that are
            "financial in nature" include securities underwriting, dealing and
            market-making, sponsoring mutual funds and investment companies,
            insurance underwriting and agency, merchant banking, and activities
            that the Federal Reserve Board has determined to be closely related
            to banking.

            The Company's banking subsidiaries are also subject to limitations
            with respect to transactions with affiliates.

            A substantial portion of the United Bancorp's cash revenues is
            derived from dividends paid by its subsidiary banks. The subsidiary
            banks' ability to pay dividends is subject to various legal and
            regulatory constraints.

                                                                               2

<PAGE>

            The Company's banking subsidiaries are subject to primary
            supervision, regulation and examination by the Ohio Department of
            Financial Institutions and the Federal Deposit Insurance Corporation
            (FDIC).

            Federal regulators adopted risk-based capital guidelines and
            leverage standards for banks and holding companies. A discussion of
            the impact of risk-based capital guidelines and leverage standards
            is presented in Note L to the audited consolidated financial
            statements of United Bancorp, Inc., captioned "Regulatory Capital."

            The Financial Reform, Recovery and Enforcement Act of 1989 (FIRREA)
            provides that a holding company's controlled insured depository
            institutions are liable for any loss incurred by the Federal Deposit
            Insurance Corporation in connection with the default of, or any
            FDIC-assisted transaction involving an affiliated insured bank or
            savings association.

            Noncompliance with laws and regulations by financial holding
            companies and banks can lead to monetary penalties and/or an
            increased level of supervision or a combination of these two items.
            Management is not aware of any current instances of material
            noncompliance with laws and regulations and does not anticipate any
            problems maintaining compliance on a prospective basis. Recent
            regulatory inspections and examinations of United Bancorp, Inc. and
            its subsidiary banks have not disclosed any material instances of
            noncompliance.

            The earnings and growth of United Bancorp are affected not only by
            general economic conditions, but also by the fiscal and monetary
            policies of the federal government and its agencies, particularly
            the Federal Reserve Board. The Federal Reserve Board's policies
            influence the amount of bank loans and deposits and the interest
            rates charged and paid thereon, and thus have an effect on earnings.
            The nature of future monetary policies and the effect of such
            policies on the future business and earnings of United Bancorp and
            its subsidiary banks cannot be predicted.

            The Banks have no single customer or related group of customers
            whose banking activities, whether through deposits or lending, would
            have a material impact on the continued earnings capabilities if
            those activities were removed.

            EMPLOYEES

            The Company itself, as a holding company, has no compensated
            employees. CITIZENS has 81 full time employees, with 19 of these
            serving in a management capacity and 35 part time employees.
            COMMUNITY has 32 full time employees, with 7 serving in a management
            capacity and 18 part time employees. The Company considers employee
            relations to be good at all subsidiary locations.

            INDUSTRY SEGMENTS

            United Bancorp and its subsidiaries are engaged in one line of
            business, banking. Item 8 of this 10-K provides financial
            information for United Bancorp's business.

            United Bancorp's internet website is www.unitedbancorp.com.

      I     DISTRIBUTION OF ASSETS, LIABILITIES AND STOCKHOLDERS EQUITY;
            INTEREST RATES AND INTEREST DIFFERENTIAL

            Refer to Management's Discussion and Analysis "Average Balances, Net
            Interest Income and Yields Earned and Rates Paid" set forth at page
            25 of our 2004 Annual Report, which is incorporated by reference.

      II INVESTMENT PORTFOLIO

      A  Securities available for sale at year-end 2004 decreased $3,002,000, or
         2.1% over 2003, while securities held to maturity increased $647,000,
         or 4.2%. In our planning process, management's prediction for 2004 was
         for a steady to slightly rising interest rate environment. In the first
         half of 2004, interest rates actually decreased to a level that caused
         a high volume of investment securities to be called. Management
         reinvested the funds into the Company's loan portfolio and a portion
         back into investment securities over the course of 2004.

                                                                               3

<PAGE>

The following table sets forth the carrying amount of securities at December 31,
2004, 2003 and 2002:

<TABLE>
<CAPTION>
                                               DECEMBER 31,
                                        ----------------------------
           (In thousands)                  2004     2003      2002
                                        --------  --------  --------
<S>                                     <C>       <C>       <C>
AVAILABLE FOR SALE (AT MARKET)
  U.S. Govt. and agency obligations     $ 74,192  $ 81,298  $ 93,263
  Mortgage-backed securities              42,706    35,872    14,075
  Collaterallized mortgage obligations     4,782     2,982       999
  State and municipal obligations         16,118    20,642    20,714
  Other securities                            18        24        21
                                        --------  --------  --------
                                        $137,816  $140,818  $129,072
                                        ========  ========  ========

HELD TO MATURITY (AT COST)

  State and municipal obligations       $ 14,948  $ 15,594  $ 12,926
                                        ========  ========  ========
</TABLE>

                                                                               4

<PAGE>

      B  Contractual maturities of securities at year-end 2004 were as follows:

<TABLE>
<CAPTION>
                                                                    AVERAGE
                                      AMORTIZED     ESTIMATED    TAX EQUIVALENT
      AVAILABLE FOR SALE                COST        FAIR VALUE       YIELD
                                     ------------  ------------  --------------
<S>                                  <C>           <C>               <C>
US AGENCY OBLIGATIONS
     1 - 5 Years                     $  1,499,781  $  1,496,595      3.73%
     5 - 10 Years                      25,878,340    25,870,073      4.55%
     Over 10 Years                     47,466,697    46,825,015      5.32%
                                     ------------  ------------      ----
          Total                        74,844,818    74,191,683      5.02%
                                     ------------  ------------      ----

MORTGAGE-BACKED SECURITIES
     1 - 5 Years                          861,804       860,044      3.62%
     5 - 10 Years                      11,477,285    11,389,315      3.79%
     Over 10 Years                     30,639,319    30,456,975      4.24%
                                     ------------  ------------      ----
                                       42,978,408    42,706,334      4.22%
                                     ------------  ------------      ----

COLLATERIZED MORTGAGE OBLIGATION
     1 - 5 Years                          490,709       488,929      3.93%
     5 - 10 Years                         321,170       319,890      3.86%
    Over 10 Years                       4,004,588     3,973,360      2.97%
                                     ------------  ------------      ----
                                        4,816,467     4,782,179      3.13%
                                     ------------  ------------      ----

STATE AND MUNICIPAL OBLIGATIONS
     Under 1 Year                         472,245       473,986      4.93%
     1 - 5 Years                          730,750       774,423      6.89%
     5 - 10 Years                       6,443,682     6,506,911      8.05%
     Over 10 Years                      8,488,748     8,362,713      5.40%
                                     ------------  ------------      ----
          Total                        16,135,425    16,118,033      5.63%
                                     ------------  ------------      ----

OTHER SECURITIES
     Equity securities                      4,000        18,100      0.00%
                                     ------------  ------------      ----
TOTAL SECURITIES AVAILABLE FOR SALE  $138,779,118  $137,816,329      5.80%
                                     ============  ============      ====
  HELD TO MATURITY

STATE AND MUNICIPAL OBLIGATIONS
     Under 1 Year                    $    710,272  $    722,415      7.62%
     1 - 5 Years                        2,440,849     2,571,536      7.20%
     5 - 10 Years                       4,671,363     4,916,720      6.78%
     Over 10 Years                      7,125,036     7,264,334      6.70%
                                     ------------  ------------      ----

TOTAL SECURITIES HELD TO MATURITY    $ 14,947,520  $ 15,475,005      6.85%
                                     ============  ============      ====
</TABLE>

                                                                               5

<PAGE>

      C  Excluding holdings of U.S. Agency obligations, there were no
         investments in securities of any one issuer exceeding 10% of the
         Company's consolidated shareholders' equity at December 31, 2004.

      III LOAN PORTFOLIO

            A  TYPES OF LOANS

               The amounts of gross loans outstanding at December 31, 2004,
               2003, 2002, 2001 and 2000 are shown in the following table
               according to types of loans:

<TABLE>
<CAPTION>
                                                 DECEMBER 31,
                               ------------------------------------------------
                                 2004      2003      2002      2001      2000
                               --------  --------  --------  --------  --------
<S>                            <C>       <C>       <C>       <C>       <C>
         (In thousands)
Commercial loans               $ 35,309  $ 28,049  $ 21,060  $ 21,502  $ 20,415
Commercial real estate loans     83,103    68,902    69,287    61,963    64,812
Residential real estate loans    55,062    52,237    52,535    54,153    55,931
Installment loans                41,973    49,421    45,006    45,722    55,339
                               --------  --------  --------  --------  --------
  Total loans                  $215,447  $198,609  $187,888  $183,340  $196,497
                               ========  ========  ========  ========  ========
</TABLE>

               Construction loans were not significant for the periods
               discussed.

            B  MATURITIES AND SENSITIVITIES OF LOANS TO CHANGES IN INTEREST
               RATES

                      The following is a schedule of commercial and commercial
                      real estate loans at December 31, 2004 maturing within the
                      various time frames indicated:

<TABLE>
<CAPTION>
                              ONE YEAR  ONE THROUGH    AFTER
       (In thousands)         OR LESS   FIVE YEARS   FIVE YEARS   TOTAL
                              --------  -----------  ----------  --------
<S>                           <C>       <C>          <C>         <C>
Commercial loans              $ 17,116  $     7,965  $   10,228  $ 35,309
Commercial real estate loans    38,948       37,629       6,526    83,103
  Total                       $ 56,064  $    45,594  $   16,754  $118,412
</TABLE>

               The following is a schedule of fixed rate and variable rate
               commercial and commercial real estate loans at December 31, 2004
               due to mature after one year:

<TABLE>
<CAPTION>
         (In thousands)       FIXED RATE  VARIABLE RATE  TOTAL > ONE YEAR
                              ----------  -------------  ----------------
<S>                           <C>         <C>            <C>
Commercial loans              $    8,301  $       9,892  $         18,193
Commercial real estate loans       5,770         38,385            44,155
                              ----------  -------------  ----------------
  Total                       $   14,071  $      48,277  $         62,348
                              ==========  =============  ================
</TABLE>

               Variable rate loans are those loans with floating or adjustable
               interest rates.

                                                                               6

<PAGE>

            C  RISK ELEMENTS

               1. NONACCRUAL, PAST DUE, RESTRUCTURED AND IMPAIRED LOANS

               The following schedule summarizes nonaccrual loans, accruing
               loans which are contractually 90 days or more past due, and
               impaired loans at December 31, 2004, 2003 and 2002:

<TABLE>
<CAPTION>
                                  DECEMBER 31,
------------------------------------------------------------------
               (In thousands)                2004    2003    2002
                                            ------  ------  ------
<S>                                         <C>     <C>     <C>
Nonaccrual basis (1)                        $1,106  $  101  $  685
Accruing loans 90 days or greater past due     500     655      85
Impaired loans (2)                               -       -       -
</TABLE>

               (1) There were no restructured loans at any of the dates
               indicated above.

               (2) Loans considered impaired under the provisions of SFAS No.
               114 and interest recognized on a cash received basis were not
               considered material during any of the periods presented.

               The additional amount of interest income that would have been
               recorded on nonaccrual loans, had they been current, totaled
               $29,809, $907 and $ 6,270 for the years ended December 31, 2004,
               2003 and 2002

               Interest income is not reported when full loan repayment is
               doubtful, typically when the loan is impaired or payments are
               past due over 90 days. Payments received on such loans are
               reported as principal reductions.

               A loan is impaired when full payment under the loan terms is not
               expected. Impairment is evaluated in total for smaller-balance
               loans of similar nature such as residential mortgage, consumer,
               and credit card loans, and on an individual loan basis for other
               loans. If a loan is impaired, a portion of the allowance is
               allocated so that the loan is reported, net, at the present value
               of estimated future cash flows using the loan's existing rate or
               at the fair value of collateral if repayment is expected solely
               from the collateral.

               2. POTENTIAL PROBLEM LOANS

               The Company had no potential problem loans as of December 31,
               2004 which have not been disclosed in Table C 1., but where known
               information about possible credit problems of borrowers causes
               management to have serious doubts as to the ability of such
               borrowers to comply with the present loan repayment terms and
               which may result in disclosure of such loans into one of the
               problem loan categories.

               3. LOAN CONCENTRATIONS

               Refer to Page 54, Note K of Notes to Consolidated Financial
               Statements set forth in our 2004 Annual Report, which is
               incorporated herein by reference.

      IV SUMMARY OF LOAN LOSS EXPERIENCE

            For additional explanation of factors which influence management's
            judgment in determining amounts charged to expense, refer Pages 18
            and 19 of the "Management Discussion and Analysis" and Notes to
            Consolidated Financial Statements set forth in our 2004 Annual
            Report, which is incorporated herein by reference.

                                                                               7

<PAGE>

      A     ANALYSIS OF THE ALLOWANCE FOR LOAN LOSSES

            The following schedule presents an analysis of the allowance for
            loan losses, average loan data and related ratios for the years
            ended December 31, 2004, 2003, 2002, 2001 and 2000:

<TABLE>
<CAPTION>
        (In thousands)          2004      2003      2002      2001      2000
                              --------  --------  --------  --------  --------
<S>                           <C>       <C>       <C>       <C>       <C>
LOANS
Loans outstanding             $215,447  $198,608  $187,888  $183,340  $196,497
Average loans outstanding     $208,658  $192,725  $184,131  $187,995  $190,386

ALLOWANCE FOR LOAN LOSSES
Balance at beginning of year  $  2,843  $  2,971  $  2,879  $  2,790  $  3,110
Loan charge-offs:
     Commercial                     58       250       135       268       125
     Commercial real estate          -        79        45         -        79
     Residential real estate        16        28        84        67       275
     Installment                   645       459       507       728       716
                              --------  --------  --------  --------  --------
Total loan charge-offs             719       816       771     1,063     1,195
                              --------  --------  --------  --------  --------

Loan recoveries
     Commercial                      4         3        17        27         2
     Commercial real estate          -         -         -         -        28
     Residential real estate         7         3         1        10         4
     Installment                   242       142       215       335       254
                              --------  --------  --------  --------  --------
Total loan recoveries              253       148       233       372       288
                              --------  --------  --------  --------  --------

Net loan charge-offs               466       668       538       691       907

Provision for loan losses          618       540       630       780       587
                              --------  --------  --------  --------  --------

Balance at end of year        $  2,995  $  2,843  $  2,971  $  2,879  $  2,790
                              ========  ========  ========  ========  ========

Ratio of net charge-offs to
average
</TABLE>

                                                                               8

<PAGE>

      B     ALLOCATION OF THE ALLOWANCE FOR LOAN LOSSES

            The following table allocates the allowance for possible loan losses
            at December 31, 2004, 2003, 2002, 2001 and 2000. Management adjusts
            the allowance periodically to account for changes in national trends
            and economic conditions in the Banks' service areas. The allowance
            has been allocated according to the amount deemed to be reasonably
            necessary to provide for the probability of losses being incurred
            within the following categories of loans at the dates indicated:

<TABLE>
<CAPTION>
                                     2004
                             ---------------------
                                        % OF LOANS
                             ALLOWANCE   TO TOTAL
      (In thousands)          AMOUNT      LOANS
                             ---------  ----------
<S>                          <C>        <C>
Loan type
    Commercial               $     530     16.39%
    Commercial real estate       1,136     38.57%
    Residential real estate        313     25.56%
    Installment                    532     19.48%
    Unallocated                    484       N/A
                             ---------    ------
     Total                   $   2,995    100.00%
                             =========    ======
</TABLE>

<TABLE>
<CAPTION>
                                     2003
                             ---------------------
                                        % OF LOANS
                             ALLOWANCE   TO TOTAL
      (In thousands)          AMOUNT      LOANS
                             ---------  ----------
<S>                          <C>        <C>
Loan type
    Commercial               $     452     14.13%
    Commercial real estate       1,005     34.69%
    Residential real estate        387     26.30%
    Installment                    982     24.88%
    Unallocated                     17       N/A
                             ---------    ------
     Total                   $   2,843    100.00%
                             =========    ======
</TABLE>

<TABLE>
<CAPTION>
                                     2002
                             ---------------------
                                        % OF LOANS
                             ALLOWANCE   TO TOTAL
      (In thousands)          AMOUNT      LOANS
                             ---------  ----------
<S>                          <C>        <C>
Loan type
    Commercial               $     361     11.21%
    Commercial real estate         965     36.88%
    Residential real estate        403     27.96%
    Installment                    879     23.95%
    Unallocated                    363       N/A
                             ---------    ------
     Total                   $   2,971    100.00%
                             =========    ======
</TABLE>

<TABLE>
<CAPTION>
                                     2001
                             ---------------------
                                        % OF LOANS
                             ALLOWANCE   TO TOTAL
      (In thousands)          AMOUNT      LOANS
                             ---------  ----------
<S>                          <C>        <C>
Loan type
    Commercial               $     325     11.73%
    Commercial real estate         872     33.80%
    Residential real estate        381     29.54%
    Installment                    613     24.93%
    Unallocated                    688       N/A
                             ---------    ------
     Total                   $   2,879    100.00%
                             =========    ======
</TABLE>

<TABLE>
<CAPTION>
                                     2000
                             ---------------------
                                        % OF LOANS
                             ALLOWANCE   TO TOTAL
      (In thousands)          AMOUNT      LOANS
                             ---------  ----------
<S>                          <C>        <C>
Loan type
    Commercial               $     263     10.39%
    Commercial real estate         835     32.98%
    Residential real estate        461     28.46%
    Installment                    781     28.17%
    Unallocated                    450       N/A
                             ---------    ------
     Total                   $   2,790    100.00%
                             =========    ======
</TABLE>

                                                                               9

<PAGE>

      V     DEPOSITS

      A     SCHEDULE OF AVERAGE DEPOSIT AMOUNTS AND RATES

                  Refer to Management's Discussion and Analysis and Results of
                  Operations "Average Balances, Net Interest Income and Yields
                  Earned and Rates Paid" set forth in our 2004 Annual Report and
                  incorporated herein by reference.

      B     MATURITY ANALYSIS OF TIME DEPOSITS GREATER THAN $100,000.

            Refer to Note E of Notes to Consolidated Financial Statements set
            forth in our 2004 Annual Report and incorporated herein by
            reference.

      VI    RETURN ON EQUITY AND ASSETS

            Our dividend payout ratio and equity to assets ratio:

<TABLE>
<CAPTION>
                            DECEMBER 31,
                        2004   2003    2002
                        ----   ----    ----
<S>                    <C>     <C>     <C>
Dividend Payout Ratio  56.47%  45.74%  50.00%
Equity to Assets        8.26%   8.43%   8.89%
</TABLE>

            For other ratios refer to the inside front cover of our 2004 Annual
            Report to Shareholders, incorporated herein by reference.

      VII   SHORT-TERM BORROWINGS

      Information concerning securities sold under agreements to repurchase is
      summarized as follows:

<TABLE>
<CAPTION>
                  (In thousands)                  2004      2003      2002
<S>                                             <C>       <C>       <C>
Balance at December 31,                         $12,612   $ 5,485   $ 7,010
Weighted average interest rate at December 31,     0.92%     0.80%     0.91%
Average daily balance during the year           $ 9,013   $ 8,766   $ 8,567
Average interest rate during the year              0.96%     0.83%     1.14%
Maximum month-end balance during the year       $12,632   $13,980   $11,659
</TABLE>

      Securities sold under agreements to repurchase are financing arrangements
      whereby the Company sells securities and agrees to repurchase the
      identical securities at the maturities of the agreements at specified
      prices.

      Information concerning the cash management line of credit from the Federal
      Home Loan Bank of Cincinnati, Ohio is summarized as follows:

<TABLE>
<CAPTION>
                (In thousands)                   2004       2003      2002
                                                -------   -------   ---------
<S>                                             <C>       <C>       <C>
Balance at December 31,                         $32,500   $15,283   $       -
Weighted average interest rate at December 31,     2.42%     1.11%       0.00%
Average daily balance during the year           $29,466   $ 7,103   $   1,722
Average interest rate during the year              1.90%     1.45%       1.83%
Maximum month-end balance during the year       $36,895   $15,283   $   6,799
</TABLE>

      No other individual component of the borrowed funds total comprised more
      than 30% of shareholders' equity and accordingly is not disclosed in
      detail.

                                                                              10

<PAGE>

            SUPPLEMENTAL ITEM - EXECUTIVE OFFICERS OF THE REGISTRANT

            Pursuant to General Instruction G(3) of Form 10-K, the following
            information on the executive officers of the Company is included as
            an additional item in Part I:

<TABLE>
<CAPTION>
                             Executive Officers Positions held with Company;
Name                    Age  Business Experience
----------------------  ---  -----------------------------------------------------
<S>                     <C>  <C>
James W. Everson        66   Chairman, President and Chief Executive Officer

Alan M.  Hooker         53   Executive Vice President - Administration

Scott Everson           37   Senior Vice President and Chief Operating Officer

Randall M. Greenwood    41   Senior Vice  President and Chief  Financial  Officer,
                             Treasurer

James A. Lodes          58   Vice President - Lending

Norman F. Assenza, Jr.  58   Vice President - Operations and Secretary

Michael A. Lloyd        36   Vice President - Information Systems
</TABLE>

            Each individual has held the position noted during the past five
            years, except for the following:

            Scott A. Everson served as President and Chief Operating Officer
            from April 2002 to November 2004 and Senior Vice President,
            Operations and Retail Banking, of The Citizens Savings Bank from May
            1999 to April 2002. Prior to that he served Assistant Vice
            President/Branch Manager Bridgeport Office from 1997 to May 1999. In
            addition, he is currently President and Chief Executive Office and a
            Director of The Citizens Savings Bank. He has held this position
            since November 2004.

            Michael A. Lloyd served as Senior Vice President Management
            Information Systems from October 1999 to April 2002 of the Citizens
            Savings Bank and prior to that he served as Vice President
            Management Information Systems from April 1999 to October 1999. He
            served as Data Processing Manager from 1994 to April 1999 for The
            Citizens Savings Bank.

            Each of these Executive Officers are serving at-will in their
            current positions. The Officers have held the positions for the
            following time periods: James W. Everson, 22 years, Alan M. Hooker,
            6 years, Norman F. Assenza, Jr., 22 years, James A. Lodes, 9 years,
            and Randall M. Greenwood, 7 years.

ITEM 2 PROPERTIES

      The Company owns and operates its Main Office in Martins Ferry, Ohio and
      the following offices:

<TABLE>
<CAPTION>
Location                          Location
<S>                      <C>      <C>                   <C>
Bridgeport, Ohio         Owned    Sherrodsville, Ohio   Owned
Colerain, Ohio           Owned    Glouster, Ohio        Owned
Jewett, Ohio             Owned    Glouster, Ohio        Owned
St. Clairsville, Ohio    Leased   Amesville, Ohio       Owned
Dover, Ohio              Owned    Nelsonville, Ohio     Owned
Dellroy, Ohio            Owned    Lancaster, Ohio       Owned
New Philadelphia, Ohio   Owned    Lancaster, Ohio       Owned
Strasburg, Ohio          Owned    Lancaster, Ohio       Owned
</TABLE>

      Management believes the properties described above to be in good operating
      condition for the purpose for which it is used. The properties are
      unencumbered by any mortgage or security interest and is, in management's
      opinion, adequately insured.

                                                                              11

<PAGE>

ITEM 3      LEGAL PROCEEDINGS

            There are no material legal proceedings, other than ordinary routine
            litigation incidental to its business, to which the Company or its
            subsidiaries is a party or to which any of its property is subject.

ITEM 4      SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

            No matters were submitted to shareholders for a vote during the
            fourth quarter of 2004.

PART II

ITEM 5      MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS
            AND ISSUER PURCHASES OF EQUITY SECURITIES

            Refer to Page 7, "Shareholder Information" of the 2004 Annual Report
            To Shareholders and refer to Page 55, Note N of the 2004 Annual
            Report To Shareholders for common stock trading ranges, cash
            dividends declared and information relating to dividend
            restrictions, which are incorporated herein by reference.

ITEM 6      SELECTED CONSOLIDATED FINANCIAL DATA

            Refer to inside front cover, "Decade of Progress" of the 2004 Annual
            Report To Shareholders, which is incorporated herein by reference.

ITEM 7      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
            RESULTS OF OPERATIONS

            Refer to Pages 14-28, "Management's Discussion and Analysis" of the
            2004 Annual Report To Shareholders.

            CRITICAL ACCOUNTING POLICY

            The consolidated financial statements are prepared in accordance
            with accounting principles generally accepted in the United States
            of America and follow general practices within the financial
            services industry. The application of these principles requires
            management to make certain estimates, assumptions and judgements
            that affect the amounts reported in the financial statements and
            footnotes. These estimates, assumptions and judgements are based on
            information available as of the date of the financial statements,
            and as this information changes, the financial statements could
            reflect different estimates, assumptions, and judgements.

            The procedures for assessing the adequacy of the allowance for loan
            losses reflect our evaluations of credit risk after careful
            consideration of all information available to management. In
            developing this assessment, management must rely on estimates and
            exercise judgement regarding matters where the ultimate outcome is
            unknown such as economic factors, development affecting companies in
            specific industries and issues with respect to single borrowers.
            Depending on changes in circumstances, future assessments of credit
            risk may yield materially different results, which may require an
            increase or a decrease in the allowance for loan losses.

            The allowance is regularly reviewed by management to determine
            whether the amount is considered adequate to absorb probable losses.
            This evaluation includes specific loss estimates on certain
            individually reviewed loans, statistical losses, estimates for loan
            pools that are based on historical loss experience, and general loss
            estimates that are based on the size, quality and concentration
            characteristics of the various loan portfolios, adverse situations
            that may affect a borrower's ability to repay, and current economic
            and industry conditions. Also considered as part of that judgement
            is a review of each bank's trend in delinquencies and loan losses,
            and economic factors.

            The allowance for loan loss is maintained at a level believed
            adequate by management to absorb probable losses inherent in the
            loan portfolio. Management's evaluation of the adequacy of the
            allowance is an estimate based on management's current judgement
            about the credit quality of the loan portfolio. While the Company
            strives to reflect all known risk factors in its evaluation,
            judgement errors may occur.

                                                                              12

<PAGE>

The following table sets forth the Company's contractual obligations at December
31, 2004:

<TABLE>
<CAPTION>
                                                       PAYMENT DUE BY PERIOD
                                                LESS THAN                              MORE THAN
CONTRACTUAL OBLIGATIONS              TOTAL       1 YEAR      1-3 YEARS    3-5 YEARS     5 YEARS
<S>                               <C>          <C>          <C>          <C>          <C>
Long term debt obligations        $46,680,311  $34,640,410  $ 7,844,632  $ 1,244,731  $ 2,950,538

Operating lease obligations            39,452       18,000       21,452            -            -

Securities sold under agreements
  to repurchase                    12,612,270   12,612,270            -            -            -

Federal funds purchased             3,180,000    3,180,000            -            -            -

Other borrowed funds                  399,283      399,283            -            -            -

Loan and standby letters
  of credit commitments            28,936,689   28,936,689            -            -            -
                                  -----------  -----------  -----------  -----------  -----------

Total                             $91,848,005  $79,786,652  $ 7,866,084  $ 1,244,731  $ 2,950,538
                                  ===========  ===========  ===========  ===========  ===========
</TABLE>

ITEM 7A     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

            Refer to Page 21-23 "Asset/Liability Management and Sensitivity to
            Market Risks" of the 2004 Annual Report to Shareholders, which is
            incorporated herein by reference.

ITEM 8      FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

            Refer to Page 29-58 of the 2004 Annual Report To Shareholders, which
            is incorporated herein by reference.

ITEM 9      CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

            Not applicable.

ITEM 9A     CONTROLS AND PROCEDURES

            The Company, under the supervision, and with the participation, of
            its management, including the Company's Chief Executive Officer and
            Chief Financial Officer, evaluated the effectiveness of the design
            and operation of the Company's disclosure controls and procedures as
            of December 31, 2004, pursuant to the requirements of Exchange Act
            Rule 13a-15. Based upon that evaluation, the Chief Executive Officer
            and Chief Financial Officer concluded that the Company's disclosure
            controls and procedures were effective as of December 31, 2004, in
            timely alerting them to material information relating to the Company
            (including its consolidated subsidiaries) required to be included in
            the Company's periodic SEC filings. There was no change in the
            Company's internal control over financial reporting that occurred
            during the Company's fiscal quarter ended December 31, 2004 that has
            materially affected, or is reasonably likely to materially affect,
            the Company's internal control over financial reporting.

ITEM 9B     OTHER INFORMATION

            None.

                                                                              13

<PAGE>

PART III

ITEM 10     DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

            Information concerning executive officers of the Company is set
            forth in Part I, "Supplemental Item - Executive Officers of
            Registrant." Other information responding to this Item 10 is
            included in the Registrant's Proxy Statement for the 2005 Annual
            Meeting of Shareholders and is incorporated by reference under the
            captions "Proposal 1 - Election of Directors" and "Section 16(a)
            Beneficial Ownership Reporting Compliance", on pages 6 through 10
            and page 17, respectively. Information concerning The Audit
            Committee Financial Expert is included in the Registrant's Proxy
            Statement for the 2005 Annual Meeting of Shareholders under the
            caption "Committees of the Board - Audit Committee", pages 8 through
            9 and is incorporated herein by reference.

            The Company's Board of Directors has adopted a Code of Ethics that
            applies to its Principal Executive, Principal Financial, and
            Principal Accounting Officers. A copy of the Company's Code of
            Ethics is posted and can be viewed on the Company's internet web
            site at http://www.unitedbancorp.com/. In the event the Company
            amends or waives any provision of its Code of Ethics which applies
            to its Principal Executive, Principal Financial, or Principal
            Accounting Officers, and which relates to any element of the code of
            ethics definition set forth in Item 406(b) of Regulation S-K, the
            Company shall post a description of the nature of such amendment or
            waiver on its internet web site. With respect to a waiver of any
            relevant provision of the code of ethics, the Company shall also
            post the name of the person to whom the waiver was granted and the
            date of the waiver grant.

ITEM 11     EXECUTIVE COMPENSATION

            The information required by this item is incorporated by reference
            from the captions titled "Executive Compensation and Other
            Information" and "Compensation Committee Interlocks and Insider
            Participation in Compensation Decisions" on pages 10 through 14 and
            pages 15 and 16 respectively, of the Registrant's Proxy Statement
            for 2005 Annual Meeting of Shareholders.

ITEM 12     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
            RELATED STOCK HOLDER MATTERS

            The information contained on pages 2 through 3 of the Registrant's
            Proxy Statement for the 2005 Annual Meeting of Shareholders relating
            to "Ownership of Voting Shares" is incorporated herein by reference.

            The following table is a disclosure of securities authorized for
            issuance under equity compensation plans:

<TABLE>
<CAPTION>
                                       EQUITY COMPENSATION PLAN INFORMATION
                                                                                    NUMBER OF SECURITIES
                                                                                 REMAINING AVAILABLE FOR
                       NUMBER OF SECURITIES TO BE  WEIGHTED-AVERAGE EXERCISE  FUTURE ISSUANCE UNDER EQUITY
                         ISSUED UPON EXERCISE OF     PRICE OF OUTSTANDING          COMPENSATION PLANS
                          OUTSTANDING OPTIONS,       OPTIONS, WARRANTS AND        (EXCLUDING SECURITIES
                           WARRANTS AND RIGHTS              RIGHTS               REFLECTED IN COLUMN (A))
                       --------------------------  -------------------------  ----------------------------
<S>                    <C>                         <C>                        <C>
 EQUITY COMPENSATION
 PLANS APPROVED BY
  SECURITY HOLDERS              106,845                     $9.57                           0

EQUITY COMPENSATION
PLANS NOT APPROVED BY
  SECURITY HOLDERS

        TOTAL                   106,845                     $9.57                           0
</TABLE>

ITEM 13     CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

            The information required by this item is incorporated by reference
            from the caption titled "Compensation Committee Interlocks and
            Insider Participation in Compensation Decisions" and "Certain
            Transactions" on pages 15 and 16 of the Registrant's Proxy Statement
            for the 2005 Annual Meeting of Shareholders.

                                                                              14

<PAGE>

ITEM 14     PRINCIPAL ACCOUNTANT FEES AND SERVICES

            The information required by this item is incorporated by reference
            from the caption titled "Principal Accounting Firm Fees" on page 10
            of the Registrant's Proxy Statement for the 2005 Annual Meeting of
            Shareholders.

PART IV

ITEM 15     EXHIBITS AND FINANCIAL STATEMENTS/SCHEDULES

            (a)   The following Consolidated Financial Statements and related
                  Notes to Consolidated Financial Statements, together with the
                  report of Independent Registered Public Accounting Firm dated
                  January 14, 2005, appear on pages 29 through 58 of the United
                  Bancorp, Inc. 2004 Annual Report and are incorporated herein
                  by reference.

                  1.    Financial Statements

                        Consolidated Statements of Financial Condition December
                        31, 2004 and 2003

                        Consolidated Statements of Earnings for the Years Ended
                        December 31, 2004, 2003 and 2002

                        Consolidated Statements of Shareholders' Equity for the
                        Years Ended December 31, 2004, 2003 and 2002

                        Consolidated Statements of Cash Flows for the Years
                        Ended December 31, 2004, 203 and 2002

                        Notes to Consolidated Financial Statements for the Years
                        Ended December 31, 2004, 2003 and 2002

                        Report of Independent Registered Public Accounting Firm

                  2.    Financial Statement Schedules

                        Financial statement schedules are omitted as they are
                        not required or are not applicable or because the
                        required information is included in the consolidated
                        financial statements or notes thereto.

                  3.    Exhibits required by Item 601 Regulation S-K

                        Reference is made to the Exhibit Index of this Form
                        10-K.

            (b)   Exhibits required by Item 601 Regulation S-K

            (c)   See Item 15(a) (3) above.

                                                                              15

<PAGE>

                               UNITED BANCORP INC.
                                   SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

(Registrant) United Bancorp, Inc.

By: /s/James W. Everson                                        March 29, 2004
    -------------------------------------------------
    James W. Everson, Chairman, President & CEO

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

By: /s/James W. Everson                                        March 29, 2004
    -------------------------------------------------
    James W. Everson, Chairman, President & CEO

By: /s/Randall M. Greenwood                                    March 29, 2004
    -------------------------------------------------
    Randall M. Greenwood, Senior Vice President & CFO

By: /s/Michael J. Arciello                                     March 29, 2004
    -------------------------------------------------
             Michael J. Arciello, Director

By: /s/Terry A. McGhee                                         March 29, 2004
    -------------------------------------------------
    Terry A. McGhee, Director

By: /s/John M. Hoopingarner                                    March 29, 2004
    -------------------------------------------------
    John M. Hoopingarner, Director

By: /s/Richard L. Riesbeck                                     March 29, 2004
    -------------------------------------------------
    Richard L. Riesbeck, Director

By: /s/L.E. Richardson, Jr.                                    March 29, 2004
    -------------------------------------------------
    L.E. Richardson, Jr. , Director

By: /s/Matthew C. Thomas                                       March 29, 2004
    -------------------------------------------------
    Matthew C. Thomas, Director

                                                                              16

<PAGE>

EXHIBIT INDEX

<TABLE>
<CAPTION>
Exhibit Number    Exhibit Description
<S>               <C>
      3.1         Amended Articles of Incorporation (1)

      3.2         Amended Code of Regulations (2)

      10.1        James W. Everson Change in Control Agreement (3)

      10.2        Randall M. Greenwood Change in Control agreement (3)

      10.3        Alan M. Hooker Change in Control Agreement (3)

      10.4        Scott A. Everson Change in Control Agreement (3)

      10.5        Norman F. Assenza Change in Control Agreement (3)

      10.6        James A. Lodes Change in Control Agreement (3)

      10.7        Michael A. Lloyd Change in Control Agreement (3)

      10.8        United Bancorp, Inc. and Subsidiaries Director Supplemental
                  Life Insurance Plan, covering Messrs. Hoopingarner, McGehee,
                  Riesbeck and Thomas. (5)

      10.9        United Bancorp, Inc. and Subsidiaries Senior Executive
                  Supplemental Life Insurance Plan, covering James W. Everson,
                  Alan M. Hooker, Scott A. Everson, Randall M. Greenwood, Norman
                  F. Assenza, Michael A. Lloyd and James A. Lodes. (5)

      10.10       United Bancorp, Inc. and United Bancorp, Inc. Affiliate Banks
                  Directors Deferred Compensation Plan. (5)

      10.11       United Bancorp, Inc. Stock Option Plan (4)

      13          2004 Annual Report

      21          Subsidiaries of the Registrant (5)

      23          Consent of Grant Thornton, LLP

      31.1        Rule 13a-14(a) Certification - CEO

      31.2        Rule 13a-14(a) Certification - CFO

      32.1        Section 1350 Certification - CEO

      32.2        Section 1350 Certification - CFO
</TABLE>

(1)   Incorporated by reference to Appendix B to the registrant's Definitive
      Proxy Statement filed with the Securities and Exchange Commission on March
      14, 2001.

(2)   Incorporated by reference to Appendix C to the registrant's Definitive
      Proxy Statement filed with the Securities and Exchange Commission on March
      14, 2001.

(3)   Incorporated by reference to the registrant's 10-K filed with the
      Securities and Exchange Commission on March 27, 2003.

<PAGE>

(4)   Incorporated by reference to Exhibit A to the registrant's Definitive
      Proxy Statement filed with the Securities and Exchange Commission on March
      11, 1996.

(5)   Incorporated by reference to the registrant's 10-K filed with the
      Securities and Exchange Commission on March 29, 2004.