Corporate Profile

Belmont Bancorp. (the Corporation) is a $317 million bank
holding company, incorporated in Ohio.  Belmont National
Bank, a wholly-owned subsidiary of the Corporation, is an
FDIC-insured, federally chartered commercial bank.

     The Bank delivers a comprehensive range of financial
products and services to individuals, families, businesses
and corporations through ten full service offices and two
drive-up service locations.  Belmont National Bank's primary
market areas for its consumer, commercial, trust and
investment services are Belmont, Harrison, Tuscarawas and
Jefferson counties in Ohio, and Marshall and Ohio counties
in West Virginia.

<TABLE>
Financial Highlights
(unaudited) (000's except per share data)
<CAPTION>                                                
                                                1995           1994   % change
<S>                                       <C>              <C>             <C>
          Net income                      $      4,206     $    3,234      30.1%
Operating Return on average assets                1.35%          1.12%
results   Return on average common equity        18.90%         16.71%
          Return on average total equity         18.42%         16.19%
Per       Net income                      $       1.95     $     1.49      30.8%
common    Dividend                               0.475          0.378      25.7%
share     Book value at year-end                 11.43           9.09      25.8%
At        Total assets                    $    317,279     $  312,963       1.4%
year-     Total loans                          159,957        147,096       8.7%
end       Total deposits                       246,850        255,923      -3.5%
          Total shareholders' equity            25,164         20,214      24.5%
Liquidity Average common equity
and         to average total assets               7.02%          6.52%
capital   Average total equity
ratios      to average total assets               7.34%          6.87%
          Tier one capital ratio                 13.07%         12.26%
          Total risk-based capital ratio         14.59%         13.21%
          Leverage ratio                          7.39%          6.33%
          Dividend payment ratio                 25.77%         27.49%

</TABLE>

From Management

     1995 represented another year of continued growth and
record profits for Belmont Bancorp.  Your Corporation
continues to show double digit income growth, with net
income of $4,206,000 for all of 1995 compared to $3,234,000
for twelve months 1994, a 30.1% increase.  On a per share
basis this was $1.95 compared to $1.49, respectively.

     Equally impressive was our return on average equity and
our return on average assets. Return on average equity
increased to 18.90% from 16.71% in 1994. Return on average assets
increased to 1.35% from 1.12% in 1994. Total shareholder
equity increased 24.5% to $25,164,000 from $20,214,000.

     During 1995, our loan portfolio grew 8.7% to
$159,957,000, our net interest margin increased from 4.25%
to 4.55% and our loan quality improved.  Nonperforming
assets as a percentage of total assets decreased to only
0.23% of total assets from 0.34% of total assets.
Additionally, our allowance for possible loan loss as a
percentage of total loans increased to 1.69% from
1.04%...excellent by any standard.

     Your Corporation is also pleased to announce that 1996
represents 150 years of service for Belmont National Bank;
and we are still a young organization continuing to look for
ways to service the needs of all the communities we serve.

     1996 also represents the year we moved Belmont National
Bank headquarters to Wheeling, West Virginia.  This move
permits your Corporation to have an interstate presence
ahead of the law change permitting most banks to do so.  We
believe this move helps the value of our franchise.

From Management

     We will not be resting on our laurels in 1996; we
anticipate continued expansion in both Ohio and West
Virginia opening new offices in both states during the year.

     Personally, I would like to extend my sincere
appreciation to all the officers and staff of the
Corporation, and the Board of Directors whose dedication
make Belmont Bancorp. and Belmont National Bank one of the
top banking organizations in the country.  I would
especially like to thank William P. Goddard, who recently
resigned from our Board of Directors.  Bill's wisdom, advise
and counsel will be missed by our whole organization.

     And, as always, I would like to thank our shareholders
who have shown trust in the leadership of our Corporation
and to whom we pledge our continuing best effort.  We look
forward to providing them with another prosperous year.

     This annual report pays tribute to our forefathers  who
founded our organization back in 1846.  We hope you enjoy
this brief visit to the past.

J. Vincent Ciroli, Jr.   Terrence A. Lee
President & CEO          Chairman

One Hundred and Fifty Years Young

     Belmont National Bank has the proud distinction of
being one of the ten oldest financial institutions in the
State of Ohio.  Our roots go deep, representing an important
part of our heritage as well as the development of the Ohio
Valley and our communities.
     
     The Bank began in 1846 as the Belmont Branch of the
State Bank of Ohio located in Bridgeport.  Although there
are few records from the Bank's early history, we do know
that John C. Tallman was Cashier and John Warfield was
President.  The directors of the old State Bank were Jacob
Holloway, Ezekiel Harris, Henry Kennon, John Warfield, John
Kinsey, James Y. Patterson, John K. Newland, James A. Gray,
and Hugh McNeely.  Under the efficient management of these
men, the bank withstood the Crash of 1857.
     
     The affairs of the Belmont Branch of the State Bank of
Ohio were wound up by limitation in 1863 and reorganized
under the name First National Bank of Bridgeport on December
5, 1863.  In addition to being one of the first National
Banks in the State of Ohio, First National Bank of
Bridgeport was the 214th National Bank in the United States.
It was funded with $200,000 of capital stock purchased by 80
shareholders at a cost of $100 per share.  The Bank's
largest investors were Jacob Holloway of Flushing (former
director of the old State Bank) and John P. Smith of
Pittsburgh, each purchasing 100 shares.  Directors of the
reorganized bank were Crispin Oglebay, William W. Holloway,
Finley B. McGraw, Hiram W. Smith, and Ebenezer P. Rhodes.
William W. Holloway was elected President, while John C.
Tallman (former Cashier of the old State Bank) was retained
as Cashier.  Handwritten minutes from the Bank's board
meetings indicate the President's salary was established at
$1,000 per annum and the Cashier's salary at $2,000 per
annum.

One Hundred and Fifty Years Young

     On January 30, 1864, a new bank was organized in St.
Clairsville with $60,000 of capital stock purchased by 47
shareholders at a cost of $100 per share.  It became the
315th National Bank in the United States.  Directors of the
new First National Bank of St. Clairsville were D. D. T.
Cowen, Joseph Woodsmansee, Ross J. Alexander, John Darrah
and David Brown.  Judge D. D. T. Cowen, Attorney, was
elected President, while H. C. Welday was retained as
Cashier with a salary of $600 per annum.  Judge Cowen
continued to serve as the Bank's President until his death
on April 9, 1884.  Here are a few interesting notes from
board meetings.  "On motion it was resolved to buy twenty
two feet front and thirty four feet deep of the southwest
corner of H. C. Welday's Lot on the south side of Main
Street for Six Hundred Dollars on which to build a Banking
House."  "Joseph B. Butler was employed to haul the stone
for the Banking House at the rate of One Dollar per perch (a
measure of length equal to 5 1/2 yards)."  "On Board motion
the Cashier was directed to subscribe for the Bank the sum
of Twenty Five Dollars to help defray the expense of
opposing the removal of the County Seat from St. Clairsville
to Bellair."  The board enjoyed having dinner together after
board meeting adjournment.  Ernst String's Restaurant and
Johnson's and Wilson's Restaurant were favorites to "partake
of an oyster supper."  On April 18, 1865, the following
notation was written:  "On motion it was Ordered that the
Cashier drape the Banking House in black and close the Bank
on the 19th.  It being the day of the funeral observance of
the President of the United States Abraham Lincoln."
One Hundred and Fifty Years Young

In 1903, the First National Bank of Bridgeport reorganized
under the name of Bridgeport National Bank with J. J.
Holloway named President.  The Bank weathered the depression
and remained open until the Bank Holiday.  It closed for
just one day and then reopened.  An advertisement which
appeared in the Bridgeport High School's 1916 yearbook
exclaimed the following for Bridgeport National Bank.  "It
passed through The Panic of 1857, The Great Civil War of
1861-1865, The Panic of 1873, The Panic of 1893 and The
Panic of 1907.  During these troublesome times no depositor
was ever asked to wait one hour for his or her money."
     
     On December 22, 1958, an agreement was entered into by
First National Bank in St. Clairsville to merge with
Bridgeport National Bank to form Belmont County National
Bank.  O. A. Holsinger, the President of Bridgeport National
Bank, was named President of Belmont County National Bank.
     
     On April 1, 1990, Belmont County National Bank changed
its name to Belmont National Bank.  On June 1 of that same
year, the Bank expanded service into Harrison County with
the purchase of  assets and deposits of the First National
Bank of Jewett.  Service expansion continued into Tuscarawas
County in 1992 when the Bank purchased the assets and
deposits of three offices of Diamond Savings and Loan
Association.
     
     Today, Belmont National Bank is beginning its expansion
into West Virginia, with a newly opened office in the
Woodsdale area of Wheeling and a soon to open office in Elm
Grove.

<TABLE>
Belmont Bancorp. and Subsidiaries

Summarized Quarterly Financial Information
(Unaudited) ($000's except per share data)
<CAPTION>
                             First         Second          Third      Fourth
                           Quarter        Quarter        Quarter     Quarter
<S>                     <C>            <C>            <C>         <C>
1995
Interest income         $    5,876     $    5,785     $    5,955  $    5,838
Interest expense             2,746          2,648          2,791       2,742
Net interest income          3,130          3,137          3,164       3,096
Provision for credit           400            300            200         250
losses
Security gains (losses)        127             37             18         (80)
Net overhead                 1,488          1,413          1,377       1,662
Income before income         1,369          1,461          1,605       1,104
taxes
Income taxes                   363            363            385         222
Net income              $    1,006     $    1,098     $    1,220   $     882
Net income per          
common share            $     0.46     $     0.51     $     0.57   $    0.41

1994
Interest income         $    4,250     $    4,702     $    5,250   $   5,513
Interest expense             1,887          2,039          2,331       2,550
Net interest income          2,363          2,663          2,919       2,963
Provision for credit           250            270             85         200
losses
Security gains (losses)         15             (3)            (2)        (73)
Net overhead                 1,269          1,411          1,377       1,722
Income before income           859            979          1,455         968
taxes
Income taxes                   218            187            320         302
Net income              $      641     $      792     $    1,135   $     666
Net income per common   
share                   $     0.29     $     0.37     $     0.53   $    0.30

1993
Net income              $      301     $      332     $    1,125   $     811
Net earnings per common 
share                   $     0.14     $     0.15     $     0.52   $    0.37
</TABLE>

<TABLE>
Belmont Bancorp. and Subsidiaries

Consolidated Five Year Summary of Operations
For the Years Ending December 31, 1995, 1994, 1993, 1992,
1991 (Unaudited) ($000's except per share data)
<CAPTION>
                                  1995       1994       1993       1992       1991
<S>                            <C>        <C>        <C>        <C>        <C>                   
Interest income                $ 23,454   $ 19,715   $ 16,789   $ 14,717   $ 16,198
Interest expense                 10,927      8,807      8,616      8,082     10,091
Net interest income              12,527     10,908      8,173      6,635      6,107
Provision for credit losses       1,150        805        577        405        125
Net interest income after     
 provision for credit losses     11,377     10,103      7,596      6,230      5,982
Securities and trading gains      
(losses)                            102        (63)       943        323         44      
Other operating income            1,683      1,290      1,193        966        915
Operating expenses                7,623      7,069      6,757      5,107      4,629
Income before income taxes        5,539      4,261      2,975      2,412      2,312
Income taxes                      1,333      1,027        406        574        528
Net income                        4,206   $  3,234    $ 2,569   $  1,838   $  1,784
Earnings per common share(1)       1.95   $   1.49    $  1.18   $   0.85   $   0.84
Cash dividend declared per    
share (1)                      $  0.475   $  0.378    $ 0.331   $  0.324   $  0.320
Book value per common          
share (1)                      $  11.43   $   9.09    $  8.68   $   7.84   $   7.31
Total loans                    $159,957   $147,096    $125,232  $113,977   $ 78,055
Total assets                    317,279    312,963     267,505   267,332    197,015
Total deposits                  246,850    255,923     243,232   245,743    176,859
Total shareholders' equity       25,164     20,214      19,355    17,565     15,445

(1) Restated for stock dividends paid during 1994 and 1995.
</TABLE>

<TABLE>
Belmont Bancorp. and Subsidiaries
<CAPTION>

Assets                                                  
                                                         1995           1994
<S>                                               <C>            <C>
Cash and due from banks                           $    10,175    $    11,770
Securities available for sale (at market value)       112,109         49,132
Securities held to maturity (market value of
     $23,758  - 1995; and $86,828  - 1994)             23,726         92,463
Loans                                                 159,957        147,096
Less allowance for possible loan losses                (2,703)        (1,537)
    Net loans                                         157,254        145,559
Premises and equipment, net                             5,090          4,648
Other real estate owned                                   579            586
Accrued income receivable                               2,150          2,133
Other assets                                            6,196          6,672
    Total assets                                  $   317,279    $   312,963
Liabilities and Shareholders' Equity
Liabilities
Non-interest bearing deposits:
    Demand                                        $    26,494    $    27,269
Interest bearing deposits:
    Demand                                             27,193         26,273
    Savings                                            78,883         84,023
    Time                                              114,280        118,358
Total deposits                                        246,850        255,923
Short-term borrowings                                  38,665         35,498
Long-term debt                                          4,802            -
Accrued interest on deposits and other borrowings         661            590
Other liabilities                                       1,137            738
    Total liabilities                                 292,115        292,749
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
Common stock - in 1995 $0.50 par value, 8,900,000 
    shares authorized, 2,115,476 issued; in 1994 
    $3.57 par value, 1,750,000 shares authorized; 
    1,057,738 issued.                                   1,057          3,777
Surplus                                                 7,781          5,061
Treasury stock (832 shares in 1995 and 424 shares 
    in 1994.)                                              (8)            (8)
Retained earnings:
    Unappropriated                                     14,148         11,026
    Appropriated for contingencies                        850            850
    Net unrealized  gain (loss) on securities
    available for sale                                    336         (1,492)
      Total shareholders' equity                       25,164         20,214
      Total liabilities and shareholders' equity  $   317,279    $   312,963

The accompanying notes are an integral part of the 
      financial statements.

</TABLE>

Belmont Bancorp. and Subsidiaries
<TABLE>
Consolidated Statements of Income
For the Years Ended December 31, 1995, 1994 and 1993
($000's)
<CAPTION>
Interest Income                              
                                              1995          1994        1993
<S>                                    <C>            <C>            <C>
Loans and lease financing:
  Taxable                              $    13,924    $    11,499    $ 10,508
  Tax-exempt                                   288            190         167
Investment securities:
  Taxable                                    7,638          6,714       5,080
  Tax-exempt                                 1,424          1,209         643
Dividends                                      133             98         221
Interest on trading securities                  -               1          45
Interest on federal funds sold                  47              4         125
  Total interest income                     23,454         19,715      16,789
Interest Expense
Deposits                                     9,022          7,865       8,525
Short-term borrowings                        1,905            942          91
  Total interest expense                    10,927          8,807       8,616
  Net interest income                       12,527         10,908       8,173
Provision for Possible Loan Losses           1,150            805         577
  Net interest income after provision
  for possible loan losses                  11,377         10,103       7,596
Non-Interest Income
Trust fees                                     413            341         274
Service charges on deposits                    555            527         474
Other operating income                         715            422         445
Investment securities gains (losses)           102            (64)      1,059
Trading gains (losses)                          -               1        (116)
  Total non-interest income                  1,785          1,227       2,136
Non-Interest Expense
Salary and employee benefits                 3,357          2,946       2,808
Net occupancy expense of premises              552            533         541
Equipment expenses                             764            618         491
Other operating expenses                     2,950          2,972       2,917
  Total non-interest expense                 7,623          7,069       6,757
  Income before income taxes                 5,539          4,261       2,975
Income Taxes                                 1,333          1,027         406
  Net income                            $    4,206     $    3,234  $    2,569
Weighted - Average Number of Shares      
  Outstanding                            2,114,644      2,114,524   2,114,020
Earnings Per Common Share               $     1.95     $     1.49  $     1.18

The accompanying notes are an integral part of the financial
statements.

</TABLE>


Belmont Bancorp. and Subsidiaries
<TABLE>
Consolidated Statements of Shareholders' Equity
For the Years Ended December 31, 1995, 1994 and 1993
($000's)
<CAPTION>
                                                                           Unrealized
                                                                           Gain (Loss)
                                             Retained Earnings             on Securities
            Preferred    Common              Unappro-    Appro-   Treasury Available
                Stock     Stock     Surplus   priated   priated   Stock     for Sale
<S>                <C>      <C>      <C>      <C>      <C>     <C>        <C>
Balance,                                                                 
December 31, 
1992               $ 1,000  $ 2,749  $ 3,647  $ 9,333  $  850  $  (14)    $     -
1993 Net income          -        -        -    2,569       -       -           -
Cash dividend 
declared:
  Preferred stock        -        -        -      (80)      -       -           -
  Common stock 
  ($.331 per share)      -        -        -     (700)      -       -           -
Sale of treasury 
stock                    -        -        -        -       -       1
Balance, December 
31,1993              1,000    2,749    3,647   11,122     850     (13)          -
Effect of adopting 
SFAS 115                 -        -        -        -       -       -           6
10% Common stock 
dividend
at fair market 
value                    -      274    1,413   (1,687)      -       -           -
25% Common stock 
dividend
at par value             -      754        -     (754)      -       -           -
1994 Net income          -        -        -    3,234       -       -           -
Cash dividends 
declared:
  Preferred stock        -        -        -      (80)      -       -           -
  Common stock 
  ($.378 per share)      -        -        -     (799)      -       -           -
  Cash paid in lieu-
  stock dividends        -        -        -      (10)      -       -           -
Change in 
unrealized 
loss-
  securities 
  available 
  for sale               -        -        -        -       -       -      (1,498)
Sale of treasury 
stock                    -        -        1        -       -       5           -
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 (per 
  share $.475)           -        -        -   (1,004)      -       -           -
Change in 
unrealized 
gain (loss)-
  securities 
  available 
  for sale               -        -        -        -       -       -       1,828
Balance, December 
31, 1995           $ 1,000  $ 1,057  $ 7,781  $14,148  $  850  $   (8)    $   336

The accompanying notes are an integral part of the financial
statements.

</TABLE>

Belmont Bancorp. and Subsidiaries
<TABLE>
Consolidated Statements of Cash Flows
For the Years Ended December 31, 1995, 1994 and 1993
($000's)
<CAPTION>
                                           1995           1994          1993
Operating Activities
<S>                                   <C>            <C>            <C>
Net income                            $    4,206     $    3,234     $    2,569
Adjustments to reconcile net income 
to net cash flows
provided (used) by operating 
activities:
  Provision for loan losses                1,150            805            577
  Depreciation and amortization 
  expense                                    601            519            446
  Amortization of investment security 
  premiums                                 1,123          1,877          3,025
  Accretion of investment security 
  discounts
  and interest recorded on zero-
  coupon securities                         (305)          (403)          (601)
  Investment securities (gains) 
  losses                                      11             10            205
  Trading (gains) losses                       -             (1)           116
  (Gains) losses on securities 
  available for sale                        (113)            55         (1,264)
  Proceeds from sale of securities 
  held in trading account                      -          1,517         11,196
  Purchase of securities for 
  trading account                              -         (1,516)       (13,346)
  Loss (gain) on sale of fixed 
  assets                                      23              2            (29)
  Gain on sale of loans                     (136)           (23)           (67)
  Gain on sale of other real 
  estate owned                                 -             (1)             -
  (Increase) decrease in interest 
  receivable                                 (17)          (420)            38
  Increase (decrease) in interest 
  payable                                     71            137           (265)
  Purchase of life insurance 
  contracts                                    -              -           (194)
  Others, net                                (65)         1,859           (734)
    Net cash provided (used) by 
    operating activities                   6,549          7,651          1,672
Investing Activities
  Proceeds from sales of 
  investment securities                        -              -         21,558
  Proceeds from maturities and 
  calls of investment
  securities                              12,154          3,207            899
  Purchase of securities 
  available for sale                    (106,839)       (26,052)       (78,448)
  Purchase of investment 
  securities                              (2,321)       (47,621)       (85,103)
  Proceeds on sale of 
  securities available for sale           85,414         16,198        104,137
  Principal collected on mortgage-
  backed securities                       19,405         29,434         50,537
  Net increase in loans and leases, 
  net of charge-offs                     (23,491)       (25,486)       (15,002)
  Proceeds on sale of loans               10,816          2,104          3,841
  Loans purchased                            (94)             -           (185)
  Recoveries on loans 
  previously charged-off                      67             55             50
  Proceeds from sale of other 
  real estate owned                            -             84            210
  Purchase of premises and 
  equipment                               (1,071)          (711)          (842)
  Proceeds from sale of fixed 
  assets                                       4              1             29
    Net cash provided by (used 
    in) investing activities              (5,956)       (48,787)         1,681
Financing Activities
  Net increase (decrease) in 
  deposits                                (9,073)        12,691         (2,511)
  Net increase (decrease) in short-
  term borrowings                          3,167         31,789            716
  Proceeds from the issuance of 
  long-term debt                           4,805              -              -
  Payments on long-term debt                  (3)             -              -
  Dividends paid on common and 
  preferred stock                         (1,084)          (889)          (780)
  Sale of treasury stock                       -              6              1
    Net cash provided by (used 
    in) financing activities              (2,188)        43,597         (2,574)
Increase (Decrease) in Cash and 
Cash Equivalents                          (1,595)         2,461            779
Cash and Cash Equivalents at 
Beginning of Year                         11,770          9,309          8,530
Cash and Cash Equivalents at 
End of Year                           $   10,175     $   11,770     $    9,309

The accompanying notes are an integral part of the financial
statements.

</TABLE>

Belmont Bancorp. and Subsidiaries

Notes to the Consolidated Financial Statements
For the Years Ended December 31, 1995, 1994 and 1993

1. Summary of Significant Accounting Policies
The accounting and reporting policies and practices of the
Corporation are in accordance with generally accepted
accounting principles and conform to general practices
within the banking industry.  The more significant of these
policies and practices are summarized below.
Nature of Operations:  Belmont Bancorp. provides a variety
of banking services to individuals and businesses through
the branch network of its wholly-owned subsidiary, Belmont
National Bank (BNB). BNB operates nine full-service banking
facilities located in Belmont, Harrison and Tuscarawas
Counties in Ohio.  In 1995, BNB received approval from the
Office of the Comptroller of the Currency to move its
headquarters to Wheeling, West Virginia.  Its tenth full-
service banking facility was opened in Wheeling in January
1996.

Principles of Consolidation:  The consolidated financial
statements include the accounts of Belmont Bancorp. and its
wholly-owned subsidiaries, Belmont National Bank and Belmont
Financial Network, Inc.  Material intercompany accounts and
transactions have been eliminated.

Use of Estimates: The preparation of financial statements in
conformity with generally accepted accounting principles
requires management to make estimates and assumptions that
effect the reported amounts of assets and liabilities and
disclosures of contingent assets and liabilities at the date
of the financial statements and the reported amounts of
revenues and expenses during  the reporting period.  Actual
results could differ from those estimates.

Held to Maturity Securities:  These securities are purchased
with the original intent to hold to maturity and events
which may be reasonably anticipated are considered when
determining the Corporation's intent and ability to hold to
maturity.  Securities meeting such criteria at date of
purchase and as of the balance sheet date are carried at
cost, adjusted for amortization of premiums and accretion of
discounts.

Available for Sale Securities:  Debt and equity securities
to be held for indefinite periods of time and not intended
to be held to maturity are classified as available for sale
and carried at market value with net unrealized gains and
losses, net of tax, reflected as a component of
shareholders' equity until realized.  Securities held for
indefinite periods of time include securities that may be
sold to meet liquidity needs or in response to significant
changes in interest rates or prepayment risks as part of the
Corporation's overall asset/liability management strategy.
Prior to December 31, 1993, marketable equity securities
were carried at the lower of aggregate cost or market value
with net unrealized gains and losses reflected as
adjustments to retained earnings.  Market value depreciation
below cost on debt securities held for sale prior to
December 31, 1993, was required to be reflected in current
period earnings.

Trading Securities:  Trading securities are held for resale
within a short period of time and are stated at market
value.  Trading gains and losses include the net realized
gain or loss and market value adjustments of the trading
account portfolio.

Income Recognition:  Income earned by the Corporation and
its subsidiaries is recognized principally on the accrual
basis of accounting.  Certain fees, principally service, are
recognized as income when billed.  The subsidiary bank
suspends the accrual of interest when, in management's
opinion, the collection of all or a portion of interest has
become doubtful.  Generally, when a loan is placed on non-
accrual, the bank charges all previously accrued and unpaid
interest against income.  In future periods, interest will
be included in income to the extent received only if
complete principal recovery is reasonably assured.
The Corporation adopted the provisions of Statement of
Financial Accounting Standards No. 114 and No. 118,
"Accounting for Creditors for Impairment of a Loan."  It is
the Corporation's policy not to recognize interest income on
specific impaired loans unless the likelihood of future loss
is remote.  Interest payments received on such loans are
applied as a reduction of the loan principal balance.  Since
the adoption of SFAS Nos. 114 and 118, the Corporation had
no loans which management has determined to be impaired.
The Corporation defers and amortizes loan fees and related
origination costs.  These fees and costs are amortized into
interest or other income over the estimated life of the loan
using a method which approximates the interest method.

Direct Financing Leases:  The leasing operation of the
Corporation consists of the leasing of various types of
equipment under leases classified as direct financing
leases.  Interest and service charges, net of initial direct
costs, are deferred and reported as income in decreasing
amounts over the term of the lease so as to provide an
approximate constant yield on the outstanding principal
balance.

Allowance For Loan Losses: The allowance for loan losses is
maintained at a level which, in management's judgment, is
adequate to absorb credit losses inherent in the loan
portfolio.  The amount of the allowance is based on
management's evaluation of the collectibility of the loan
portfolio, including the nature of the portfolio, credit
concentrations, trends in historical loss experience,
specific impaired loans, and economic conditions.  Allowance
for impaired loans are generally determined based on
collateral values or the present value of estimated cash
flows.  The allowance is increased by a provision for loan
losses, which is charged to expense and reduced by charge-
offs, net of recoveries.  Changes in the allowance relating
to impaired loans are charged or credited to the provision
for loan losses.  Because of uncertainties inherent in the
estimation process, management's estimate of credit losses
inherent in the loan portfolio and the related allowance may
change in the near term.

Belmont Bancorp. and Subsidiaries

Notes to the Consolidated Financial Statements
For the Years Ended December 31, 1995, 1994 and 1993 (000's)

1. Summary of Significant Accounting Policies (continued)
Premises and Equipment:  Premises and equipment are stated
at cost, less accumulated depreciation and amortization.
Provisions for depreciation and amortization are computed
generally using the straight line method over the estimated
useful lives of the assets.  Leasehold improvements are
amortized on the straight line basis over the lease period.
When units of property are disposed of, the premises and
equipment accounts are relieved of the cost and the
accumulated depreciation related to such units.  Any
resulting gains or losses are credited to or charged against
income.  Costs of repairs and maintenance are charged to
expense as incurred.  Major renewals and betterments are
capitalized at cost.

Other Real Estate:  Real estate acquired in satisfaction of
indebtedness is recorded at the lesser of the loan balance
prior to foreclosure, plus certain costs incurred for
improvements to the property, or fair value less estimated
selling costs of the property.

Earnings Per Common Share:  Earnings per common share are
calculated based on net income after preferred dividend
requirements and the weighted average number of shares of
common stock outstanding during the year.

Stock Split and Stock Dividends:  On February 2, 1994, the
Corporation distributed 76,672 shares of common stock in
connection with a 10% stock dividend.  On July 22, 1994, the
Corporation distributed 211,275 shares of common stock in
connection with a 25% stock dividend.

On February 21, 1995, the Corporation declared a two-for-one
stock split, which was effected in the form of a 100% stock
dividend to shareholders of record on May 1, 1995, and paid
on May 8, 1995.

On April 18, 1995, shareholders approved a change in the par
value of the Corporation's common stock to $0.50 per share
from $3.57 per share.  Shareholder approval was also
received to increase the number of shares of common stock
authorized to 8,900,000.

Excess of Cost Over Net Assets Acquired:  The excess of cost
over net assets of branches purchased in 1991 is being
amortized on the straight line method over ten years.  The
excess of cost over net assets of branches purchased in 1992
is being amortized on the straight line method over a five
to eight year period for the portion allocated to the core
deposit base and ten years for the remaining excess.  The
unamortized balances at December 31, 1995 and 1994, were
$1,508,000 and $1,923,000, respectively.  Amortization
charged to expense was $415,000 in 1995 and 1994, and
$416,000 in 1993.

Reclassifications:  Certain prior year amounts have been
reclassified to conform with current year presentation.

2. Changes in Accounting Policies

On January 1, 1994, the Corporation adopted Financial
Accounting Standards No. 115 (SFAS No. 115), "Accounting for
Certain Investments in Debt and Equity Securities."  SFAS
No. 115 requires entities to classify debt and equity
securities as either held to maturity, available for sale,
or trading securities.  Under SFAS No. 115, held to maturity
securities are recorded at amortized cost; whereas available
for sale securities and trading securities are carried at
market value.  SFAS No. 115 further requires that unrealized
gains and losses on available for sale securities be
reported, net of tax, as a separate component of
shareholders' equity.  Adoption of SFAS No. 115 had no
effect on current year earnings.

In November 1995, the Financial Accounting Standards Board
issued implementation guidance on SFAS No. 115.  In
accordance with this guidance, the Corporation reassessed
the appropriateness of the classifications of all
securities.  As a result, securities with an amortized cost
of $56,490,000 and unrealized loss of $95,000 were
transferred from the held to maturity category to the
available for sale category in December 1995.

In 1993, the Corporation adopted Financial Accounting
Standards No. 109 (SFAS No. 109), "Accounting for Income
Taxes."  SFAS No. 109 requires an asset and liability
approach which recognizes the amount of taxes payable or
refundable in the current year and deferred tax consequences
of events that have been recognized previously in financial
statements or tax returns.  The impact on tax expense in
1993 due to adoption of SFAS No. 109 was a consolidated
benefit of $28,109 recorded as of January 1, 1993.

In 1993, the Corporation adopted Financial Accounting
Standards No. 106, "Employers Accounting for Post-retirement
Benefits Other Than Pensions."  The effect of this change
was to decrease net income for 1993 by $138,000 ($ .07 per
share).

3. Investment Securities

The estimated market value of investment securities are as
follows at December 31:
<TABLE>                            
<CAPTION>
                                 1995                               1994
                           Gross      Gross Est.              Gross      Gross Est.
                Amort Unrealized Unrealized Market Amort Unrealized Unrealized Market
                 Cost      Gains     Losses  Value  Cost      Gains     Losses  Value
<S>               <C>     <C>     <C>     <C>      <C>       <C>     <C>      <C>
Securities 
held to 
maturity:
U.S. 
Treasury 
securities       
and
obligations 
of U.S. 
Government
corporations 
and agencies       $2,269  $    -  $  (65)$  2,204 $ 4,248   $   22  $  (312) $ 3,958
Obligations of 
states and
political 
subdivisions        5,034     127     (78)   5,083  24,244       51   (1,615)  22,680    
Mortgage 
derivative 
securities                                          12,695        -     (836)  11,859
Mortgage-backed 
securities         16,423     147     (99)  16,471  51,276        7   (2,952)  48,331
Total held to 
maturity          $23,726  $  274   $(242)$ 23,758 $92,463   $   80  $(5,715) $86,828


Securities 
available for 
sale:
U.S. Treasury 
securities and
obligations of 
U.S. Govern
ment
corporations 
and agencies      $12,697  $   66   $   - $ 12,763 $ 6,388   $    -  $  (128) $ 6,260
Obligations 
of states and
political 
subdivisions       18,162     296     (86)  18,372       -        -        -        -
Mortgage 
derivative 
securities          9,180     256     (58)   9,378     938        -      (87)     851
Mortgage-
backed 
securities         69,315     466    (431)  69,350  42,000        3   (2,048)  39,955
Total debt 
securities        109,354   1,084    (575) 109,863  49,326        3   (2,263)  47,066
Equity 
securities          2,246       -       -    2,246   2,066        -        -    2,066
Total 
available 
for sale         $111,600  $1,084   $(575)$112,109 $51,392   $    3  $(2,263) $49,132
</TABLE>

The amortized cost and estimated market value of investment
securities at December 31, 1995, by contractual maturity,
follow.  Expected maturities will differ from contractual
maturities because issuers may have the right to call or
prepay obligations with or without call or prepayment
penalties.

<TABLE>     
<CAPTION>
                           Securities            Securities
                         Held to Maturity    Available for Sale
                                 Estimated            Estimated
                        Amortized   Market    Amortized  Market
                            Cost     Value      Cost      Value
<S>                      <C>       <C>      <C>        <C>
Due in one year or less  $    35   $    35  $      -   $      -
Due after one year
     through five years    2,923     2,887    12,420     12,476
Due after five years
     through ten years     1,141     1,165     5,946      6,021
Due after ten years        3,204     3,200    12,493     12,638
Mortgage-backed 
securities                16,423    16,471    69,315     69,350
Mortgage derivative 
securities                     -         -     9,180      9,378
Equity securities              -         -     2,246      2,246
     Total               $23,726   $23,758  $111,600   $112,109
</TABLE>

At December 31,1995 and 1994, the mortgage derivative
securities consist solely of collateralized mortgage
obligations (CMOs) including one principal-only CMO with a
book value of $267,000 and an estimated fair market value of
$209,000 at December 31, 1995. At December 31, 1995,
securities held to maturity include a U.S. Government agency
structured note with a carrying value of $2,269,000 and an
estimated market value of $2,204,000; securities available
for sale include two U.S. Government agency structured notes
with a carrying value  of $1,931,000 and estimated market
value of $1,997,000.

<TABLE>
Sales and write-downs of investment securities resulted in
the following:
<CAPTION>     
                                       1995           1994         1993
<S>                             <C>            <C>            <C>
Proceeds from sales             $    85,414    $    16,198    $  21,558
Gross gains                             464             31          790
Gross losses                           (352)           (86)        (191)
Realized losses on market 
declines                                  -              -         (804)
Losses on securities called             (26)            (9)           -
Gains on securities called               16              -            -
</TABLE>

All securities sold were classified as available for sale at
the time of sale.  There were no transfers of securities
between classifications, except for those discussed in Note
2.

Assets carried at $39,149,000 and $36,538,000 at December
31, 1995 and 1994, respectively, were pledged to secure
United States Government and other public funds, and for
other purposes as required or permitted by law.

4. Loans and Allowance for Possible Loan Losses
<TABLE>
Loans outstanding at December 31 are as follows:
     
<CAPTION>
                                             1995           1994
<S>                                     <C>            <C>
Real estate-construction                $    1,530     $    1,801
Real estate-mortgage                        69,999         76,094
Real estate-secured by nonfarm,
     nonresidential property                28,744         23,701
Commercial, financial and agricultural      46,055         35,036
Obligations of political subdivisions 
in the U.S.                                  4,477          3,947
Installment and credit card loans to 
individuals                                  9,149          6,512
Direct financing leases                          3              5
Loans receivable                        $  159,957     $  147,096
</TABLE>

The bank discontinues accruing interest income on loans and
leases when, in the opinion of management, the
collectibility of such interest appears doubtful.  Non-
accruing loans and leases amounted to $162,000 and $478,000
at December 31, 1995 and 1994, respectively.  The after-tax
effect of the interest that would have been accrued on these
loans was $5,000 in 1995 and $38,000 in 1994.

<TABLE>
The following is an analysis of loan activity to directors,
executive officers, and their associates (see Note 12):
<CAPTION>     
                                    1995          1994
<S>                                <C>           <C>
Balance previously reported        $4,904        $2,775
New loans during the year           4,097         3,716
          Total                     9,001         6,491
Less repayments during the year     2,201         1,587
Balance, December 31               $6,800        $4,904
</TABLE>

<TABLE>
Activity in the allowance for loan losses is summarized as
follows:
<CAPTION>                                      December 31
                                         1995       1994    1993
<S>                                     <C>        <C>     <C>
Balance at beginning of year            $1,537     $1,617  $1,024
Additions charged to operating expense   1,150        805     577
Recoveries on loans previously
     charged-off                            67         55      50
          Total                          2,754      2,477   1,651
Loans charged-off                           51        940      34
Balance at end of year                  $2,703     $1,537  $1,617
</TABLE>

The entire allowance represents a valuation reserve which is
available for future charge-offs.

5. Premises and Equipment
<TABLE>
Premises and equipment are stated at cost, less accumulated
depreciation and amortization, as follows:

<CAPTION>
                                                                    Original
                                                 December 31     Useful Life
                                              1995          1994       Years
<S>                                      <C>            <C>           <C>
Land and land improvements               $    1,009     $     734
Buildings                                     3,534         3,138     30 - 50
Furniture, fixtures and equipment             4,272         3,971      5 - 12
Leasehold improvements                          373           406      5 - 20
          Total                               9,188         8,249
Less accumulated depreciation
     and amortization                         4,098         3,601
Premises and equipment, net              $    5,090     $   4,648
</TABLE>

Charges to operations for depreciation and amortization
approximate $601,000, $519,000, and $446,000 for 1995, 1994,
and 1993, respectively.

6. Deposits
<TABLE>
The distribution of the bank's deposits at December 31, 1995
and 1994, are as follows:
                           
<CAPTION>
                           1995                                 1994
               Non-                              Non-
           interest                          interest
            Bearing      Interest Bearing     Bearing      Interest Bearing
             Demand  Demand  Savings    Time  Demand   Demand Savings   Time
<S>          <C>     <C>     <C>     <C>      <C>     <C>     <C>     <C>
Individuals, 
partnerships
and Corpora-
tions        $12,422 $27,193 $78,883 $110,258 $16,978 $26,273 $84,023 $113,319
U.S. 
Government       272       -       -        -     197       -       -        -
States and 
political
subdivisions  12,124       -       -    4,022   7,460       -       -    5,039
Other 
depository
institutions 
in the U.S.        -       -       -        -       -       -       -        -
Certified, 
officers' 
checks,
travelers 
cheques, 
etc.           1,676       -       -        -   2,634       -       -
  Total      $26,494 $27,193 $78,883 $114,280 $27,269 $26,273 $84,023 $118,358
</TABLE>

6. Deposits (continued)
<TABLE>
Time deposits include certificates of deposit issued in
denominations of $100,000 or more which amounted to
$11,877,000 at December 31, 1995, and $12,090,000 at
December 31, 1994.  A maturity distribution of time
certificates of deposit of $100,000 or more follows:
     
<CAPTION>
                                                      1995           1994
<S>                                             <C>            <C>
Due in three months or less                     $    3,626     $    3,697
Due after three months through six months            3,303          3,073
Due after six months through twelve months           3,312          2,182
Due after one year through five years                1,327          3,036
Due after five years                                   309            102
Total                                           $   11,877     $   12,090
(/TABLE>

7. Short-Term Borrowings

Short term borrowings consist of advances from the Federal
Home Loan Bank of Cincinnati, federal funds purchased and
securities sold under agreement to repurchase.
Federal funds purchased and securities sold under agreements
to repurchase represent primarily overnight borrowings.
Information related to these borrowings is summarized below:

</TABLE>
<TABLE>     
<CAPTION>
                                                 1995      1994       1993
<S>                                           <C>        <C>        <C>
Securities sold under repurchase agreements:
     Balance at year end                      $14,539    $8,736     $3,709
     Average during the year                  $17,669    $8,210     $3,581
     Maximum month-end balance                $24,012    $9,653     $4,319
     Weighted average rate during the year       4.82%     3.56%      2.25%
     Rate at December 31                         3.05%     4.93%      2.75%
Federal funds purchased:
     Balance at year end                      $     -    $4,500        N/A
     Average during the year                  $   700    $  397        N/A
     Maximum month-end balance                $     -    $4,500        N/A
     Weighted average rate during the year       6.87%     4.43%       N/A
     Rate at December 31                            -      6.25%       N/A
</TABLE>

Advances from the Federal Home Loan Bank of Cincinnati are
made under a blanket agreement which allows for maximum
borrowings of $30,000,000.  Each advance is for a ninety day
term and bears interest at a variable rate, adjusted daily.
Collateral for the advances consists of residential mortgage
loans and shares of stock of the Federal Home Loan Bank of
Cincinnati.  Information related to these borrowings at
December 31, 1995 and 1994, is summarized below:
<TABLE>               
<CAPTION>
                                               1995           1994
<S>                                     <C>            <C>
Balance outstanding                     $    24,126    $    22,262
Interest rate at December 31                   6.15%          7.00%
Collateral:
     Residential mortgage loans         $    36,190    $    33,393
     Federal Home Loan Bank stock       $     1,844    $     1,724
</TABLE>

8. Long-Term Debt

Long-term debt consists of advances from the Federal Home
Loan Bank of Cincinnati.  Fixed-rate, single payment loans
totaling $4,000,000 at December 31, 1995, mature in 1997 and
1998 with interest rates ranging from 5.9% to 7.0%.  Fixed
rate, amortizing loans totaling $802,000 at December 31,
1995, reach final maturity in years 1998 through 2015, with
interest rates ranging from 5.55% to 6.95%.  The loans are
secured by residential mortgage loans with a carrying value
of $7,203,000 and Federal Home Loan Bank Stock.
Scheduled principal payments on long-term debt in each of
the five years subsequent to December 31, 1995 are as
follows:
               1996     $      119
               1997     $    2,125
               1998     $    2,133
               1999     $       29
               2000     $       31

9. Income Tax

As discussed in Note 1, the Corporation adopted the
Financial Accounting Standards Board Statement 109 as of
January 1, 1993.  The cumulative effect of the change in
accounting for income tax of $(28,000) is determined as of
January 1, 1993.  The effect on the Statement of Income is
considered immaterial ($ .01 per share), and the total is
included in the income tax expense for 1993.
The components of applicable income taxes are as follows:
<TABLE>                                           
<CAPTION>
                                           Year Ended December 31
                                  1995          1994        1993
<S>                         <C>               <C>       <C>
Currently payable           $    1,726        $  880    $    775
Deferred                          (393)          147        (369)
          Income tax        $    1,333        $1,027    $    406
</TABLE>

<TABLE>
The following temporary differences gave rise to the
deferred tax asset at December 31, 1995 and 1994:
    
<CAPTION>
                                                    1995      1994
<S>                                             <C>       <C>
Allowance for loan losses                       $    770  $    373
Interest on non-accrual loans                          9        20
Unrealized (gains) losses on investments            (145)      805
Deferred loan origination fees                        19        25
Deferred compensation and liability
for future employees benefits                         81        78
Intangible assets                                    216       150
Premises and equipment due to
  differences in depreciation                       (121)      (101)
Direct finance leases                                (86)      (102)
Federal Home Loan Bank stock dividends               (84)       (44)
  Total deferred tax assets                     $    659  $   1,204
</TABLE>

9. Income Tax (continued)
<TABLE>
A reconciliation between the amount of reported income tax
expense and the amount computed by applying the statutory
federal income tax rate to income before income taxes is as
follows:
                               
<CAPTION>
                               1995               1994              1993
                         Amount   Percent   Amount   Percent   Amount   Percent
<S>                      <C>         <C>    <C>         <C>    <C>         <C>
Tax at statutory rate    $1,883      34.0   $1,449      34.0   $1,011      34.0
Reductions in taxes
resulting from:
  Tax exempt interest
  on investments
  and loans                (582)    (10.5)    (476)    (11.2)    (275)     (9.2)
Non-taxable portion-
dividends                     -         -        -         -      (45)     (1.5)
Excess of tax loss over
book gains on
investment securities       (22)     (0.4)       -         -     (161)     (5.4)
Utilization of capital
loss carrybacks               -         -        -         -     (112)     (3.8)
Earnings on life
insurance policies          (33)     (0.6)     (18)     (0.4)     (20)     (0.7)
Non-deductible
interest expense             75       1.4       64       1.5       50       1.7
Others - net                 12       0.2        8       0.2      (14)     (0.5)
Cumulative effect of
adoption of FASB 109          -         -        -         -      (28)     (1.0)
Actual tax expense       $1,333      24.1   $1,027      24.1   $  406      13.6
</TABLE>

The bank has available $623,000 in capital loss
carryforwards. This amount will expire in 1998.

10. Employee Benefit Plans

The Corporation has a profit-sharing retirement plan which
includes all full-time employees who have reached the age of
twenty-one and have completed a least one year of service.
Each participant can elect to contribute to the plan an
amount not to exceed 10% of their salary.  The plan provides
for an employer matching contribution on the first 4% of the
participant's elective contribution.  In addition to the
matching contribution, the plan provides for a discretionary
contribution to be determined by the bank's board of
directors.

Total pension expense for 1995, 1994, and 1993 was $242,000,
$180,000, and $105,000, respectively.

In addition to providing the profit-sharing plan, Belmont
Bancorp. sponsors two defined benefit post-retirement plans
that cover both salaried and nonsalaried employees.
Employees must be fifty-five years old and have ten years of
service to qualify for both plans.  One plan provides
medical and dental benefits, and the other provides life
insurance benefits.  The post-retirement health care plan is
contributory, with retiree contributions adjusted annually;
the life insurance plan is noncontributory.  On January 1,
1993, Belmont Bancorp. adopted Statement of Financial
Accounting Standards ("SFAS") No. 106, "Employer's
Accounting for Post-retirement Benefits Other than
Pensions."  The statement requires the accrual of the
expected cost of providing post-retirement benefits to
employees and certain dependents during the years that an
employee renders service.

<TABLE>
The following table sets forth the plan's combined funded
status reconciled with the amount shown in the Corporation's
balance sheet at December 31:                     
                                                       
<CAPTION>
                                                       1995      1994
<S>                                                 <C>       <C>
Accumulated post-retirement benefit obligation:
     Retirees                                       $    42   $    40
     Fully eligible active plan participants             50        46
     Other active plan participants                      53        35  
                                                        145       121
     Plan assets at fair value                            -         -
       Accumulated post-retirement benefit
       obligation in excess of plan assets              145       121
     Unrecognized net gain (loss) from past
       experience different from that assumed
       and from changes in assumptions                  (26)      (14)
     Prior service cost not yet recognized
       in expense                                        38        51
     Unrecognized transition obligation                 (12)      (13)
       Accrued post-retirement benefit cost
       in the balance sheet                         $   145   $   145
</TABLE>

The Corporation's post-retirement health care plan is
underfunded. The accumulated post-retirement benefit
obligation and plan assets for that plan are $145,000 and $-
0-, respectively at December 31, 1995, and $121,000 and $-0-
respectively at December 31, 1994.

<TABLE>
Post-retirement expense includes the following components:
                    
<CAPTION>
                                                 1995      1994       1993
<S>                                            <C>       <C>       <C>
Service cost                                   $    4    $    6    $    43
Interest cost on accumulated
     post-retirement benefit obligation            10        10         64
Actual return on plan assets                        -         -          -
Net amortization and deferral                     (11)       (5)        47
Benefit payments                                    -         -        (16)
          Post-retirement expense              $    3    $   11    $   138
</TABLE>

The annual assumed rate of increase in the per capita cost
of covered benefits for 1996 is 11.5% for medical benefits
and 8.5% for dental benefits (compared to 12.0% and 9.0% for
1995 for the respective benefits).  The rates are assumed to
decrease gradually to 6% (for medical 2007 and for dental in
2001), and remain at that level thereafter.  The health care
cost trend rate assumption has a significant effect on the
amounts reported.  Increasing the assumed health care trend
rates by one percentage point in each year would increase
the accumulated post-retirement benefit obligation as of
December 31, 1995, by $6,000, and the aggregate of the
service and interest cost components of net periodic post-
retirement benefit cost for 1995 by $1,000.  The weighted-
average discount rate used in determining the accumulated
post-retirement benefit obligation was 7.0% at December 31,
1995, and 8.5% at December 31, 1994.  The long-term
inflation rate assumed was 4% for both years.

11. Leases

The subsidiary bank utilized certain bank premises and
equipment under long-term leases expiring at various dates.
In certain cases, these leases contain renewal options and
generally provide that the Corporation will pay for
insurance, taxes and maintenance.
As of December 31, 1995, the future minimum rental payments
required under noncancelable operating leases with initial
terms in excess of one year are as follows:
<TABLE>     
<CAPTION>
                                                Operating Leases
     <S>                                        <C>
     Year ending December 31,
          1996                                  $    117
          1997                                       117
          1998                                        65
          1999                                        47
          2000                                        47
     Thereafter                                      237
               Total minimum lease payments     $    630
</TABLE>

Rental expense under operating leases approximated $86,000
in 1995, $83,000 in 1994, and $82,000 in 1993.

12. Related Party Transactions

Certain directors and executive officers and their
associates were customers of, and had other transactions
with, the subsidiary bank in the ordinary course of business
in 1995 and 1994.  The outstanding balance of all loans to
the related parties was $6,800,000 and $4,904,000 at
December 31, 1995 and 1994, respectively.  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 others and did not involve more than the
normal risk of collectibility or present other unfavorable
features.

13. Financial Instruments with Off-Balance-Sheet Risk

The subsidiary bank is a party to financial instruments with
off-balance-sheet risk in the normal course of business to
meet the financing needs of its customers.  These financial
instruments include commitments to extend credit and standby
letters of credit.  These instruments involve, to varying
degrees, elements of credit risk in excess of the amount
recognized in the balance sheet.  The contract amounts of
those instruments reflect the extent of involvement the
Corporation has in particular classes of financial
instruments.

The Corporation's exposure to credit loss in the event of
nonperformance by the other party to the financial
instrument for commitments to extend credit and standby
letters of credit is represented by the contractual amount
of those instruments.  The Corporation uses the same credit
policies in making commitments and conditional obligations
as it does for on-balance-sheet instruments.
The following represents financial instruments whose
contract amounts represent credit risk at December 31:
<TABLE>     
<CAPTION>
                                           Contract Amount
                                          1995         1994
     <S>                           <C>            <C>
     Commitments to extend credit  $    16,021    $  14,210
     Standby letters of credit             866        1,307
</TABLE>

Commitments to extend credit are agreements to lend to a
customer as long as there is no violation of any condition
established in the contract.  Commitments generally have
fixed expiration dates or other termination clauses and may
require payment of a fee.  Since many of the commitments are
expected to expire without being drawn upon, the total
commitment amounts do not necessarily represent future cash
requirements.  The Corporation evaluates each customer's
creditworthiness on a case-by-case basis.  The amount of
collateral obtained, if deemed necessary by the Corporation
upon extension of credit, is based on management's credit
evaluation of the counterparty.  Collateral held varies but
may include accounts receivable, inventory, property, plant,
and equipment, and income-producing properties.

Standby letters of credit are conditional commitments issued
by the Corporation to guarantee the performance of a
customer to a third party.  Those guarantees are primarily
issued to support public and private borrowing arrangements.
Of the standby letters of credit, $587,000 will expire in
1996, while the remaining $279,000 expire in various years
through 2005.  The credit risk involved in issuing letters
of credit is essentially the same as that involved in
extending loan facilities to customers.

14. Concentration of Credit Risk

The subsidiary bank extends commercial, consumer, and real
estate loans to customers primarily located in Belmont,
Harrison, and Tuscarawas Counties in Ohio and Ohio County,
West Virginia.  While the loan portfolios are diversified,
the ability of the borrowers to meet their contractual
obligations partially depends upon the general economic
condition of Southeastern Ohio and the Northern Panhandle of
West Virginia.

15. Limitation on Dividends

The approval of the Comptroller of the Currency is required
to pay dividends if the total of all dividends declared by a
national bank in any calendar year exceeds the total of its
retained net profits of the preceding two years.  Under this
formula, the bank can declare dividends in 1996 without
approval of the Comptroller of the Currency of approximately
$6,200,000 plus an additional amount equal to the bank's net
profit for 1996 up to the date of any such dividend
declaration.  The subsidiary bank is the primary source of
funds to pay dividends to the shareholders of Belmont
Bancorp.

16. Other Operating Expenses
<TABLE>
Other operating expenses include the following:

<CAPTION>
                                    1995      1994      1993
<S>                             <C>       <C>       <C>
Taxes other than payroll
and real estate                 $    287  $    228  $    267
Supplies and printing                295       262       249
Insurance, including
Federal Deposit Insurance            430       616       581
Data processing                       64       281       303
Advertising                          159       102       121
Amortization of intangibles          415       415       416
Other (individually less than
1% of total interest income)       1,300     1,068       980
Total                           $  2,950  $  2,972  $  2,917
</TABLE>

17. Restrictions on Cash

The subsidiary bank is required to maintain an average
reserve balance with the Federal Reserve Bank.  The average
amounts of the reserve balance for the years ended December
31, 1995 and 1994, were $1,724,000 and $1,734,000,
respectively.

18. Cash Flow Information

The Corporation's policy is to include cash on hand, amounts
due from banks and federal funds sold in the definition of
cash and cash equivalents.

Cash payments for interest in 1995, 1994, and 1993 were
$10,856,000, $8,670,000, and $8,880,000, respectively. Cash
payments for income taxes for 1995, 1994, and 1993 were
$1,740,000, $1,030,000, and $462,000, respectively.

19. Preferred Stock

On October 2, 1992, the Corporation issued 10,000 shares of
$100 par value, non-voting, senior cumulative preferred
stock.  Dividends are payable quarterly in an amount equal
to $8 per annum.  The shares are subject to a dividend
adjustment feature at January 1, 2000, which provides for an
increase in the dividend rate based on the prime rate of
interest.  The stock has a liquidation preference of $100
per share and a stated redemption value of $100 per share.
The shares also contain conversion rights, effective January
1, 2000, permitting shareholders after that date to convert
one share of preferred stock for 11.11 shares of the
Corporation's common stock.

20. Fair Value of Financial Statements

Statement of Financial Accounting Standards No. 107,
"Disclosures about Fair Value of Financial Instruments",
requires disclosure of fair value information about
financial instruments, whether or not recognized in the
balance sheet.  In cases where quoted market prices are not
available, fair values are based on estimates using present
value or other valuation techniques.  Those techniques are
significantly affected by the assumptions used, including
the discount rate and estimates of future cash flows.  In
that regard, the derived fair value estimates cannot be
substantiated by comparison to independent markets and, in
many cases, could not be realized in immediate settlements
of the instruments.  Statement 107 excludes certain
financial instruments and all nonfinancial instruments from
its disclosure requirements.  In addition, the value of long-
term relationships with depositors and other customers are
not reflected.  The value of these items is significant.
Accordingly, the aggregate fair value amounts presented do
not represent the underlying value of the Corporation.

The following methods and assumptions were used in
estimating fair values of financial instruments as disclosed
herein:

Cash and Cash Equivalents:  For those short-term
instruments, the carrying amount is a reasonable estimate of
fair value.

Investment Securities and Securities Available for Sale:
For debt securities, derivative instruments and marketable
equity securities held for investment purposes and for sale,
fair values are based on quoted market prices or dealer
quotes.  If a quoted market price is not available, fair
value is estimated using quoted market prices for similar
securities.

Loans:  For certain homogeneous categories of loans, such as
some residential mortgages, fair value is estimated using
the quoted market prices for securities backed by similar
loans.  The fair value of other types of loans is estimated
by discounting the future cash flows using the current rates
at which similar loans would be made to borrowers with
similar credit ratings and for the same remaining
maturities.

Deposit Liabilities:  The fair value of demand deposits,
savings accounts, and certain money market deposits is the
amount payable on demand at the reporting date.  The fair
value of fixed-maturity certificates of deposit is estimated
using the rates currently offered for deposits of similar
remaining maturities.

Short-Term Borrowings:  These liabilities represent
primarily overnight borrowings and debt maturing within
ninety days of issuance with interest rates adjusted weekly.
Accordingly, the carrying amount is a reasonable estimate of
fair value.

Long-Term Debt:  The fair values of long-term debt are
estimated using discounted cash flow analyses based on the
Corporation's current incremental borrowing rates for
similar types of borrowing arrangements.
The fair values of the Corporation's financial instruments
are as follows:
<TABLE>
<CAPTION>
                                         1995                  1994
                                  Carrying   Estimated  Carrying   Estimated
                                    Amount  Fair Value    Amount  Fair Value
<S>                               <C>         <C>       <C>         <C>
Financial assets:
Cash and cash equivalents         $ 10,175    $ 10,175  $ 11,770    $ 11,770
Securities available for sale      112,109     112,109    49,132      49,132
Securities held to maturity         23,726      23,758    92,463      86,828
Loans, net                         157,254     160,186   145,559     143,300
Financial liabilities:
Deposits                           246,850     247,255   255,923     257,123
Short-term borrowings               38,665      38,665    35,498      35,498
Long-term debt                       4,802       4,864         -           -
</TABLE>

21. Condensed Parent Company Financial Statements

Presented below are the condensed balance sheets, statements
of income, and statements of cash flows for Belmont Bancorp.
Balance Sheets
<TABLE>                                              
<CAPTION>
                                              1995       1994
<S>                                        <C>        <C>
Assets
     Cash                                  $    23    $   377
     Investment in subsidiaries
     (at equity in net assets)              24,485     19,504
     Equity securities                         120         60
     Advances to subsidiaries, net             398        145
     Prepaid taxes                             158        148
       Total Assets                        $25,184    $20,234
Liabilities
     Accrued dividends                     $    20    $    20

Shareholders' Equity
     Preferred stock
     Senior cumulative preferred stock       1,000      1,000
     Common stock                            1,057      3,777
     Capital surplus                         7,781      5,061
     Treasury stock-832 shares in 1995
     and 424 shares in 1994                     (8)        (8)
     Retained earnings-appropriated            850        850
     Retained earnings-unappropriated       14,148     11,026
     Net unrealized gain (loss) 
     on securities available for sale          336     (1,492)
       Total shareholders' equity           25,164     20,214
       Total Liabilities and Shareholders' 
       Equity                              $25,184    $20,234

Statement of Income
                                                1995       1994    1993

Operating Income
  Dividends from subsidiaries                $ 1,084     $  879  $  780
  Other income                                    10         10       9
  Total income                                 1,094        889     789
Operating Expenses                               (59)       (33)    (30)
Nonoperating Income                                -          -       1
  Income before income tax and equity in
  undistributed income of subsidiaries         1,035        856     760
Income Tax (credit)                              (18)        (8)     (8)
Equity in Undistributed Income
  of Subsidiaries                              3,153      2,370   1,801
    Net Income                               $ 4,206     $3,234  $2,569

Statement of Cash Flows
     
                                                1995       1994      1993

Operating Activities
  Net income                                  $4,206     $3,234    $2,569
  Adjustments to reconcile net income to
  net cash provided by operating activities:
    Undistributed earnings of affiliates      (3,153)    (2,370)   (1,801)
    Investment securities gains                    -          -        (1)
    Changes in operating assets and 
    liabilities:
      Prepaid taxes                              (10)      (148)      121
      Accrued expenses                             -       (166)      166
      Net cash provided by operating 
      activities                               1,043        550     1,054
Investing Activities
     Payments (to) from subsidiaries            (253)       539      (464)
     Proceeds from sales of equity 
     securities                                    -          -         1
     Investment purchases                        (60)         -         -
       Net cash provided (used) by
       investing activities                     (313)       539      (463)
Financing Activities
     Cash paid for fractional shares               -        (10)        -
     Sale of treasury stock                        -          5         1
     Dividends                                (1,084)      (879)     (780)
     Net cash used by financing activities    (1,084)      (884)     (779)

Increase (Decrease) in Cash & Cash 
Equivalents                                     (354)       205      (188)
Cash and Cash Equivalents at 
Beginning of Year                                377        172       360
Cash and Cash Equivalents 
at End of Year                                $   23     $  377    $  172
</TABLE>

Supplemental disclosure:
The Corporation made income tax payments of $1,740,000,
$1,030,000 and $462,000 in 1995, 1994, and 1993,
respectively.  These payments represented income tax
payments for the Corporation and its consolidated
subsidiaries.

The Corporation incurred no interest expense in 1995, 1994
or 1993.

Opinion of Independent Certified Public Accountants

Board of Directors
Belmont Bancorp.
St. Clairsville, Ohio

We have audited the accompanying consolidated balance sheets
of Belmont Bancorp. and subsidiaries as of December 31, 1995
and 1994, and the related consolidated statements of income,
changes in shareholders' equity, and cash flows, for each of
the three years in the period ended December 31, 1995.
These financial statements are the responsibility of the
corporation's management.  Our responsibility is to express
an opinion on these financial statements based on our
audits.

We conducted our audits in accordance with generally
accepted auditing standards.  Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the
financial statements.  An audit also includes assessing the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation.  We believe that our audits provide
a reasonable basis for our opinion.

In our opinion, the financial statements referred to above
present fairly, in all material respects, the consolidated
financial position of Belmont Bancorp. and subsidiaries at
December 31, 1995 and 1994, and the consolidated results of
its operations, changes in shareholders' equity, and cash
flows, for each of the three years in the period ended
December 31, 1995, in conformity and with generally accepted
accounting principles.

As discussed in Note 2 to the Consolidated Financial
Statements, in 1994, Belmont Bancorp. changed its method of
accounting for debt and equity securities and, in 1993,
changed its methods of accounting for income taxes and post
retirement benefits other than pensions.

S. R. Snodgrass A. C.
Wheeling, West Virginia
January 23, 1996

Report on Management's Responsibilities

Management of Belmont Bancorp. is responsible for the
accurate and objective preparation of the consolidated
financial statements and the estimates and judgements upon
which certain financial statements are based.  Management is
also responsible for preparing the other financial
information included in this annual report.  In our opinion,
the financial statements on the preceding pages have been
prepared in conformity with generally accepted accounting
principles and other financial information in this annual
report is consistent with the financial statements.

Management is also responsible for establishing and
maintaining an adequate internal control system which
encompasses policies, procedures and controls directly
related to, and designed to provide reasonable assurance as
to the integrity and reliability of the financial reporting
process and the financial statements generated therefrom.
The concept of reasonable assurance is based on the
recognition that there are inherent limitations in all
systems of internal control, and that the cost of such
systems should not exceed the benefits to be derived
therefrom.

The systems and controls and compliance therewith are
reviewed by an extensive program of internal audits and by
our independent auditors.  Their activities are coordinated
to obtain maximum audit coverage with a minimum of duplicate
effort and cost.  The independent auditors have access to
all internal audit work papers.  Management believes the
system of internal control effectively meets its objectives
of reliable financial reporting.

The Board of Directors pursues its responsibility for the
quality of the Corporation's financial reporting primarily
through its Audit Committee which is comprised solely of
outside directors.  The Audit Committee meets regularly with
management, the internal auditor and independent auditors to
ensure that each is meeting its responsibilities and to
discuss matters concerning internal controls, accounting and
financial reporting.  The internal auditor and independent
auditors have full and free access to the Audit Committee.

J. Vincent Ciroli, Jr.
President and Chief Executive Officer
Belmont Bancorp.
Belmont National Bank

William Wallace                         Jane R. Marsh
Vice President, Belmont Bancorp.        Secretary, Belmont Bancorp.
Executive Vice President and            Senior Vice President
Chief Operating Officer                 Controller and Cashier
Belmont National Bank                   Belmont National Bank
Belmont Bancorp. and Subsidiaries

<TABLE>
Consolidated Average Balance Sheets
For the Years Ended December 31, 1995, 1994, and 1993
(Fully Taxable Equivalent Basis) ($000s)

<CAPTION>
                          1995                    1994                   1993
               Average         Average  Average         Average Average         Aver.
               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         $152,502 $ 14,347 9.41% $134,952 $ 11,779 8.73% $120,218 $ 10,753 8.94%
Securities
Taxable         113,409    7,768 6.85%  114,468    6,810 5.95%  111,760    5,169 4.63%
Exempt 
from 
income 
taxes            25,689    2,062 8.03%   21,866    1,746 7.98%   12,474    1,104 8.85%
Trading 
account 
assets                -        -    -       138        1 0.72%      831       45 5.42%
Federal 
funds sold          805       47 5.84%      130        4 3.08%    4,147      125 3.01%
Interest 
bearing 
deposits              -        -    -         -        -    -        98        2 2.04%
Total 
interest 
earning 
assets          292,405   24,224 8.28%  271,554   20,340 7.49%  249,528   17,198 6.89%
Cash and 
due from 
banks             8,448                   8,275                   7,823
Other 
assets           12,927                  12,014                  11,568
Market 
value 
apprecia
tion
(deprecia
tion) of 
securities
available for 
sale               (731)                   (860)                      -                   
Allowance
for possible 
loan loss        (2,139)                 (1,427)                 (1,328)
Total 
Assets         $310,910                $289,556                $267,591

Liabilities
Interest 
bearing 
liabilities
Interest 
checking        $25,953   $  614 2.37% $ 26,764   $  581 2.17% $ 30,895   $  745 2.41%
Savings          78,679    2,359 3.00%   95,655    2,850 2.98%   85,865    2,788 3.25%
Other time 
deposits        121,329    6,049 4.99%   99,660    4,434 4.45%  106,706    4,992 4.68%
Other 
borrowings       34,665    1,905 5.50%   21,217      942 4.44%    3,675       91 2.48%
Total 
interest 
bearing 
liabili
ties            260,626   10,927 4.19%  243,296    8,807 3.62%  227,141    8,616 3.79%
Demand 
deposits         25,819                  24,797                  21,093
Other 
liabilities       1,632                   1,583                   1,272
Total 
liabili-
ties            288,077                 269,676                 249,506
Share-
holders' 
Equity           22,833                  19,880                  18,085
Total 
Liabilities 
and
Share-
holders' 
Equity         $310,910                $289,556                $267,591
Net 
interest 
income 
margin
on a 
taxable 
equivalent 
basis                     13,297 4.55%            11,533 4.25%             8,582 3.44%
Net interest 
rate spread                      4.09%                   3.87%                   3.10%
Interest 
bearing 
liabilities 
to interest 
earning 
assets                          89.13%                  89.59%                  91.03%
</TABLE>

Fully taxable equivalent basis computed at effective federal
tax rate of 34%.
Average loan balances include nonperforming loans.

<TABLE>
Analysis of Net Interest Income Changes
For the Years Ended December 31, 1995, 1994 and 1993 (Fully
Taxable Equivalent Basis) (000's)

<CAPTION>
                    1995 Compared to 1994            1994 Compared to 1993
               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       $1,532  $  917  $ 119  $2,568   $1,318   $ (260)  $ (32) $1,026
  Securities
  Taxable         (63)  1,031    (10)    958      125    1,480      35   1,640
  Exempt 
  from 
  income 
  taxes           305       9      2     316      831     (108)    (81)    642
  Trading 
  account 
  assets           (1)     (1)     1      (1)     (38)     (39)     33     (44)
  Federal 
  funds sold       21       4     18      43     (121)       3      (3)   (121)
  Interest 
  bearing 
  deposits          -       -      -       -       (2)      (2)      2      (2)
    Total 
    interest 
    income 
    change      1,794   1,960    130   3,884    2,113    1,074     (46)  3,141

Increase 
(decrease) in 
interest 
expense
Interest 
checking          (18)     52     (1)     33     (100)     (74)     10    (164)
Savings          (506)     18     (3)   (491)     318     (230)    (26)     62
Other time 
deposits          964     535    116   1,615     (330)    (245)     17    (558)
Short-term 
borrowings        597     224    142     963      434       72     345     851
Total 
interest 
expense 
change          1,037     829    254   2,120      322     (477)    346     191
Increase 
(decrease) 
in net 
interest
income on 
a taxable 
equivalent 
basis          $  757  $1,131  $(124) $1,764   $1,791   $1,551   $(392) $2,950
(Increase) 
decrease in 
taxable
equivalent 
adjustment                              (145)                             (215)

Net interest 
income change                         $1,619                            $2,735
</TABLE>

Belmont Bancorp. Directors

John A. Belot
President,
Walden Industries, Inc.

J. Vincent Ciroli, Jr.
President and Chief Executive Officer,
Belmont Bancorp. and Belmont National Bank

William P. Goddard
Director

John H. Goodman, II
Realtor, President, Goodman Group, Inc.

Mary L. Holloway Haning
Special Projects Coordinator,
Plastic Surgery, Inc.

Charles J. Kaiser, Jr.
Attorney-at-Law, Partner,
Phillips, Gardill, Kaiser and Altmeyer

Terrence A. Lee
Chairman,
Belmont Bancorp. and Belmont National Bank;
CPA, Partner, Lee, O'Connor & Associates

Dana J. Lewis
President, Zanco Enterprises, Inc.

James R. Miller
Vice President and General Manager,
Joy Technologies, Inc.

W. Quay Mull, II
Chairman, Mull Machine Company

Tom Olszowy
Independent Insurance Agent,
Tom Olszowy Insurance

Keith A. Sommer
Attorney, Partner,
Sommer, Solovan, Liberati and Shaheen

William Wallace
Vice President, Belmont Bancorp.;
Executive Vice President and
Chief Operating Officer,
Belmont National Bank

Charles A. Wilson, Jr.
Vice Chairman, Belmont Bancorp.
and Belmont National Bank;
President, Wilson Funeral & Furniture Co.

Belmont Bancorp. Officers

Terrence A. Lee
Chairman

Charles A. Wilson, Jr.
Vice Chairman

J. Vincent Ciroli, Jr.
President and Chief Executive Officer

William Wallace
Vice President

Jane R. Marsh
Secretary

Belmont National Bank Officers

Terrence A. Lee
Chairman

Charles A. Wilson, Jr.
Vice Chairman

J. Vincent Ciroli, Jr.
President and Chief Executive Officer

William Wallace
Executive Vice President and Chief Operating Officer

Jane R. Marsh
Senior Vice President, Controller and Cashier

Robert A. Brown
Vice President, Marketing
and Product Development Manager

J. Douglas Cash
Vice President and Regional Manager

Richard E. Dolan
Vice President and Trust Officer

Gerald J. Elliott
Vice President and Compliance Officer

Larry G. Gibbs
Vice President & Trust Officer

Logan B. Sturgeon
Vice President & Senior Trust Officer

Trent B. Troyer
Vice President and Regional Manager

Belmont Financial Network, Inc.

J. Vincent Ciroli, Jr.
Chairman and President

Jane R. Marsh
Secretary and Treasurer

Belmont Investment and Financial Services,Inc.

J. Vincent Ciroli, Jr.
President and Chief Executive Officer

William Wallace
Vice President, Secretary and Treasurer

Belmont National Bank Locations

Bridgeport Office
325 Main Street
Bridgeport, OH  43912
(614) 635-1142

Cadiz Office
657 Lincoln Avenue
Cadiz, OH  43907
(614) 942-4664

Jewett Office
318 East Main Street
Jewett, OH  43986
(614) 946-2411

Lansing Office
55160 National Road
Lansing, OH  43934
(614) 635-1454

New Philadelphia Office
152 North Broadway
New Philadelphia, OH  44663
(330) 343-5518


Ohio Valley Mall Office
Ohio Valley Mall
St. Clairsville, OH  43950
(614) 695-9926

St. Clairsville Office
154 West Main Street
St. Clairsville, OH  43950
(614) 695-3323

Schoenbrunn Office
2300 East High Avenue
New Philadelphia, OH  44663
(216) 339-9200

Shadyside Office
4105 Central Avenue
Shadyside, OH  43947
(614) 671-9346

Woodsdale Office
980 National Road
Wheeling, WV  26003
(304) 233-9691

Wabash Avenue Drive-In Office
525 Wabash Avenue
New Philadelphia, OH  44663

Belmont Bancorp.
325 Main Street
Bridgeport, OH 43912
(614) 695-3323

Notice of Form 10-K
Upon written request of any shareholder on record on
December 31, 1995, the Corporation will provide, without
charge, a copy of its 1995 Annual Report on Form 10-K,
including financial statements and schedules, as required to
be filed with the Securities and Exchange Commission.  To
obtain a copy of Form 10-K, contact Ms. Teri Walters,
Administrative Officer, Belmont Bancorp., 325 Main Street,
Bridgeport, OH 43912.