The Belmont Bancorp.
1996 Annual Report

Corporate Profile

  Belmont Bancorp. (the Corporation) is a $334 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 eleven 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>                                                            
                                            1996        1995        % change
<S>                                         <C>         <C>         <C> 
            Net income                      $  5,002    $  4,206    18.9%
Operating   Return on average assets           1.49%       1.35%
results     Return on average common equity   19.55%      18.90%
            Return on average total equity    19.05%      18.42%

Per         Net income                      $   2.34    $   1.95    20.0%
common      Dividend                           0.600       0.475    26.3%
share       Book value at year-end             12.93       11.43    13.1%

At          Total assets                    $333,903    $317,279     5.2%
year-       Total loans                      188,783     159,957    18.0%
end         Total deposits                   261,539     246,850     6.0%
            Total shareholders' equity        27,332      25,164     8.6%

Liquidity   Average common equity
and          to average total assets           7.51%       7.02%
capital     Average total equity
ratios       to average total assets           7.81%       7.34%
            Tier one capital ratio            12.43%      13.07%
            Total risk-based capital ratio    13.68%      14.32%
            Leverage ratio                     7.93%       7.39%
            Dividend payment ratio            26.59%      25.77%
</TABLE>            

From Management

  We are pleased to report that we have just concluded the
most successful year in the 150 year history of Belmont
Bancorp.  Performance improvement was shown in nearly every
meaningful area of measurement over our record results in
1995.  Our accomplishments are particularly noteworthy in
light of an unanticipated $397,000 bill from the U.S.
Government (which we will explain in a moment) and the cost
associated with the unparalleled geographic expansion of
your Corporation.

     Belmont Bancorp. continues to experience double digit
income growth.  Net income for 1996 was a record $5,002,000
after recognition of a $397,000 pre-tax charge during the
third quarter for a special federal government assessment to
capitalize the Savings Association Insurance Fund (SAIF) of
the Federal Deposit Insurance Corporation (FDIC).  This
"onetime" expense on about 30% of our deposits relates back
to our 1992 purchase of three offices of a savings and loan
in Tuscarawas County.  Without this charge, earnings would
have been $5,264,000 or $2.46 per share for 1996 compared to
$4,206,000 for 1995, representing a 25.2% increase.
Earnings per share were $2.34 for 1996 versus $1.95 for the
prior year.  Our compounded annual earning per share growth
rate over the past five years is now 22.74%, which compares
very favorably with noted growth companies such as Intel,
Banc One, Hewlett-Packard and Microsoft.

     Also noteworthy was our return on average equity and
our return on average assets. Return on average equity increased
to 19.55% from 18.90% in 1995. Return on average assets increased
to 1.49% from 1.35% in 1995. Without the SAIF charge, the return
on average equity and the return on average assets would have been
20.59% and 1.57%, respectively.  Total shareholders' equity for 1996
increased 8.6% to $27,332,000 from $25,164,000.

From Management

  In 1996, our loan portfolio grew 18% to $188,783,000 while
maintaining outstanding asset quality.  Nonperforming assets
as a percentage of total assets decreased to just 0.08% of
total assets compared to 0.24% in 1995, while nonperforming
assets as a percentage of allowance for loan losses was only
8.98% versus 27.93% in the prior year.  Additionally, our
allowance for possible loan loss as a percentage of total
loans decreased slightly to 1.67% from 1.69% in the prior
year.

     Our 150th year of service to families, businesses and
communities was an exciting and busy one.  During the year
we moved Belmont National Bank headquarters to Wheeling,
West Virginia and celebrated the opening of our first and
second West Virginia office in the Woodsdale and Elm Grove
areas of Wheeling.  Our Elm Grove Office offers express
drive-up service and 24-hour ATM banking, and both West
Virginia offices feature extended banking hours.
Construction began on our newest Ohio facility, the Plaza
West Solution Center in St. Clairsville, and we committed to
opening an office in the new Imperial Plaza located in
Bellaire, Ohio.  Both locations will be fully operational
during the second quarter of 1997 with extended banking
hours, including express drive-up service and 24-hour ATM
banking.  By the end of the first quarter of 1997, we will
also provide the Ohio communities of Bridgeport and Cadiz
with 24-hour ATM banking service.

  Our aggressive approach to providing customers with new
and innovative financial solutions and additional electronic
banking convenience took another form as well in 1996.  If
you are a computer user with internet access, we now have an
interactive web site designed to help our customers plan for
retirement, plan and finance the education of children,
purchase a new home and much more from the comfort of their
home or office.  Please stop by and visit us on the World
Wide Web at www.belmontbank.com.

  This annual report is dedicated to each and every Belmont
National Bank customer, some of whom are depicted on its
cover as well as profiled within the annual report.  We are
grateful for the opportunity to be your financial partner...
to work with you through your constantly changing needs 
in your lifelong pursuit of financial well-being and
security.  Our objective is to bring order and expertise to
the process of understanding and evaluating the rapidly
expanding and complex financial services options you face
throughout your life.

  We extend our sincerest appreciation to all the officers
and staff of the Corporation, and the Board of Directors
whose dedication and hard work make Belmont Bancorp. and
Belmont National Bank one of the top banking organizations
in the country.

  And, as always, we thank our shareholders across the
country who have shown confidence and trust in the
leadership of your Corporation.  We pledge to you our
continuing best effort and look forward to providing you
with another prosperous year.

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

A Customer Profile

Planning For Their Children's Education
During one of our visits with John and Vickie Miller, it
become clear to us, their financial partner, that the
education of their two young daughters was an important
objective.  It wasn't until recently that John managed to
pay off his old student loans.  If possible, they want the
kids to avoid a similar burden of enormous college debt.

Our first step was to provide John and Vickie with an
estimate of future tuition, room and board at a state
university based on each child's current age.  Fortunately,
at birth the Millers had set up college savings accounts for
each daughter and were periodically depositing money.  Based
on this information, we calculated the amount that would be
available for each child, factoring in the balance,
deposits, the interest rate and years until college.

Our work with the Millers validated a concern which John had
expressed early in our discussions-the goal was not
realistic based on their present efforts.  Together, over
time, we have explored a number of specific actions designed
to help reach the objective: 1) Establish a set amount to be 
automatically transferred from the family checking account to 
each college fund savings account on payday.  2) For the funds 
already saved, pursue long-term investments which provide a 
greater rate of return.  3) Ask relatives, who normally give 
each child a Christmas present, to help fund the college fund 
by making the gift a monetary one.

Through our brokerage services, John and Vickie Miller are
now investing in quality "blue chip" stocks for their
daughters' education and have weekly deposits into the
college fund savings.  As their financial partner, we will
meet with the Millers periodically to make sure we are doing
everything possible to help them reach this important goal.

A Customer Profile

Preparing For Retirement
With the pressures of raising children, retirement thoughts
had never been a discussion for Doug and Alice Gibson...
until now.  The kids are grown and on their own; Alice is
back to work, using her pay to invest in certificates of
deposit.  The last time Alice was in, she mentioned
retirement savings and concerns about future financial
security.  As their financial partner, we offered to work
with the Gibsons to help them understand what is needed to
live in retirement and what their financial resources will
be based on their current savings habits.

Since our brief conversation about a month ago, we have met
with Doug and Alice twice.  Fortunately, they have some
time, about a dozen years, and two incomes to help support
the cost of meeting retirement goals.  During our first
meeting, we discussed the collaborative effort required by
both partners-the Gibsons and Belmont National Bank.

The Gibsons helped us establish a snapshot of their
financial situation, to know what assets were already
available:  Doug's 401(k) plan, other savings, investments
and life insurance, their home and other personal property,
as well as, amounts owed-mortgage, car loans, etc.  We also
put the Gibsons in touch with the Social Security
Administration to obtain their Personal Earnings and Benefit
Estimate Statement.

Since then, we completed a net worth and cash flow analysis
and estimated what the Gibsons will need to maintain their
lifestyle, factoring in live expectancy and inflation.  The
Gibsons were delighted when we then presented a no-cost way
to increase their retirement funding and lower federal and
state income tax using Doug's 401(k) plan plus IRA's for
Doug and Alice.  Now, with greater confidence in reaching
financial security, the Gibsons are looking forward to their
next visit with their financial partner to discuss specific
IRA investment options.

A Customer Profile

Growing Your Own Business
The pressures of owning a business in today's competitive
environment can be an imposing task for even the most
skilled owner.  Rodney Strong, owner of River City Tool and
a successful, machine tool manufacturer, was in the middle
of a crisis that impacts most growth businesses.  His
company was increasing annual sales at 20% and his customer
base was expanding in size and geography.  Unfortunately,
his cash flow was not keeping pace with his sales.  Mr.
Strong was facing a dilemma which, if not dealt with, could
permanently cripple his business.

River City Tool has been our customer since its birth by Mr.
Strong in 1989.  At that time, he used an equipment loan and
a second mortgage on his home to finance the start-up.  He
was familiar with our high level of expertise in dealing
with his business and has come to rely on the bank.  Now, he
was coming to us with what he thought was an embarrassing,
unique problem-running out of money as his business grew.

Our meeting with Mr. Strong was frank and open as he
explained the problem and suggested he had no solutions
within his company.  As his financial partner, our solution
was both quick and effective.  We provided for his immediate
short-term cash flow needs and also designed and implemented
a cash management system that allowed him to quickly collect
and monitor his customer accounts.

The solution provided an operating line of credit tied to
account receivables and an electronic cash collection
mechanism to accelerate cash flow despite the growing
geographic diversity of his customers.  The most important
result of the bank designed system is Rodney Strong now
devotes more time in serving his customers, and less time
worrying about his company's cash flow.

Mr. Strong knew Belmont National Bank provided quality
service and business loans.  Now he knows what many of our
customers have come to realize-we provide financial solution
for their complex problems.

<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>
1996
Interest income             $6,150    $6,331    $6,576    $6,444
Interest expense             2,849     3,058     3,201     3,019
Net interest income          3,301     3,273     3,375     3,425
Provision for credit losses    150       105       105       105
Security gains (losses)        229         4        34       129
Net overhead                 1,423     1,557     1,897     1,650
Income before income taxes   1,957     1,615     1,407     1,799
Income taxes                   548       450       324       454
Net income                  $1,409    $1,165    $1,083    $1,345
Net income per common share $ 0.66    $ 0.54    $ 0.50    $ 0.64
1995
Interest income             $5,898    $5,763    $5,955    $5,838
Interest expense             2,746     2,648     2,791     2,742
Net interest income          3,152     3,115     3,164     3,096
Provision for credit losses    400       300       200       250
Security gains (losses)        127        37        18      (80)
Net overhead                 1,510     1,391     1,377     1,662
Income before income taxes   1,369     1,461     1,605     1,104
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
Net income                  $  641    $  792    $1,135    $  666
Net earnings per common     
share                       $ 0.29    $ 0.37    $ 0.53    $ 0.30
</TABLE>

Belmont Bancorp. and Subsidiaries
<TABLE>
Consolidated Five Year Summary of Operations
For the Years Ending December 31, 1996, 1995, 1994, 1993,
1992 (Unaudited) ($000's except per share data)
<CAPTION>
                        1996       1995      1994      1993       1992
<S>                     <C>        <C>       <C>       <C>        <C>
Interest income         $  25,501  $ 23,454  $ 19,715  $ 16,789   $ 14,717
Interest expense           12,127    10,927     8,807     8,616      8,082
Net interest income        13,374    12,527    10,908     8,173      6,635
Provision for credit          
losses                        465     1,150       805       577        405
Net interest income        
 after provision
 for credit losses         12,909    11,377    10,103     7,596      6,230
Securities and trading        
gains (losses)                396       102      (63)       943        323
Other operating income      1,861     1,683     1,290     1,193        966
Operating expenses          8,388     7,623     7,069     6,757      5,107
Income before income        
taxes                       6,778     5,539     4,261     2,975      2,412
Income taxes                1,776     1,333     1,027       406        574
Net income              $   5,002  $  4,206  $  3,234  $  2,569   $  1,838
Earnings per common     
share (1)               $    2.34     $1.95  $   1.49  $   1.18   $   0.85
Cash dividend declared  
per share (1)           $   0.600  $  0.475  $  0.378  $  0.331   $  0.324
Book value per common   
share (1)               $   12.93  $  11.43  $   9.09  $   8.68   $   7.84
Total loans             $ 188,783  $159,957  $147,096  $125,232   $113,977
Total assets              333,903   317,279   312,963   267,505    267,332
Total deposits            261,539   246,850   255,923   243,232    245,743
Total shareholders'        
equity                     27,332    25,164    20,214    19,355     17,565
(1) Restated for stock dividends paid during 1994 and 1995.
</TABLE>

Belmont Bancorp. and Subsidiaries
<TABLE>
Consolidated Balance Sheets
For the Years Ended December 31, 1996 and 1995 ($000's)
<CAPTION>
Assets                                           1996           1995
<S>                                              <C>            <C>
Cash and due from banks                          $   10,948     $   10,175
Federal funds sold                                   24,450              -
Securities available for sale (at market value)      78,728        112,109
Securities held to maturity (market value of
 $19,302 - 1996; and $23,758 - 1995)                 19,299         23,726
Loans                                               188,783        159,957
Less allowance for possible loan losses             (3,153)        (2,703)
   Net loans                                        185,630        157,254
Premises and equipment, net                           7,260          5,090
Other real estate owned                                  66            579
Accrued income receivable                             1,921          2,150
Other assets                                          5,601          6,196
   Total assets                                  $  333,903     $  317,279
Liabilities and Shareholders' Equity
Liabilities
Non-interest bearing deposits:
  Demand                                         $   29,232     $   26,494
Interest bearing deposits:
  Demand                                             40,569         27,193
  Savings                                            80,961         78,883
  Time                                              110,777        114,280
Total deposits                                      261,539        246,850
Securities sold under repurchase agreements           8,280         14,539
Short-term borrowings                                10,000         24,126
Long-term debt                                       19,676          4,802
Accrued interest on deposits and other borrowings       664            661
Other liabilities                                     6,412          1,137
   Total liabilities                                306,571        292,115
Shareholders' Equity
Preferred stock - authorized 90,000 shares with           -              -
no par value; issued and outstanding, none                 
Senior cumulative preferred stock - authorized,           -          1,000
issued and outstanding no shares and 10,000  
shares with a $100 par value at December 31, 1996            
and 1995, respectively
Common stock -  $0.50 par value, 8,900,000 shares     
 authorized, 2,115,476 issued                         1,057          1,057
Surplus                                               7,781          7,781
Treasury stock (832 shares)                             (8)            (8)
Retained earnings:
  Unappropriated                                     17,820         14,148
  Appropriated for contingencies                        850            850
  Net unrealized gain (loss) on securities            
  available for sale                                  (168)            336
   Total shareholders' equity                        27,332         25,164
   Total liabilities and shareholders' equity    $  333,903     $  317,279
</TABLE>

The accompanying notes are an integral part of the financial
statements.
Belmont Bancorp. and Subsidiaries
<TABLE>
Consolidated Statements of Income
For the Years Ended December 31, 1996, 1995 and 1994
($000's)
<CAPTION>

Interest Income                      1996        1995        1994
<S>                                  <C>         <C>         <C>
Loans and lease financing:
  Taxable                            $   15,905  $  13,924   $   11,499
  Tax-exempt                                329        288          190
Investment securities:
  Taxable                                 7,660      7,638        6,714
  Tax-exempt                              1,251      1,424        1,209
Dividends                                   175        133           98
Interest on trading securities                -          -            1
Interest on federal funds sold              181         47            4
Total Interest income                    25,501     23,454       19,715

Interest Expense
Deposits                                  9,386      9,022        7,865
Short-term borrowings                     2,741      1,905          942
Total interest expense                   12,127     10,927        8,807
Net interest income                      13,374     12,527       10,908
Provision for Possible Loan Losses          465      1,150          805
Net interest income                      
after provision
for possible loan
losses                                   12,909     11,377       10,103

Non-lnterest Income
Trust fees                                  502        413          341
Service charges on deposits                 660        555          527
Other operating income                      699        715          422
Investment securities gains (losses)        396        102         (64)
Trading gains (losses)                        -          -            1
Total non-interest income                 2,257      1,785        1,227

Non-lnterest Expense
Salary and employee benefits              3,436      3,357        2,946
Net occupancy expense of premises           686        552          533
Equipment expenses                          817        764          618
Other operating expenses                  3,449      2,950        2,972
Total non-interest expense                8,388      7,623        7,069
Income before income taxes                6,778      5,539        4,261

Income Taxes                              1,776      1,333        1,027
Net income                           $    5,002      4,206   $    3,234

Weighted - Average Number of Shares   
Outstanding                           2,114,644  2,114,644    2,114,524
Earnings Per Common Share            $     2.34  $    1.95   $     1.49
</TABLE>

The accompanying notes are an integral part of the financial
statements.
Belmont Bancorp. and Subsidiaries
<TABLE>
Consolidated Statements of Shareholders' Equity
For the Years Ended December 31, 1996, 1995 and 1994
($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, 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
1996 net income                        -         -         -      5,002        -          -         -
Cash dividend declared:
 Preferred stock                       -         -         -       (61)        -          -         -
 Common stock (per share $.60)         -         -         -    (1,269)        -          -         -
Redemption of preferred stock    (1,000)         -         -          -        -          -         -
Change in unrealized gain              
 (loss)- securities              
 available to sale                     -         -         -          -        -          -     (504) 
Balance, December 31, 1996      $      -  $  1,057  $  7,781   $ 17,820  $   850    $   (8)  $  (168)
</TABLE>

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

Belmont Bancorp. and Subsidiaries
<TABLE>
Consolidated Statements of Cash Flows
For the Years Ended December 31, 1996, 1995 and 1994
($000's)
<CAPTION>
Operating Activities                                      1996       1995       1994
<S>                                                       <C>        <C>        <C>
 Net income                                               $   5,002  $    4,206 $   3,234
 Adjustments to reconcile net income to net cash flows
  provided (used) by operating activities:
   Provision for loan losses                                    465       1,150       805
   Depreciation and amortization expense                        674         601       519
   Amortization of investment security premiums               1,469       1,123     1,877
   Accretion of investment security discounts and
   interest recorded on zero-coupon securities                (358)       (305)     (403)
   Investment securities (gains) losses                           1          11        10
   Trading (gains) losses                                         -           -       (1)
   (Gains) losses on securities available for sale            (397)       (113)        55
   Proceeds from sale of securities held in trading acct          -           -     1,517
   Purchase of securities for trading account                     -           -   (1,516)
   Loss (gain) on sale of fixed assets                            6          23         2
   Gain on sale of loans                                       (72)       (136)      (23)
   Loss (gain) on sale of other real estate owned                65           -       (1)
   (Increase) decrease in interest receivable                   229        (17)     (420)
   Increase in interest payable                                   3          71       137
   Others, net                                                6,130        (65)     1,859
   Net cash provided (used) by operating activities          13,217       6,549     7,651
Investing Activities
  Net increase in federal funds sold                       (24,450)           -         -
  Proceeds from maturities and calls of investment
  securities                                                    1,859      12,154     3,207
  Purchase of securities available for sale                (99,267)   (106,839)  (26,052)
  Purchase of investment securities                               -     (2,321)  (47,621)
  Proceeds on sale of securities available for sale         110,808      85,414    16,198
  Principal collected on mortgage-backed securities          22,930      19,405    29,434
  Net increase in loans and leases, net of charge-offs     (38,756)    (23,491)  (25,486)
  Proceeds on sale of loans                                   9,874      10,816     2,104
  Loans purchased                                                 -        (94)         -
  Recoveries on loans previously charged-off                     47          67        55
  Proceeds from sale of other real estate owned                 514           -        84
  Purchase of premises and equipment                        (2,859)     (1,071)     (711)
  Proceeds from sale of fixed assets                              8           4         1
   Net cash provided by (used in) investing activities     (19,292)     (5,956)  (48,787)
Financing Activities
  Net increase (decrease) in deposits                        14,689     (9,073)    12,691
  Net increase (decrease) in repurchase agreements          (6,259)       5,803     5,027
  Net increase (decrease) in short-term borrowings         (14,126)     (2,636)    26,762
  Proceeds from the issuance of long-term debt               15,125       4,805         -
  Payments on long-term debt                                  (251)         (3)         -
  Dividends paid on common and preferred stock              (1,330)     (1,084)     (889)
  Redemption of preferred stock                             (1,000)           -         -
  Sale of treasury stock                                          -           -         6
   Net cash provided by (used in) financing activities        6,848     (2,188)    43,597
Increase (Decrease) in Cash and Cash Equivalents                773     (1,595)     2,461
Cash and Cash Equivalents at Beginning of Year               10,175      11,770     9,309
Cash and Cash Equivalents at End of Year                  $  10,948      10,175 $  11,770
</TABLE>

The accompanying notes are an integral part of the financial
statements.
Belmont Bancorp. and Subsidiaries

Notes to the Consolidated Financial Statements
For the Years Ended December 31, 1996, 1995 and 1994
($000's)
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 eleven full-service
banking facilities located in Belmont, Harrison, and
Tuscarawas Counties in Ohio, and Wheeling, West Virginia.

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
affect 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.

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
nonaccrual,  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.
Allowances 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.

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, 1996 and 1995, were
$1,092,000 and $1,508,000, respectively.  Amortization
charged to expense was $415,000 in each of the three years
in the period ended December 31, 1996.

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 1994 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.

3.  Investment Securities
<TABLE>
The  estimated market value of investment securities are as
follows at December 31:
<CAPTION>
                                                        1996                                          1995
                                    -------------------------------------------- -----------------------------------------------
                                                Gross      Gross       Estimated             Gross      Gross        Estimated
                                     Amortized  Unrealized Unrealized  Market    Amortized   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           $2,264       $  -       $   (94)    $ 2,170   $  2,269    $    -     $  (65)      $  2,204
Obligations of states and
 political subdivisions               4,812        131           (58)      4,885      5,034       127        (78)         5,083
 Mortgage-backed securities          12,223        121           (97)     12,247     16,423       147        (99)        16,471
  Total held to maturity            $19,299       $252       $  (249)    $19,302   $ 23,726    $  274     $ (242)      $ 23,758
Securities available for sale:                                               
U.S. Treasury securities and
 obligations of U.S. Government
 corporations and agencies           $4,098       $  -       $   (40)    $ 4,058   $ 12,697    $   66     $     -      $ 12,763
Obligations of states and
 political subdivisions               9,618         19           (93)      9,544     18,162       296        (86)        18,372
Mortgage derivative securities       22,776        104          (477)     22,403      9,180       256        (58)         9,378
Mortgage-backed securities           39,223        412          (179)     39,456     69,315       466       (431)        69,350
  Total debt securities              75,715        535          (789)     75,461    109,354     1,084       (575)       109,863
Equity securities                     3,267          -              -      3,267      2,246         -           -         2,246
  Total available for sale          $78,982       $535       $  (789)    $78,728   $111,600    $1,084     $ (575)      $112,109
</TABLE>

The amortized cost and estimated market value of investment
securities at December 31, 1996, 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         $    31      $    33    $   500     $   502
Due after one year
through five years                3,637        3,558      4,273       4,233
Due after five years
through ten years                     -            -          -           -
Due after ten years               3,408        3,464      8,943       8,867
Mortgage-backed securities       12,223       12,247     39,223      39,456
Mortgage derivative securities        -            -     22,776      22,403
Equity securities                     -            -      3,267       3,267
          Total                 $19,299      $19,302    $78,982     $78,728
</TABLE>

At December 31, 1996 and 1995, the mortgage derivative
securities consist solely of collateralized mortgage
obligations (CMO), including one principal-only CMO with a
book value of $169,000 and an estimated fair market value of
$126,000 at December 31, 1996, and a book value of $267,000
and an estimated fair market value of $209,000 at December
31, 1995.  At December 31, 1996, securities held to maturity
include a U.S. Government Agency structured note with a
carrying value of $2,264,000 and an estimated market value
of 2,170,000.  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 an estimated market value of
$1,997,000.

<TABLE>
Sales and write-downs of investment securities resulted in
the following:
<CAPTION>                 
                              1996        1995      1994
<S>                           <C>         <C>       <C>
Proceeds from sales           $110,808    $85,414   $16,198
Gross gains                        745        464        31
Gross losses                     (346)      (352)      (86)
Losses on securities called        (3)       (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 $26,724,000 and $39,149,000 at December
31, 1996 and 1995, 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>                        
                                                 1996        1995
<S>                                              <C>         <C>
Real estate-construction                         $  1,327    $  1,530
Real estate-mortgage                               71,715      69,999
Real estate-secured by nonfarm,
nonresidential property                            25,954      28,744
Commercial, financial and agricultural             76,035      46,055
Obligations of political subdivisions in the U.S.   4,519       4,477
Installment and credit card loans to individuals    9,233       9,149
Direct financing leases                                 -           3
Loans receivable                                 $188,783    $159,957
</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 $143,000 and $162,000 at December 31, 1996 
and 1995, respectively.  The after-tax effect of the interest 
that would have been accrued on these loans was $7,000 in 1996 
and $5,000 in 1995.

<TABLE>
The following is an analysis of loan activity to directors,
executive officers, and their associates (see Note 13):
<CAPTION>
                                   1996      1995
<S>                                <C>       <C>
Balance previously reported        $6,800    $4,904
New loans during the year           2,760     4,097
                  Total             9,560     9,001
Less repayments during the year     1,748     2,201
Balance, December 31               $7,812    $6,800
</TABLE>

<TABLE>
Activity  in the allowance for loan losses is summarized  as
follows:
<CAPTION>                            
                                                   December 31
                                          1996        1995        1994
<S>                                       <C>         <C>         <C>
Balance at beginning of year              $2,703      $1,537      $1,617
Additions charged to operating expense       465       1,150         805
Recoveries on loans previously
 charged-off                                  47          67          55
                Total                      3,215       2,754       2,477
Loans charged-off                             62          51         940
Balance at end of year                    $3,153      $2,703      $1,537
</TABLE>

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

5.   Premises and Equipment

Premises and equipment are stated at cost less accumulated
depreciation and amortization, as follows:
<TABLE>                             
<CAPTION>
                             
                                                            Original
                                         December 31        Useful Life
                                        1996      1995      Years
<S>                                     <C>       <C>       <C>
Land and land improvements              $ 1,161   $ 1,009
Buildings                                 5,546     3,534   30 - 50
Furniture, fixtures and equipment         4,890     4,272    5 - 12
Leasehold improvements                      377       373    5 - 20
             Total                       11,974     9,188
Less accumulated depreciation
 and amortization                         4,714     4,098
Premises and equipment, net             $ 7,260   $ 5,090
</TABLE>

Charges to operations for depreciation and amortization
approximate $674,000, $601,000, and $519,000 for 1996, 1995,
and 1994, respectively.

6.   Deposits
<TABLE>
The distribution of the bank's deposits at December 31, 1996
and 1995, are as follows:
<CAPTION>
                                                     1996                                             1995
                                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 Corporations               $13,020      $40,569     $80,961      $105,878  $12,422     $27,193     $78,883     $110,258
U.S. Government                     285            -           -             -      272           -           -            -
States and political
 subdivisions                    14,705            -           -         4,899   12,124           -           -        4,022 
Other depository
 institutions in the U.S.             -            -           -             -        -           -           -            -
Certified, officers' checks,
 travelers cheques, etc.          1,222            -           -             -    1,676           -           -            -
          Total                 $29,232      $40,569     $80,961      $110,777  $26,494     $27,193     $78,883     $114,280
</TABLE>

6.   Deposits (continued)

Time deposits include certificates of deposit issued in
denominations of $100,000 or more which amounted to
$13,133,000 at December 31, 1996, and $11,877,000 at
December 31, 1995.  A maturity distribution of time
certificates of deposit of $100,000 or more follows:
<TABLE>                        
<CAPTION>
                                                 1996       1995
<S>                                              <C>        <C>
Due in three months or less                      $ 3,247    $ 3,626
Due after three months through six months          2,125      3,303
Due after six months through twelve months         4,667      3,312
Due after one year through five years              2,074      1,327
Due after five years                               1,020        309
Total                                            $13,133    $11,877
</TABLE>

7.   Federal Funds Purchased and Securities Sold Under
Repurchase Agreements

Federal funds purchased and securities sold under agreements
to repurchase represent primarily overnight borrowings.
However, as of December 31, 1996, BNB had two repurchase
agreements outstanding with maturities from twelve to twenty-
four months. For all repurchase agreements, the securities 
underlying the agreements were under BNB's control. Information  
related to these borrowings is summarized below:
<TABLE>
<CAPTION>
                                         1996         1995         1994
<S>                                      <C>          <C>          <C>
Securities sold under
repurchase agreements:

Balance at year end                      $ 8,280      $14,539      $8,736        
Average during the year                  $11,529      $17,669      $8,210
Maximum month-end balance                $21,362      $24,012      $9,653              
Weighted average rate during the year      4.86%        4.82%       3.56%
Rate at December 31                        3.07-        3.05%       4.93%
                                           4.69%
Federal funds purchased:                   
 Balance at year end                     $     -      $     -      $4,500
 Average during the year                 $ 1,132         $700      $  397
 Maximum month-end balance               $ 5,338      $     -      $4,500
Weighted average rate during the year      5.61%        6.87%       4.43%
 Rate at December 31                           -            -       6.25%
</TABLE>

At December 31, 1996, BNB also had available additional
credit totaling $30 million under a repurchase agreement-
based cash management advance agreement, all of which was
unused.  This agreement will expire on August 22, 1997.

8.   Short-Term Borrowings

Short-term borrowings consist of advances from the Federal
Home Loan Bank of Cincinnati.  Advances are made under
agreements which allow for maximum borrowings of
$30,000,000. Advances can be made at fixed or variable
rates of interest.  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, 1996 and 1995, is
summarized below:
<TABLE>                                
<CAPTION>
                                
                                        1996       1995
<S>                                     <C>        <C>
Balance at year end                     $10,000    $24,126
Average balance during the year         $11,222    $11,790
Maximum month-end balance               $27,352    $29,796
Weighted average rate during the year     5.59%      5.54%
Interest rate at December 31              5.45%      6.15%
Collateral:
 Residential mortgage loans             $15,000    $36,190
 Federal Home Loan Bank stock            $2,959    $ 1,844
</TABLE>

9. Long-Term Debt
Long-term  debt consists of advances from the Federal Home
Loan  Bank of Cincinnati.  Fixed-rate, single payment loans
totaling $14,000,000 and $4,000,000 at December 31, 1996 and
1995, respectively, mature in 1997 and 1998 with interest
rates ranging from 5.4% to 7.0%.  Fixed-rate, amortizing
loans totaling $5,676,000 and $802,000 at December 31, 1996
and 1995, respectively, 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 $29,514,000 and $7,203,000 at
December 31, 1996 and 1995, respectively, and Federal Home
Loan Bank Stock.

Scheduled principal payments on long-term debt in each of
the five years subsequent to December 31, 1996, are as
follows:
<TABLE>
<CAPTION>
<S>       <C>
1997      $ 2,662
1998      $12,703
1999      $   634
2000      $   674
2001      $   670
</TABLE>

10.  Income Tax
The components of applicable income taxes are as follows:
<TABLE>
<CAPTION>
                        1996       1995       1994
<S>                     <C>        <C>        <C>
Currently payable       $1,910     $1,726     $  880
Deferred                 (134)      (393)        147
      Income tax        $1,776     $1,333     $1,027
</TABLE>

The following temporary differences gave rise to the
deferred tax asset at December 31, 1996 and 1995:
<TABLE>
<CAPTION>
                                             1996      1995
<S>                                          <C>       <C>
Allowance for loan losses                    $  923    $  770
Interest on non-accrual loans                     4         9
Unrealized (gains) losses on investments        105     (145)
Deferred loan origination fees                   11        19
Deferred compensation and liability
for future employees benefits                    85        81
Intangible assets                               283       216
Premises and equipment due to
 differences in depreciation                  (132)     (121)
Direct finance leases                          (86)      (86)
Federal Home Loan Bank
 stock dividends                              (141)      (84)
 Total deferred tax assets                   $1,052    $  659
</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:
<TABLE>                              
<CAPTION>                              
                                  1996             1995             1994
                            Amount    Percent Amount   Percent  Amount Percent
<S>                         <C>       <C>     <C>      <C>      <C>    <C>
Tax at statutory rate       $2,305    34.0    $1,883    34.0    $1,449   34.0
Reductions in taxes
 resulting from:
  Tax exempt interest
  on investments
   and  loans                (537)   (7.9)     (582)  (10.5)     (476) (11.2)
  Excess of tax loss over
  book gains on
   investment  securities     (37)   (0.6)      (22)   (0.4)         -     -
  Earnings on life
   insurance policies         (39)   (0.6)      (33)   (0.6)      (18) (0.4)
Non-deductible
 interest expense               78     1.2        75     1.4        64   1.5
Others - net                     6     0.1        12     0.2         8   0.2
  Actual tax expense        $1,776    26.2    $1,333    24.1    $1,027  24.1
</TABLE>

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

11.  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 1996, 1995, and 1994 was $234,000,
$242,000, and $180,000, respectively.

In addition to providing the profit-sharing plan, Belmont
Bancorp. sponsors two defined benefit postretirement 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 postretirement 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 Postretirement Benefits Other than Pensions."
The statement requires the accrual of the expected cost of
providing postretirement benefits to employees and certain
dependents during the years that an employee renders service.

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:
<TABLE>                         
<CAPTION>
                         
                                                         1996   1995
<S>                                                      <C>    <C>
Accumulated post-retirement benefit obligation:
 Retirees                                                $ 44   $  42
   Fully eligible active plan participants                 30      50
    Other active plan participants                         54      53 
                                                          128     145
 Plan assets at fair value                                  -       -
   Accumulated post-retirement benefit
   obligation in excess of plan assets                    128     145
 Unrecognized net gain (loss) from past
  experience different from that assumed
  and from changes in assumptions                           6    (26)
Prior service cost not yet recognized
  in expense                                               14      38
 Unrecognized transition obligation                         -    (12)
   Accrued post-retirement benefit cost
      in the balance sheet                               $148   $ 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 $128,000 and $-
0-, respectively at December 31, 1996, and $145,000 and $-0-
respectively at December 31, 1995.
<TABLE>
Post-retirement expense includes the following components:
<CAPTION>
                                        1996    1995     1994
<S>                                     <C>     <C>      <C>
Service cost                            $   6   $   4    $  6
Interest cost on accumulated
  post-retirement benefit obligation       10      10      10
 Net amortization and deferral           (10)    (11)     (5)
 Post-retirement expense                $   6   $   3    $ 11
</TABLE>

The annual assumed rate of increase in the per capita cost
of covered benefits for 1997 is 11.0% for medical benefits
and 8.5% for dental benefits (compared to 11.5% and 8.5% for
1996 for the respective benefits).  The rates are assumed to
decrease gradually to 5.5% (for medical in 2005 and for
dental in 2003), 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 postretirement benefit
obligation as of December 31, 1996, by $4,000, and the
aggregate of the service and interest cost components of net
periodic postretirement benefit cost for 1996 by $1,000.
The weighted-average discount rate used in determining the
accumulated postretirement benefit obligation was 7%.  The
long-term inflation rate assumed was 4%.

12.  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, 1996, 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,
  1997                                  $112
  1998                                    59
  1999                                    42
  2000                                    42
  2001                                    44
 Thereafter                              212
   Total minimum lease payments         $511
</TABLE>

Rental expense under operating leases approximated $129,000
in 1996, $86,000 in 1995, and $83,000 in 1994.

13.  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 1996 and 1995.  The outstanding balance of all loans to
the related parties was $7,812,000 and $6,800,000 at
December 31, 1996 and 1995, 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.

14.  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.

<TABLE>
The following represents financial instruments whose
contract amounts represent credit risk at December 31:
<CAPTION>                     
                                   Contract Amount
                                   1996      1995
<S>                                <C>       <C>
Commitments to extend credit       $20,827   $16,021
Standby letters of credit              859       866
Commitments to purchase          
when-issued securities               5,500         -
</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, $294,000 expire in 1997,
while the remaining $565,000 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.

15.  Concentrations 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.

16.  Limitations 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 1997 without
approval of the Comptroller of the Currency of approximately
$7,700,000 plus an additional amount equal to the bank's net
profit for 1997 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.

17.  Other Operating Expenses
<TABLE>
Other operating expenses include the following:
<CAPTION>
                                  1996     1995     1994
<S>                               <C>      <C>     <C>
Taxes other than payroll
and real estate                   $  395   $  287   $  228
Supplies and printing                301      295      262
Insurance, including
Federal Deposit Insurance            567      430      616
Data processing                       71       64      281
Advertising                          101      159      102
Amortization of intangibles          415      415      415
Other (individually less than
1% of total interest income)       1,599    1,300    1,068
Total                             $3,449   $2,950   $2,972
</TABLE>

18.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, 1996 and 1995, were $3,095,000 and $1,724,000, respectively.

19.  Cash Flow Information

The corporation's policy is to include cash on hand and
amounts due from banks in the definition of cash and cash
equivalents.

Cash payments for interest in 1996, 1995, and 1994 were
$12,124,000, $10,856,000, and $8,670,000, respectively.
Cash payments for income taxes for 1996, 1995, and 1994 were
$1,733,000, $1,740,000, and $1,030,000, respectively.

20.  Preferred Stock

On October 2, 1992, the corporation issued 10,000 shares of
$100 par value, non-voting, senior cumulative preferred
stock with dividends payable quarterly in an amount equal to
$8 per annum.  All of the shares were redeemed in the year
ended December 31, 1996.

21.  Regulatory Matters

The subsidiary bank is subject to various regulatory capital
requirements administered by the federal banking agencies.
Failure to meet minimum capital requirements can initiate
certain mandatory, and possibly additional discretionary,
actions by regulators that, if undertaken, could have a
direct material effect on the bank's financial statements.
Under capital adequacy guidelines and the regulatory
framework for prompt corrective action, the bank must meet
specific capital guidelines that involve quantitative
measures of the bank's assets, liabilities, and certain off-
balance-sheet items as calculated under regulatory
accounting practices.  The bank's capital amounts and
classifications are also subject to qualitative judgments by
the regulators about components, risk, weighting, and other
factors.

Quantitative measures established by regulation to ensure
capital adequacy require the bank to maintain minimum
amounts and ratios (set forth in the table below) of total
and Tier I capital (as defined in the regulations) to risk-
weighted assets (as defined), and of Tier I capital (as
defined) to average assets (as  defined).  Management
believes, as of December 31, 1996, that the bank meets all
capital adequacy requirements to which it is subject.

As of December 31, 1996, the most recent notifications from
the Office of the Comptroller of the Currency categorized
the bank as well capitalized under the regulatory framework
for prompt corrective action.  To be categorized as well
capitalized, the bank must maintain minimum total risk-
based, Tier I risk-based, and Tier I leverage ratios as set
forth in the table.  There are no conditions or events since
those notifications that management believes have changed
the institution's category.                            

<TABLE>                                                                    
<CAPTION>
                                                                    To Be Well
                                                                    Capitalized Under
                                                 For Capital        Prompt Corrective
                                   Actual        Adequacy Purposes  Action Provisions
                              Amount    Ratio    Amount    Ratio    Amount   Ratio
<S>                          <C>        <C>     <C>         <C>   <C>        <C>
As of December 31, 1996:
Total Capital                $28,368    13.4%   $16,917     8.0%  $ 21,146   10.0%
(to Risk Weighted Assets)
Tier I Capital               $25,718    12.2%    $8,458     4.0%  $ 12,687    6.0%
(to Risk Weighted Assets)
 Tier I Capital              $25,718     7.7%   $13,357     4.0%  $ 16,696    5.0%
 (to Average Assets)
</TABLE>

22.  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 is
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 Held 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.

<TABLE>
The estimated fair values as of December 31 for the
corporation's financial instruments are as follows:
<CAPTION>                                                 
                                                 1996                     1995
                                         Carrying    Estimated    Carrying    Estimated
                                         Amount      Fair Value   Amount      Fair Value
<S>                                      <C>         <C>          <C>         <C>
Financial assets:                      
Cash  and  federal funds sold            $ 35,398    $ 35,398     $ 10,175    $ 10,175
Securities  available  for sale            78,728      78,728      112,109     112,109
Securities held to  maturity               19,299      19,302       23,726      23,758
Loans, net                                185,630     188,755      157,254     160,186
Financial liabilities:
Deposits                                  261,539     261,602      246,850     247,255
Repurchase agreements                       8,280       8,280       14,539      14,539
Short-term borrowings                      10,000      10,000       24,126      24,126
Long-term debt                             19,676      17,808        4,802       4,864
</TABLE>

23.  Condensed Parent Company Financial Statements

Presented below are the condensed balance sheets, statements
of income, and statements of cash flows for Belmont Bancorp.

<TABLE>
<CAPTION>
Balance Sheets
                                               1996        1995
<S>                                            <C>         <C>
Assets
 Cash                                          $   101     $    23
 Investment in subsidiaries
  (at equity in net assets)                     26,535      24,485
 Equity securities                                 120         120
 Advances to subsidiaries, net                     429         398
 Prepaid taxes                                       4         158
 Other assets                                      422           -
            Total Assets                       $27,611     $25,184
Liabilities
 Accrued dividends                             $     -       $  20
 Accrued taxes                                      23           -
 Deferred compensation                             256           -
       Total liabilities                           279          20
 Shareholders' Equity
 Preferred stock                                     -           -
 Senior cumulative preferred stock                   -       1,000
 Common stock                                    1,057       1,057
 Capital surplus                                 7,781       7,781
 Treasury stock-832 shares                         (8)         (8)
 Retained earnings-appropriated                    850         850
      Retained earnings-unappropriated          17,820      14,148
 Net unrealized gain (loss) on
  securities available for sale                  (168)         336
  Total shareholders' equity                    27,332      25,164
   Total Liabilities and Shareholders' Equity  $27,611     $25,184
</TABLE>

<TABLE>
<CAPTION>
Statements of Income
                                          1996        1995      1994
<S>                                       <C>         <C>       <C>
Operating Income
 Dividends from subsidiaries              $2,479      $1,084    $    879
 Other income                                 19          10          10
  Total income                             2,498       1,094         889
Operating Expenses                          (67)        (59)        (33)
  Income before income tax
  and equity in undistributed
  income of subsidiaries                   2,431       1,035         856
Income Tax Credit                             18          18           8
Equity in Undistributed Income
 of Subsidiaries                           2,553       3,153       2,370
  Net Income                              $5,002      $4,206      $3,234
</TABLE>

<TABLE>
<CAPTION>
Statements of Cash Flows
                                                   1996         1995       1994
<S>                                                <C>          <C>        <C>
Operating Activities
 Net income                                        $  5,002     $  4,206   $  3,234
 Adjustments to reconcile net income to
  net cash provided by operating activities:
  Undistributed earnings of affiliates              (2,553)      (3,153)    (2,370)
   Changes in operating assets and liabilities:
        Prepaid taxes                                   153         (10)      (148)
     Accrued expenses and dividends                     259            -      (166)
         Other assets                                 (422)            -          -
     Net cash provided by
     operating activities                             2,439        1,043        550

Investing Activities
  Payments (to) from subsidiaries                      (31)        (253)        539
 Investment purchases                                     -         (60)          -
 Net cash provided (used) by
 investing activities                                  (31)        (313)        539

Financing Activities
   Cash paid for fractional shares                        -            -       (10)
 Sale of treasury stock                                   -            -          5
 Redemption of preferred stock                      (1,000)            -          -
 Dividends                                          (1,330)      (1,084)      (879)
 Net cash used by financing activities              (2,330)      (1,084)      (884)

Increase  (Decrease) in Cash & Cash Equivalents          78        (354)        205
Cash and Cash Equivalents at Beginning of Year           23          377        172
Cash and Cash Equivalents at End of Year           $    101     $     23   $    377
</TABLE>

Supplemental disclosures:

The Corporation made income tax payments of $1,733,000,
$1,740,000, and $1,030,000 in 1996, 1995, and 1994,
respectively. These payments represented income tax
payments for the Corporation and its consolidated
subsidiaries.

The Corporation incurred no interest expense in 1996, 1995
or 1994.

Belmont Bancorp. and Subsidiaries

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, 1996
and 1995, 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, 1996.
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, 1996 and 1995, 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, 1996, 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.

S. R. Snodgrass A. C.
Wheeling, West Virginia
January 24, 1997

Belmont Bancorp. and Subsidiaries
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                         
Vice President, Belmont Bancorp.
Executive Vice President and
Chief Operating Officer
Belmont National Bank

Jane R. Marsh
Secretary, Belmont Bancorp.
Senior Vice President
Controller and Cashier
Belmont National Bank

Belmont Bancorp. and Subsidiaries
<TABLE>
Consolidated Average Balance Sheets
For the Years Ended December 31, 1996, 1995 and 1994 (Fully
Taxable Equivalent Basis) (000's)
<CAPTION>                          
                                                 1996                            1995                            1994
                                   Average                Average  Average                  Average  Average               Average
                                   Out-        Revenue/   Yield/   Out-         Revenue/    Yield/   Out-        Revenue/  Yield/
                                   standing    cost       Rate     standing     cost        Rate     standing    cost      Rate
<S>                                <C>         <C>        <C>      <C>          <C>         <C>      <C>         <C>       <C>
Assets
Interest earning assets
  Loans  and leases                $174,445    $16,389    9.39%    $152,502     $14,347     9.41%    $134,952    $11,779   8.73%
 Securities
  Taxable                           115,070      7,828    6.80%     113,409       7,768     6.85%     114,468      6,810   5.95%
  Exempt from income taxes           23,403      1,802    7.70%      25,689       2,062     8.03%      21,866      1,746   7.98%
 Trading account assets                   -          -        -           -           -        -%         138          1    .72%
 Federal funds sold                   3,409        181    5.31%         805          47     5.84%         130          4   3.08%
   Total interest earning assets    316,327     26,200    8.28%     292,405      24,224     8.28%     271,554      20,340  7.49%
Cash and due from banks               9,328                           8,448                             8,275
Other assets                         14,229                          12,927                            12,014
Market value appreciation
 (depreciation) of securities
 available for sale                   (767)                           (731)                             (860)
Allowance for possible loan loss    (2,928)                         (2,139)                           (1,427)
       Total Assets                $336,189                        $310,910                          $289,556

Liabilities
Interest bearing liabilities
 Interest checking                 $ 38,576    $ 1,225    3.18%     $25,953    $    614     2.37%    $ 26,764     $   581  2.17%
 Savings                             79,341      2,423    3.05%      78,679       2,359     3.00%      95,655       2,850  2.98%
 Other time deposits                111,657      5,738    5.14%     121,329       6,049     4.99%      99,660       4,434  4.45%
 Other borrowings                    50,274      2,741    5.45%      34,665       1,905     5.50%      21,217         942  4.44%
   Total interest bearing liabilit  279,848     12,127    4.33%     260,626      10,927     4.19%     243,296       8,807  3.62%
Demand deposits                      27,878                          25,819                            24,797
Other liabilities                     2,199                           1,632                             1,583
   Total liabilities                309,925                         288,077                           269,676

Shareholders' Equity                 26,264                          22,833                            19,880
   Total Liabilities and
   Shareholders' Equity            $336,189                        $310,910                          $289,556

Net interest income margin
 on a taxable equivalent basis                  14,073    4.45%                  13,297     4.55%                  11,533  4.25%

Net interest rate spread                                  3.95%                             4.09%                          3.87%

Interest bearing liabilities to
 interest earning assets                                 88.47%                            89.13%                         89.59%
</TABLE>

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

Belmont Bancorp. and Subsidiaries
<TABLE>
Analysis of Net Interest Income Changes
For the Years Ended December 31, 1996, 1995 and 1994 (Fully
Taxable Equivalent Basis) (000's)
<CAPTION>
                                 1996 Compared to 1995                 1995 Compared to 1994
                            Volume   Yield    Mix      Total      Volume   Yield    Mix       Total
<S>                         <C>      <C>      <C>      <C>        <C>      <C>      <C>       <C>
Increase (decrease) in 
 interest income
 Loans and leases           $2,064   $ (20)   $ (2)    $2,042     $1,532   $  917   $  119    $ 2,568
 Securities
  Taxable                      114     (53)     (1)        60       (63)    1,031     (10)        958
  Exempt from income taxes   (183)     (84)       7     (260)        305        9        2        316
 Trading account assets          -        -       -         -        (1)      (1)        1        (1)
 Federal funds sold            152      (4)    (14)       134         21        4       18         43
  Total interest income      
  change                     2,147    (161)    (10)     1,976      1,794    1,960      130      3,884
Increase (decrease) in 
 interest expense
 Interest checking             299      210     102       611       (18)       52      (1)         33
 Savings                        20       44       -        64      (506)       18      (3)      (491)
 Other time deposits         (482)      186    (15)     (311)        964      535      116      1,615
 Short-term borrowings         858     (15)     (7)       836        597      224      142        963
  Total interest expense       
  change                       695      425      80     1,200      1,037      829      254      2,120
Increase (decrease) in 
 net interst income on a
 taxable equivalent basis   $1,452   $(586)   $(90)    $  776     $  757   $1,131   $(124)    $ 1,764
(Increase) decrease in 
taxable equivalent                                        
adjustment                                                 71                                   (145)
Net interest income change                             $  847                                 $ 1,619
</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

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

Mary L. Holloway Haning
Teacher,
Mount DeChantal Visitation Academy

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 & Associates

Dana J. Lewis
President, Zanco Enterprises, Inc.

James R. Miller
President,
New Philadelphia Fan Company

W. Quay Mull, II
Chairman, Mull Industries, Inc.

Samuel A. Mumley
Executive Secretary,
Ohio Valley Athletic Conference

Tom Olszowy
Independent Insurance Agent,
Tom Olszowy Insurance Agency

Keith A. Sommer
Attorney, Partner,
Sommer, Liberati & Hoffman

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

Gerald J. Elliott
Vice President and Compliance Officer

Larry G. Gibbs
Vice President & Trust Officer

Logan B. Sturgeon
Vice President & Senior Trust Officer

Belmont Financial Network, Inc.

J. Vincent Ciroli, Jr.            Jane R. Marsh
Chairman and President            Secretary and Treasurer

William Wallace
Vice President

Belmont Investment and Financial Services,Inc.

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

Elm Grove Office
2066 National Road
Wheeling, WV 26003
(304) 243-6570

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
(330) 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

Corporate Information

Stock Listing           Belmont Bancorp.'s common  stock  is
                        listed on The Small-Cap Market  of 
                        NASDAQ under  the  symbol BLMT.  The 
                        Transfer Agent is Registrar and  
                        Transfer Company, 10 Commerce Drive,  
                        Cranford, New Jersey 07016, telephone 
                        1-800-368-5948.

Annual Shareholders'    All shareholders are invited to attend
Meeting                 Belmont Bancorp.'s annual meeting to be
                        held at Belmont National Bank, 100 Plaza 
                        Drive, St. Clairsville, Ohio, on Monday, 
                        April 21, 1997, at 11 a.m.

Dividend Payment        Subject to approval of the  board  of
                        directors, dividends are paid on Belmont 
                        Bancorp.'s common stock on or about the 
                        28th day of March, June, September and December.

Automatic Dividend      Through the corporation's  Automatic
Reinvestment Plan       Dividend Reinvestment Plan, shareholders  
                        may elect to reinvest dividends, and invest
                        optional cash payments of up to $1,500
                        per quarter, in additional shares  of 
                        Belmont Bancorp.'s common stock at the 
                        market value. To join the plan, please  
                        write to Registrar and Transfer Company, 
                        10 Commerce Drive, Cranford,  New Jersey 
                        07016, or call 1-800-368-5948.

Form 10-K               Upon written  request of any shareholder 
                        on record on December 31, 1996, the 
                        Corporation will provide, without charge, 
                        a copy of its 1996 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.

Inquiries               Inquiries, comments and suggestions concerning Belmont
                        Bancorp. are welcome. Individual shareholders, analysts
                        and institutional investors should contact Ms. Jane 
                        Marsh, Secretary, at 1-614-695-3323 or 1-800-542-0174.

Equal Employment        Belmont Bancorp. is committed to providing equal
                        employment opportunities to every employee and every
                        applicant for employment, regardless of, but not
                        limited to such factors as race,  color, religion, sex,
                        national origin, age, familial or marital status,
                        ancestry, citizenship, sexual orientation, veteran
                        status or being a qualified individual with a
                        disability.

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