UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-K

Annual report pursuant to Section 13 of the

Securities Exchange Act of 1934, as amended

For the year ended December 31, 2000

Commission File No.:  000-29283

UNITED BANCSHARES, INC.

(exact name of registrant as specified in its charter)

|                                | OHIO |  |  |  |                            |  |  | 34-1516518
|------------------------------- | ---- |  |  |  | -------------------------- |  |  | ----------
|(State or other jurisdiction of |      |  |  |  | (I.R.S. Employer I.D. No.)
|incorporation or organization)  |     

100 S. High Street, Columbus Grove, Ohio 45830

(Address of principal executive offices)

Registrant's telephone number, including area code: (419) 659-2141

Securities registered pursuant to Section 12(b) of the Act:  None

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, stated value $1.00 per share

(Title of class)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or
15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days.  Yes ___X_____  No ________

Indicated by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not
contained herein, and will not be contained, to the best of the registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of the Form 10-K or any amendment to this Form 10-K.
__________

The aggregate market value of the voting stock held by non-affiliates of the registrant, *i.e.*,   persons other than
the directors and executive officers of the registrant, was $29,950,000, based upon the last sales price as quoted on the
Nasdaq National Markets Exchange on March 9, 2001.

The number of shares of Common Stock outstanding as of March 9, 2001:  3,687,404

DOCUMENTS INCORPORATED BY REFERENCE

The Annual Report to Shareholders for the year ended December 31, 2000 is incorporated by reference into
Parts I, II and IV.  The Joint Proxy Statement for the Annual Meeting of Shareholders is incorporated by reference to
Part III.

PART I

Item 1.	Business

Forward Looking Statements

Certain matters disclosed herein may be deemed to be forward-looking statements that involve risks
and uncertainties, including regulatory policy changes, interest rate fluctuations, loan demand, loan
delinquencies and losses, and other risks.  Actual strategies and results in future time periods may
differ materially from those currently expected.  Such forward-looking statements represent
management's judgment as of the current date.  The Corporation disclaims; however, any intent or
obligation to update such forward-looking statements.

General

United Bancshares, Inc., an Ohio corporation (the "Corporation"), is a bank holding company under
the Bank Holding Company Act of 1956, as amended, and is subject to regulation by the Board of
Governors of the Federal Reserve System (the "Federal Reserve Board").  The executive offices of
the Corporation are located at 100 S. High Street, Columbus Grove, Ohio 45830.

Through its subsidiaries, The Union Bank Company, Columbus Grove, Ohio, The Bank of
Leipsic Company, Leipsic, Ohio, and Citizens Bank of Delphos, Delphos, Ohio, the Corporation is
engaged in the business of commercial banking.

General Description of Holding Company Subsidiaries and Recent Acquisition

The Union Bank Company is an Ohio state-chartered bank.  The main office of The Union
Bank Company is located in Columbus Grove, Ohio.  The Union Bank Company presently operates
two branch offices in Putnam County, Ohio (one in the village of Kalida and one in the village of
Ottawa) and three branch offices in Allen County, Ohio (all in the city of Lima).  At December 31,
2000, The Union Bank Company had 72 full-time equivalent employees.

The Bank of Leipsic Company is an Ohio state-chartered bank.  The main office of The Bank
of Leipsic Company and its only branch are both located in the village of Leipsic, Putnam County,
Ohio.  At December 31, 2000, The Bank of Leipsic Company had 15 full-time equivalent employees.
Effective January 22, 2001, Brent A. Gibson was elected President and Chief Executive Officer of
The Bank of Leipsic Company.  Mr. Gibson has over thirteen years experience in the banking
industry and also was elected as a director of the bank.  Mr. Gibson succeeds Larry D. Place who will
remain with the bank in a sales capacity.

On February 28, 2001, the Corporation consummated the acquisition of Delphos Citizens
Bancorp, Inc.  Delphos Citizens Bancorp, Inc. is a unitary savings and loan holding company, subject
to regulation by the Office of Thrift Supervision, the Federal Deposit Insurance Corporation, and the
Securities and Exchange Commission.  Its sole subsidiary, Citizens Bank of Delphos is a savings
bank.  The main, and only, office of Citizens Bank of Delphos is located in the town of Delphos,
Allen County, Ohio.  Effective March, 2001, John P. Miller was elected President and Chief
Executive Officer of Citizens Bank of Delphos.  Mr. Miller has over seventeen years experience in
the banking industry and also was elected as a director of the bank.  Mr. Miller succeeds Joseph R.
Reinemeyer who resigned effective February 28, 2001.

The Union Bank Company, The Bank of Leipsic Company, and Citizens Bank of Delphos
all offer a full range of commercial banking services, including checking and NOW accounts;
passbook savings and money market accounts; time certificates of deposit; automatic teller
machines; commercial, consumer, agricultural, residential mortgage loans and home equity loans;
credit card services; safe deposit box rentals; and other personalized banking services.

The Corporation is registered as a Securities Exchange Act of 1934 (the "1934 Act")
reporting company.

Competition

All subsidiaries experience significant competition in attracting loan and deposit customers.
Competition in lending activities comes principally from other commercial banks, savings
associations, governmental agencies and credit unions.  The primary factors in competing for loans
are interest rates charged, levels of service provided, and structure of terms.

Competition for deposits comes from other commercial banks, savings associations, money
market funds, credit unions, insurance companies, and securities brokerage firms.  The primary
factors in competing for deposits are interest rates paid, account liquidity and convenience of office
location.

Supervision and Regulation

The following is a summary of certain statutes and regulations affecting the Corporation and
its subsidiaries.  The summary is qualified in its entirety by reference to such statutes and regulations.

The Corporation is a bank holding company under the Bank Holding Company Act of 1956,
as amended, which restricts the activities of the Corporation and the acquisition by the Corporation
of voting shares or assets of any bank, savings association or other company.  The Corporation is
also subject to the reporting requirements of, and examination and regulation by, the Federal Reserve
Board.  Subsidiary banks of a bank holding company are subject to certain restrictions imposed by
the Federal Reserve Act on transactions with affiliates, including any loans or extensions of credit
to the bank holding company or any of its subsidiaries, investments in the stock or other securities
thereof and the taking of such stock or securities as collateral for loans or extensions of credit to any
borrower; the issuance of guarantees, acceptances or letters of credit on behalf of the bank holding
company and its subsidiaries; purchases or sales of securities or other assets; and the payment of
money or furnishing of services to the bank holding company and other subsidiaries.  Bank holding
companies are prohibited from acquiring direct or indirect control of more than 5% of any class of
voting stock or substantially all of the assets of any bank holding company without the prior approval
of the Federal Reserve Board.  A bank holding company and its subsidiaries are prohibited from
engaging in certain tying arrangements in connection with extensions of credit and/or the provision
of other property or services to a customer by the bank holding company or its subsidiaries.

As Ohio state-chartered banks, The Union Bank Company and Bank of Leipsic are
supervised and regulated by the Ohio Division of Financial Institutions and the Federal Deposit
Insurance Corporation ("FDIC").  Citizens Bank of Delphos is a federally chartered savings bank that
is supervised and regulated by the Office of Thrift Supervision and the FDIC.  The deposits of all
three subsidiaries are insured by the FDIC and the banks are subject to the applicable provisions of
the Federal Deposit Insurance Act.  A subsidiary of a bank holding company can be liable to
reimburse the FDIC, if the FDIC incurs or anticipates a loss because of a default of another FDIC-insured subsidiary of the bank holding company or in connection with FDIC assistance provided to
such subsidiary in danger of default.  In addition, the holding company of any insured financial
institution that submits a capital plan under the federal banking agencies' regulations on prompt
corrective action guarantees a portion of the institution's capital shortfall, as discussed below.

Various requirements and restrictions under the laws of the United States and the State of
Ohio affect the operations of the banks including requirements to maintain reserves against deposits,
restrictions on the nature and amount of loans which may be made and the interest that may be
charged thereon, restrictions relating to investments and other activities, limitations on credit
exposure to correspondent banks, limitations on activities based on capital and surplus, limitations
on payment of dividends, and limitations on branching.

The Federal Reserve Board has adopted risk-based capital guidelines for bank holding
companies.  The risk-based capital guidelines include both a definition and a framework for
calculating risk weighted assets by assigning assets and off-balance sheet items to broad risk
categories.  The minimum ratio of total capital to risk weighted assets (including certain off-balance
sheet items, such as standby letters of credit) is 8%.  At least 4.0% is to be comprised of common
stockholders' equity (including retained earnings but excluding treasury stock), noncumulative
perpetual preferred stock, a limited amount of cumulative perpetual  preferred stock, and minority
interest in equity accounts of consolidated subsidiaries, less goodwill and certain other intangible
assets ("Tier 1 capital").  The remainder ("Tier 2 capital") may consist, among other things, of
mandatory convertible debt securities, a limited amount of subordinated debt, other preferred stock
and a limited amount of allowance for loan losses.  The Federal Reserve Board also imposes a
minimum leverage ratio (Tier 1 capital to total assets) of 4% for bank holding companies and state
member banks that meet certain specified conditions, including having the highest regulatory rating.
The minimum leverage ratio is 1%-2% higher for other bank holding companies and state member
banks based on their particular circumstances and risk profiles and those experiencing or anticipating
significant growth.  State non-member bank subsidiaries, such as The Union Bank Company and
Bank of Leipsic, are subject to similar capital requirements adopted by the FDIC.

The Corporation and its subsidiaries currently satisfy all capital requirements.  Failure to
meet applicable capital guidelines could subject a banking institution to a variety of enforcement
remedies available to federal and state regulatory authorities, including the termination of deposit
insurance by the FDIC.

The federal banking regulators have established regulations governing prompt corrective
action to resolve capital deficient banks.  Under these regulations, institutions which become
undercapitalized become subject to mandatory regulatory scrutiny and limitations, which increase
as capital decreases.  Such institutions are also required to file capital plans with their primary
federal regulator, and their holding companies must guarantee the capital shortfall up to 5% of the
assets of the capital deficient institution at the time it becomes undercapitalized.

The ability of a bank holding company to obtain funds for the payment of dividends and for
other cash requirements is largely dependent on the amount of dividends which may be declared by
its subsidiary banks and other subsidiaries.  However, the Federal Reserve Board expects the
Corporation to serve as a source of strength to its subsidiary banks, which may require it to retain
capital for further investment in the subsidiaries, rather than for dividends for shareholders of the
Corporation.  The Union Bank Company and Bank of Leipsic may not pay dividends to the
Corporation if, after paying such dividends, it would fail to meet the required minimum levels under
the risk-based capital guidelines and the minimum leverage ratio requirements.  The Union Bank
Company and Bank of Leipsic must have the approval of its regulatory authorities if a dividend in
any year would cause the total dividends for that year to exceed the sum of the current year's net
income and the retained net income for the preceding two years, less required transfers to surplus.
Payment of dividends by a bank subsidiary may be restricted at any time at the discretion of the
regulatory authorities, if they deem such dividends to constitute an unsafe and/or unsound banking
practice.  These provisions could have the effect of limiting the Corporation's ability to pay dividends
on its outstanding common shares.

Deposit Insurance Assessments and Recent Legislation

The FDIC is authorized to establish separate annual assessment rates for deposit insurance
for members of the Bank Insurance Fund ("BIF") and the Savings Association Insurance Fund
("SAIF").  The Union Bank Company and the Bank of Leipsic are member of BIF and Citizens Bank
of Delphos is a member of SAIF.  The FDIC may increase assessment rates for either fund if
necessary to restore the fund's ratio of reserves to insured deposits to its target level within a
reasonable time and may decrease such rates if such target level has been met.  The FDIC has
established a risk-based assessment system for both BIF and SAIF members.  Under this system,
assessments vary based on the risk the institution poses to its deposit insurance fund.  The risk level
is determined based on the institution's capital level and the FDIC's level of supervisory concern
about the institution.

Monetary Policy and Economic Conditions

The commercial banking business is affected not only by general economic conditions, but
also by the policies of various governmental regulatory authorities, including the Federal Reserve
Board.  The Federal Reserve Board regulates money and credit conditions and interest rates in order
to influence general economic conditions primarily through open market operations in U.S.
Government securities, changes in the discount rate on bank borrowings and changes in reserve
requirements against bank deposits.  These policies and regulations significantly affect the overall
growth and distribution of bank loans, investments and deposits, and the interest rates charged on
loans as well as the interest rates paid on deposits and accounts.

The monetary policies of the Federal Reserve Board have had a significant effect on the
operating results of commercial banks in the past and are expected to continue to have significant
effects in the future.  In view of the changing conditions in the economy and the money market and
the activities of monetary and fiscal authorities, no definitive predictions can be made as to future
changes in interest rates, credit availability or deposit level.

Statistical Financial Information Regarding the Corporation

The following schedules and tables analyze certain elements of the consolidated balance
sheets and statements of income of the Corporation and its subsidiaries, as required under Exchange
Act Industry Guide 3 promulgated by the Securities and Exchange Commission, and should be read
in conjunction with the narrative analysis presented in ITEM 7, MANAGEMENT'S DISCUSSION
AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS and the
Consolidated Financial Statements of the Corporation and its subsidiaries.

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

A.  The following are the average balance sheets for the years ended December 31:

|ASSETS                               |                                    |                              |                 |         |        |         |                 | (in thousands) |                
|------------------------------------ | ---------------------------------- | ---------------------------- | --------------- | ------- | ------ | ------- | --------------- | -------------- | ---------------
|                                     |                                    |                              |                 |         |        |         | 2000            |                | 1999           
|Interest-earning assets              |                                    |                              |                 |         |        |         |                 |                |                
|                                     | Securities available for sale (1)  |                              |                 |         |        |         |                 |               
|                                     |                                    | Taxable                      |                 |         | $      | 29,483  | $               | 29,537         | $              
|                                     |                                    | Non-taxable                  |                 |         |        | 25,441  |                 | 24,526         |                
|                                     | Federal funds sold                 |                              |                 |         | 4,053  |         | 2,787           |                | 3,015          
|                                     | Loans, net of unearned income (2)  |                              |                 | 175,743 |        | 156,143 |                 | 126,724       
|                                     |                                    | Total interest-earning       |                 |        
|                                     |                                    |                              | assets          |         |        |         | 234,720         |                | 212,993        
|                                     | Allowance for loan losses          |                              |                 | (1,751) |        | (1,645) |                 | (1,600)       
|Non-interest-earning assets          |                                   
|                                     | Cash and due from banks            |                              |                 | 4,590   |        | 4,829   |                 | 4,577         
|                                     | Premises and equipment, net        |                              |                 | 4,341   |        | 4,167   |                 | 3,767         
|                                     | Accrued interest receivable and    |                              |                 |         |        |         |                 |               
|                                     |                                    |                              | other
assets    |         |        | 2,955   |                 | 4,795          |                
|                                     |                                    |                              |                 |         |        | $       | 244,855

====== | $              | 225,139

======
|LIABILITIES AND STOCKHOLDERS' EQUITY |                                    |                              |                
|Interest-bearing liabilities         |                                    |                              |                
|                                     | Deposits                           |                              |                 |        
|                                     |                                    | Savings and interest-bearing |                
|                                     |                                    |                              | demand deposits |         | $      | 49,859  | $               | 51,774         | $              
|                                     |                                    | Time deposits                |                 |         |        | 133,599 |                 | 128,070        |                
|                                     | Federal funds purchased            |                              |                 | 402     |        | 556     |                 | 509           
|                                     | Advances from Federal Home         |                              |                
|                                     |                                    |                              | Loan Bank       |         |        | 27,888  |                 | 10,899         |                
|                                     |                                    | Total interest-bearing       |                
|                                     |                                    |                              | liabilities     |         |        | 211,748 |                 | 191,299        |                
|Non-interest-bearing liabilities     |                                   
|                                     | Demand deposits                    |                              |                 | 15,069  |        | 14,019  |                 | 12,875        
|                                     | Accrued interest payable and other |                             
|                                     |                                    |                              | liabilities     |         |        | 532     |                 | 1,494          |                
|                                     |                                    |                              |                 |         |        |         | 227,349         |                | 206,812        
|Stockholders' equity (3)             |                                    |                              |                 |         | 17,506 |         | 18,327          |                | 17,352         
|                                     |                                    |                              |                 |         |        | $       | 244,855

====== | $              | 225,139

======
|                                    

(1)  Securities available for sale are carried at fair value.  The average balance includes quarterly average balances of
the market value adjustments and daily average balances for the amortized cost of securities.

(2)  Loan balances include principal balances of nonaccrual loans.

(3)  Stockholders' equity is shown net of average net unrealized appreciation (depreciation) on securities available for
sale, net of tax.

I.  DISTRIBUTION OF ASSETS, LIABILITIES AND STOCKHOLDERS' EQUITY; INTEREST
RATES AND INTEREST DIFFERENTIAL (CONTINUED)

B.	The following tables set forth, for the years indicated, the condensed average balances of
interest-earning assets and interest-bearing liabilities, the interest earned or paid on such amounts,
and the average interest rates earned or paid thereon.

|                                          |                                    |                               |         |         |             |              | 2000           |         
|----------------------------------------- | ---------------------------------- | ----------------------------- | ------- | ------- | ----------- | ------------ | -------------- | --------
|                                          |                                    |                               |         |         |             |              | (in thousands) |         
|                                          |                                    |                               |         |         |             | Average      |                | Average 
|                                          |                                    |                               |         |         |             | Balance      |                | Interest
|INTEREST-EARNINGS ASSETS                  |                                   
|                                          | Securities (1)                     |                               |         |        
|                                          |                                    | Taxable                       |         | $       | 29,483      |              | $              | 1,976   
|                                          |                                    | Non-taxable (2)               |         | 25,441  |             |              | 1,968          | 7.74%   
|                                          | Federal funds sold                 |                               |         | 4,053   |             |              | 249            | 6.14%   
|                                          | Loans, net of unearned             |                               |        
|                                          |                                    | income (3, 4)                 |         | 175,743 |             |              | 15,416         | 8.80%   
|                                          |                                    | Total interest-earning assets | 234,720 |         |             | 19,609       | 8.35%         
|INTEREST-BEARING LIABILITIES              |                                    |                              
|                                          | Deposits                           |                               |         |         |            
|                                          |                                    | Savings and interest-         |         |        
|                                          |                                    | bearing demand                |         |        
|                                          |                                    | deposits                      |         |         | 49,859      |              |                | 1,293   
|                                          |                                    | Time deposits                 |         |         | 133,599     |              |                | 7,588   
|                                          | Federal funds purchased            |                               | 402     |         |             | 23           | 5.72%         
|                                          | Advances from FHLB                 |                               |         | 27,888  |             |              | 1,783          | 6.39%   
|                                          |                                    | Total interest-bearing        |         |        
|                                          |                                    | liabilities                   |         | $       | 211,748     |              |                | 10,687  
|Net interest income, tax equivalent basis |                                    |                               |         | $       | 8,922

==== |             
|Net interest income as a percent of       |                                    |                               |         |         |            
|                                          | of average interest-earning assets |                               |         |         |             | 3.81%

=====
|                                         

(1)	Securities balances represent daily average balances for the amortized cost of securities.  The average rate is
calculated based on the amortized cost of securities.

(2)	Computed on tax equivalent basis for non-taxable securities (34% statutory rate in 2000).

(3)	Loan balances include principal balances of non-accrual loans.

(4)	Interest income on loans includes fees on loans of  $458,688.

I.	DISTRIBUTION OF ASSETS, LIABILITIES AND STOCKHOLDERS' EQUITY;
INTEREST RATES AND INTEREST DIFFERENTIAL (CONTINUED)

|                                          |                         |                               |                 |         |              |              |        |         |                | 1999     |     
|----------------------------------------- | ----------------------- | ----------------------------- | --------------- | ------- | ------------ | ------------ | ------ | ------- | -------------- | -------- | ----
|                                          |                         |                               |                 |         |              |              |        |         | (in thousands) |         
|                                          |                         |                               |                 |         |              |              |        | Average |                |          |     
|                                          |                         |                               |                 |         |              |              |        | Balance |                | Interest | Rate
|INTEREST-EARNINGS ASSETS                  |                         |                              
|                                          | Securities (1)          |                               |                 |        
|                                          |                         |                               | Taxable         |         | $            | 29,537       |        | $       | 1,905          | 6.45%   
|                                          |                         |                               | Non-taxable (2) |         |              | 24,526       |        |         | 1,958          | 7.98%   
|                                          | Federal funds sold      |                               |                 | 2,787   |              |              | 153    | 5.49%  
|                                          | Loans, net of unearned  |                               |                
|                                          |                         |                               | income (3, 4)   |         |              | 156,143      |        |         | 13,307         | 8.52%   
|                                          |                         | Total interest-earning assets |                 | 212,993 |              |              | 17,323 | 8.13%  
|INTEREST-BEARING LIABILITIES              |                        
|                                          | Deposits                |                               |                 |         |             
|                                          |                         | Savings and interest-         |                 |        
|                                          |                         | bearing demand                |                 |        
|                                          |                         | deposits                      |                 |         |              | 51,774       |        |         | 1,345          | 2.60%   
|                                          |                         | Time deposits                 |                 |         | 128,070      |              |        | 6,568   | 5.13%         
|                                          | Federal funds purchased |                               |                 | 556     |              |              | 29     | 5.24%  
|                                          | Advances from FHLB      |                               |                 | 10,899  |              |              | 656    | 6.12%  
|                                          |                         | Total interest-bearing        |                 |         |             
|                                          |                         | liabilities                   |                 |         | $            | 191,229      |        |         | 8,598          | 4.49%   
|Net interest income, tax equivalent basis |                         |                               |                 | $       | 8,725

===== |             
|Net interest income as a percent of       |                         |                               |                 |         |              |              |       
|of average interest-earning
assets        |                         |                               |                 |         |              | 4.10%

=====
|                                         

(1)	Securities balances represent daily average balances for the amortized cost of securities.  The average rate is
calculated on the amortized cost of securities.

(2)	Computed on tax equivalent basis for non-taxable securities (34% statutory rate in 1999).

(3)	Loan balances include principal balance of non-accrual loans.

(4)	Interest income on loans includes fees on loans of $354,281.

I.	DISTRIBUTION OF ASSETS, LIABILITIES AND STOCKHOLDERS' EQUITY;
INTEREST RATES AND INTEREST DIFFERENTIAL (CONTINUED)

|                                          |                         |                               |                 |         |             |              |       |         |          | 1998           |        
|----------------------------------------- | ----------------------- | ----------------------------- | --------------- | ------- | ----------- | ------------ | ----- | ------- | -------- | -------------- | -------
|                                          |                         |                               |                 |         |             |              |       |         |          | (in thousands) |        
|                                          |                         |                               |                 |         |             |              |       | Average |          |                | Average
|                                          |                         |                               |                 |         |             |              |       | Balance | Interest | Rate          
|INTEREST-EARNINGS ASSETS                  |                         |                              
|                                          | Securities (1)          |                               |                
|                                          |                         |                               | Taxable         | $       | 31,832      | $            | 2,084 | 6.55%  
|                                          |                         |                               | Non-taxable (2) |         | 24,365      |              | 2,064 | 8.47%  
|                                          | Federal funds sold      |                               |                 | 3,015   |             | 194          | 6.43%
|                                          | Loans, net of unearned  |                               |                 |         |            
|                                          |                         |                               | income (3, 4)   |         |             | 126,724      |       | 11,607  | 9.16%   
|                                          |                         | Total interest-earning assets |                 | 185,936 |             | 15,949       | 8.58%
|INTEREST-BEARING LIABILITIES              |                         |                               |                
|                                          | Deposits                |                               |                 |         |            
|                                          |                         | Savings and interest-         |                
|                                          |                         |                               | bearing demand  |        
|                                          |                         |                               | deposits        |         |             | 47,743       |       | 1,351   | 2.83%   
|                                          |                         | Time deposits                 |                 |         | 111,071     |              | 6,179 | 5.56%  
|                                          | Federal funds purchased |                               | 509             |         | 25          | 4.91%       
|                                          | Advances from FHLB      |                               |                 | 7,502   |             | 471          | 6.28%
|                                          |                         | Total interest-bearing       
|                                          |                         |                               | liabilities     |         | $           | 166,825      |       | 8,026   | 4.81%   
|Net interest income, tax equivalent basis |                         |                               |                 | $       | 7,923

==== |             
|Net interest income as a percent of       |                         |                               |                
|of average interest-earning assets        |                         |                               |                 |         |             | 4.26%

=====

(1)	Securities balances represent daily average balances for the amortized cost of securities.  The average rate is
calculated based on the amortized cost of securities.

(2)	Computed on tax equivalent basis for non-taxable securities (34% statutory rate in 1998).

(3)	Loan balances include principal balances of non-accrual loans.

(4) 	Interest income on loans includes fees on loans of $398,403.

I.	DISTRIBUTION OF ASSETS, LIABILITIES AND STOCKHOLDERS' EQUITY;
INTEREST RATES AND INTEREST DIFFERENTIAL (CONTINUED)

C.	The following tables set forth the effect of volume and rate changes on interest income and
expenses for the periods indicated.  For purposes of these tables, changes in interest due to volume
and rate were determined as follows:

Volume variance - change in volume multiplied by the previous year's rate.

Rate variance - change in rate multiplied by the previous year's volume.

Rate/volume variance - change in volume multiplied by the change in rate.

This variance was allocated to volume variances and rate variances in proportion to the
relationship of the absolute dollar amount of the change in each.

Interest on non-taxable securities has been adjusted to a fully tax equivalent basis using a statutory
tax rate of 34% in all years presented.

|                    |                               |                       |                |           | (in thousands) |           |                
|------------------- | ----------------------------- | --------------------- | -------------- | --------- | -------------- | --------- | ---------------
|                    |                              
|                    |                               |                       |                |           |                |           | Total          
|                    |                               |                       |                |           |                |           | Variance       
|                    |                               |                       |                |           |                |           | 2000/1999      
|INTEREST INCOME     |                               |                       |                |          
|                    | Securities -                  |                       |                |           |                |           |                
|                    |                               | Taxable               |                | $         | 71.4           | $         | (3.5)          
|                    |                               | Non-taxable           |                |           | 10.0           |           | 73.1           
|                    | Federal funds sold            |                       |                | 95.6      |                | 69.8      |                
|                    | Loans, net of unearned income |                       | 2,109.1        |           | 1,670.4        |           | 438.7          
|                    |                               |                       |                |           |                |           |                
|INTEREST EXPENSE    |                               |                       |                |           |               
|                    | Deposits -                    |                       |               
|                    |                               | Savings and interest- |                |           |               
|                    |                               |                       | bearing demand |           |                |          
|                    |                               |                       | deposits       |           | 51.3           |           | 49.8           
|                    |                               | Time deposits         |                |           | (1,019.5)      |           | (283.6)        
|                    | Federal funds purchased       |                       | 5.9            |           | 8.6            |           | (2.7)          
|                    | Advances from FHLB            |                       |                | (1,126.6) |                | (1,051.1) |                
|                    |                               |                       |                |           |                |           |                
|NET INTEREST INCOME |                               | $                     | 197.2

====    | $         | 533.5

=====   | $         | (336.3)

======

I.	DISTRIBUTION OF ASSETS, LIABILITIES AND STOCKHOLDERS' EQUITY;
INTEREST RATES AND INTEREST DIFFERENTIAL (CONTINUED)

(in thousands)

|                    |                               |                       |                |         |                |         | Total     |                          |        |           |  |      
|------------------- | ----------------------------- | --------------------- | -------------- | ------- | -------------- | ------- | --------- | ------------------------ | ------ | --------- |  | -----
|                    |                               |                       |                |         |                |         | Variance  | Variance Attributable To
|                    |                               |                       |                |         |                |         | 1999/1998 | Volume                   |        | Rate     
|INTEREST INCOME    
|                    | Securities -                  |                       |               
|                    |                               | Taxable               |                | $       | (179.6)        | $       | (150.3)   |                          | $      | (29.3)   
|                    |                               | Non-taxable           |                |         | (105.9)        |         | 13.6      |                          |        | (119.5)  
|                    | Federal funds sold            |                       |                | (40.5)  |                | (14.7)  |           |                          | (25.8)
|                    | Loans, net of unearned income |                       | 1,700.0        |         | 2,694.5        |         |           | (994.5)                 
|                    |                               |                       |                |         |                |         |           | 1,374.0                  |        | 2,543.1   |  |      
|INTEREST EXPENSE    |                               |                       |                |         |               
|                    | Deposits -                    |                       |                |        
|                    |                               | Savings and interest- |                |         |               
|                    |                               |                       | bearing demand |         |                |         |          
|                    |                               |                       | deposits       |         | 6.3            |         | (114.1)   |                          |        | 120.4    
|                    |                               | Time deposits         |                |         | (389.4)        |         | (945.6)   |                          |        | 556.2    
|                    | Federal funds purchased       |                       | (4.1)          |         | (2.9)          |         |           | (1.2)                   
|                    | Advances from FHLB            |                       |                | (185.1) |                | (200.9) |           |                          | 15.8  
|                    |                               |                       |                |         |                |         |           | (572.3)                  |        | (1,263.5) |  | 691.2
|NET INTEREST INCOME |                               | $                     | 801.7

====    | $       | 1,279.6

===== |         | $         | (477.9)

=====          

II.  INVESTMENT PORTFOLIO

A.	The book value of securities available for sale as of December 31 are summarized as follows:

|                                    |                   |  |            |           |            |           |            | 2000                 |            |                      | 1999 |                      | 1998
|----------------------------------- | ----------------- |  | ---------- | --------- | ---------- | --------- | ---------- | -------------------- | ---------- | -------------------- | ---- | -------------------- | ----
|U.S. Treasury and U.S. Government   |                   |  |            |           |            |          
|                                    | agency securities |  | $          | 6,344,644 | $          | 6,592,833 | $          | 6,676,937           
|Obligations of states and political |                   | 
|                                    | subdivisions      |  |            |           | 23,117,242 |           | 25,787,742 |                      | 31,362,292
|Mortgage-backed securities          |                   |  | 23,357,274 |           | 18,301,718 |           | 23,064,776
|Marketable equity securities        |                   |  | 464,282    |           | 509,933    |           | 735,837   
|                                    |                   |  |            |           |            |           | $          | 53,283,442

======== | $          | 51,192,226

======== | $    | 61,839,842

========

B.  The maturity distribution by fair value and weighted average yield of securities available for sale
at December 31, 2000 are as follows:

|                       |                   |  |               |               |              |              |                      |                        | Maturing               |                      
|---------------------- | ----------------- |  | ------------- | ------------- | ------------ | ------------ | -------------------- | ---------------------- | ---------------------- | ---------------------
|                       |                   |  |               |               |              |              |                      |                        | After
One Year         | After Five Years     
|                       |                   |  |               |               |              |              | Within               | But Within             | But Within             | After                
|                       |                   |  |               |               |              |              | One Year             | Five Years             | Ten Years              | Ten Years            
|U.S. Treasury and      |                   | 
|                       | U.S. Government   |  |              
|                       | agency securities |  | $1,503,985    | $2,074,090    | $2,198,489   | $568,080    
|Obligations of states  |                   |  |              
|                       | and political     |  |              
|                       | subdivisions (1)  |  | 1,238,311     | 3,106,080     | 10,067,684   | 8,705,167   
|Mortgage-backed        |                   |  |               |               |             
|                       | securities (2)    |  |               | 14,147        | 17,237,863   | 5,261,185    | 844,079             
|Marketable equity     
|                       | Securities        |  |               |               | -            | -            | -                    | 464,282               
|                       |                   |  |               |               |              |              | $2,756,443

======== | $22,418,033

========= | $17,527,358

========= | $10,581,608

========
|Weighted average yield |                   |  | 7.24%

====== | 6.93%

====== | 7.14%

===== | 7.39%

=====

(1)	Yields are presented on a tax-equivalent basis.

(2)	Maturity based upon estimated weighted-average life.

The weighted average interest rates are based on coupon rates for securities purchased at par value
and on effective interest rates considering amortization or accretion if the securities were purchased
at a premium or discount.

C.	Excluding those holdings of the investment portfolio in U.S. Treasury securities and other
agencies of the U.S. Government, there were no securities of any one issuer which exceeded 10%
of the shareholders' equity at December 31, 2000.

III. LOAN PORTFOLIO

A.	Types of Loans - Total loans on the balance sheet are comprised of the following
classifications at December 31 for the years indicated:

(in thousands)2000

1999

1998

1997

1996Commercial andagricultural
$
90,262
$
72,843
$
55,667
$
52,462
$
42,476Real estatemortgage

70,152

72,146

63,734

45,548

42,211Consumer loansto individuals
18,537

22,240

22,090

19,610

19,140$
178,951

======
$
167,229

======
$
141,491

=====
$
117,620

======
$
103,827

======

CONCENTRATIONS OF CREDIT RISK - The Corporation's subsidiaries grant commercial, real
estate, installment, and credit card loans to customers mainly in Northwestern Ohio.  Commercial
loans include loans collateralized by business assets and agricultural loans collateralized by crops
and farm equipment.  As of December 31, 2000, commercial and agricultural loans make up
approximately 50% of the loan portfolio; the loans are expected to be repaid from cash flow from
operations of the businesses.  As of December 31, 2000, residential first mortgage loans make up
approximately 39% of the loan portfolio and are collateralized by first mortgages on residential real
estate.  As of December 31, 2000, consumer loans to individuals make up approximately 11% of the
loan portfolio and are primarily collateralized by consumer assets.

B.	Maturities and Sensitivities of Loans to Changes in Interest Rates - The following table
shows the amounts of commercial and agricultural  loans outstanding as of December 31, 2000
which, based on remaining scheduled repayments of principal, are due in the periods indicated.
Also, the amounts have been classified according to sensitivity to changes in interest rates for
commercial and agricultural loans due after one year.  (Variable-rate loans are those loans with
floating or adjustable interest rates.)

| |          |                                      |  | (in thousands)
| | -------- | ------------------------------------ |  | --------------
| |          |                                      |  |               
| |          |                                      |  |               
| | Maturing |                                      |  |               
| |          | Within one year                      |  |               
| |          | After one year but within five years |  |               
| |          | After five years                     |  |               
| |          |                                      |  |               

| |  |                        |                   |       |        |     | Interest Sensitivity
| |  | ---------------------- | ----------------- | ----- | ------ | --- | --------------------
| |  |                        |                   |       |        |     | Fixed               
| |  |                        |                   |       |        |     | Rate                
| |  | Due after one year but |                   |       |        |     |                     
| |  |                        | within five years | $     | 12,674 | $   | 39,952              
| |  | Due after five years   |                   | 6,195 |        | 657 |                     
| |  |                        |                   |       |        |     | $                   
|

III.	LOAN PORTFOLIO (CONTINUED)

C.	Risk Elements - Non-accrual, Past Due, Restructured and Impaired Loans - The following
table summarizes non-accrual, past due, restructured and impaired loans at December 31:

|    |                         |  |   |       |             |       |             |     | (in thousands) |    
|--- | ----------------------- |  | - | ----- | ----------- | ----- | ----------- | --- | -------------- | ---
|    |                         |  |   |       | 2000        |       | 1999        |     | 1998           |    
|(a) | Loans accounted for     | 
|    | on a non-accrual        | 
|    | basis                   |  |   | $     | 360         | $     | 348         | $   | 544            | $  
|(b) | Accruing loans that     | 
|    | are contractually       | 
|    | past due 90 days        | 
|    | or more as to           | 
|    | interest or principal   | 
|    | payments                |  |   | 1,359 |             | 1,367 |             | 573 |                | 925
|(c) | Loans not included in   | 
|    | or (b) which are        | 
|    | "Troubled Debt          | 
|    | Restructurings" as      | 
|    | defined by Statement    | 
|    | of Financial Accounting | 
|    | Standards No. 15        |  | - |       | -           |       | -           |     | -              |    
|(d) | Other loans defined as 
|    | Impaired                |  |   | -     |             | 99    |             | -   |                | -  
|    |                         |  |   | $     | 1,719

==== | $     | 1,814

==== | $   | 1,117

====    | $  
|   

Management believes the allowance for loan losses at December 31, 2000 is adequate to absorb any
losses on non-performing loans, as the allowance balance is maintained by management at a level
considered adequate to cover losses that are currently anticipated based on past loss experience,
general economic conditions, information about specific borrower situations including their financial
position and collateral values, and other factors and estimates which are subject to change over time.

2000

(in thousands)

Gross interest income that would have been recorded in 2000 on non-

accrual loans outstanding at December 31, 2000 if the loans had been

current, in accordance with their original terms and had been

outstanding throughout the period or since origination if held for

part of the period                                       
                                          
       $           13

Interest income actually recorded on non-accrual loans and included

in net income for the period                                     
                                          
       3

------

Interest income not recognized during the period                                  
    $          10

=======

1.  Discussion of the non-accrual policy

The accrual of interest income is discontinued when the collection of a loan or interest, in whole or
in part, is doubtful.  When interest accruals are discontinued, interest income accrued in the current
period is reversed.  While loans which are past due 90 days or more as to interest or principal
payments are considered for non-accrual status, management may elect to continue the accrual of
interest when the estimated net realizable value of collateral, in management's judgment, is sufficient
to cover the principal balance and accrued interest.  These policies apply to both commercial and
consumer loans.

III.	LOAN PORTFOLIO (CONTINUED)

2.	Potential problem loans

As of December 31, 2000, in addition to the $1,719,000 of loans reported under Item III, C.1., there
are approximately $11,617,000 in other outstanding loans where known information causes
management to have doubts as to the ability of such borrowers to comply with the present loan
repayment terms and which may result in disclosure of such loans pursuant to Item III, C.1., at some
future date.  Consideration was given to loans classified for regulatory purposes as loss, doubtful,
substandard, or special mention that have not been disclosed in Section 1 above.  To the extent that
such loans are not included in the $11,617,000 potential problem loans described above,
management believes that such loans will not materially impact future operating results, liquidity,
or capital resources.

3.	Foreign outstandings

None

4.	Loan concentrations

At December 31, 2000, loans outstanding relating to agricultural operations or collateralized by
agricultural real estate aggregated approximately $29,594,000.  At December 31, 2000, there were
no agricultural loans which were accounted for on a non-accrual basis; and there were no accruing
agriculture loans which were contractually past due ninety days or more as to interest or principal
payments.

D.	Other interest-bearing assets

Other than $289,012 in foreclosed real estate, there are no other interest-bearing assets as of
December 31, 2000 which would be required to be disclosed under Item III, C.1 or 2 if such assets
were loans.

IV.	SUMMARY OF LOAN LOSS EXPERIENCE

A.  The following schedule presents an analysis of the allowance for loan losses, average loan data
and related ratios for the years ended December 31:

|                          |                                |                             |               |    |                |     |                |       |                |       |                |       |                | (in thousands) |               |       |  |     | 
|------------------------- | ------------------------------ | --------------------------- | ------------- | -- | -------------- | --- | -------------- | ----- | -------------- | ----- | -------------- | ----- | -------------- | -------------- | ------------- | ----- |  | --- | 
|                          |                                |                             |               |    |                |     |                |       | 2000           | 1999  | 1998           | 1997  | 1996          
|LOANS                     |                                |                             |              
|                          | Loans outstanding at end       |                             |               |    |               
|                          |                                | of period (1)               |               | $  | 178,951

===== | $   | 167,229

===== | $     | 141,491

===== | $     | 117,620

===== | $     | 103,827

=====
|                          | Average loans outstanding      |                             |               |    |                |     |               
|                          |                                | during period               |               |    |                | $   | 175,743

===== | $     | 156,143

===== | $     | 126,724

===== | $     | 112,528

===== | $              | 91,948

=====
|ALLOWANCE FOR LOAN LOSSES |                                |                             |              
|                          | Balance at beginning           |                            
|                          |                                | of period                   |               |    |                |     | $              | 1,673 | $              | 1,664 | $              | 1,535 | $              | 1,400          | $             | 1,127
|                          | Loans charged off -            |                             |               |   
|                          |                                | Commercial and agricultural | 58            |    | 82             |     | 5              |       | 120            |       | 651           
|                          |                                | Real estate mortgage        |               | 11 |                | 65  |                | -     |                | -     |                | -    
|                          |                                | Consumer loans to           |               |    |                |     |                |       |                |      
|                          |                                |                             | Individuals   |    | 303            |     | 253            |       | 201            |       | 187            |       | 118           
|                          |                                |                             |               |    |                |     |                |       |                | 372   |                | 400   |                | 206            |               | 307   |  | 769
|                          | Recoveries of loans previously |                             |              
|                          |                                |                             | Charged off - |    |                |     |                |      
|                          |                                | Commercial and agricultural | 15            |    | 15             |     | 44             |       | 223            |       | 41            
|                          |                                | Real estate mortgage        | -             |    | 2              |     | -              |       | -              |       | -             
|                          |                                | Consumer loans to           |               |    |                |     |                |      
|                          |                                |                             | Individuals   |    |                | 118 |                | 83    |                | 69    |                | 40    |                | 31            
|                          |                                |                             |               |    |                |     |                |       |                | 133   |                | 100   |                | 113            |               | 263   |  | 72 
|                          | Net loans charged off          |                             | 239           |    | 301            |     | 93             |       | 44             |       | 697           
|                          | Provision for loan losses      |                             | 502           |    | 309            |     | 222            |       | 179            |       | 970           
|                          | Balance at end of period       | $                           | 1,936         | $  | 1,673          | $   | 1,664          | $     | 1,535          | $     | 1,400         

| | Ratio of net charge-offs during |                               |       |  |       |  |       |  |       |  |       |  |  |  |  | 
| | ------------------------------- | ----------------------------- | ----- |  | ----- |  | ----- |  | ----- |  | ----- |  |  |  |  | 
| |                                 | the period to average loans   |      
| |                                 | outstanding during the period | 0.14% |  | 0.19% |  | 0.07% |  | 0.04% |  | 0.76%

(1)	Including loans held for sale, net of unearned income.

The allowance for loan losses balance and the provision for loan losses are judgmentally determined
by management based upon periodic reviews of the loan portfolio.  In addition, management
considered the level of charge-offs on loans as well as the fluctuations of charge-offs and recoveries
on loans including the factors which caused these changes.  Estimating the risk of loans and the
amount of loss is necessarily subjective.  Accordingly, the allowance is maintained by management
at a level considered adequate to cover losses that are currently anticipated based on past loss
experience, general economic conditions, information about specific borrower situations including
their financial position and collateral value and other factors and estimates which are subject to
change over time.  The increase in loans charged-off in 1996 compared to the other periods presented
is due largely to the charge-off of a particular credit.

IV.	SUMMARY OF LOAN LOSS EXPERIENCE (CONTINUED)

The following schedule is a breakdown of the allowance for loan losses allocated by type of loan and
related ratios.



|                  |              |  |     |     |       |                   | Allocation of the Allowance for
Loans Losses
|----------------- | ------------ |  | --- | --- | ----- | ----------------- | --------------------------------------------
|                  |              |  |     |     |       |                   |                                             
|                  |              |  |     |     |       |                   |                                             
|                  |              |  |     |     |       |                   |                                             
|                  |              |  |     |     |       |                   |                                             
|                  |              |  |     |     |       | Allowance         | to Total                                    
|                  |              |  |     |     |       | Amount            | Loans                                       
|                 
|                  |              |  |     |     |       | December 31, 2000 |                                             
|Commercial and    |              |  |     |     |       |                   |                                             
|                  | Agricultural |  | $   | 845 | 50.4% |                   | $                                           
|Residential first |              |  |     |     |       |                   |                                             
|                  | Mortgages    |  |     | 263 | 39.2% |                   |                                             
|Consumer loans to |              |  |     |     |       |                   |                                             
|                  | Individuals  |  |     | 293 | 10.4% |                   |                                             
|Unallocated       |              |  |     | 535 | N/A   |                   |                                             
|                  |              |  |     |     |       | $                 | 1,936

====                                 
|                  |              |  |     |     |       |                  
|                  |              |  |     |     |       | December 31, 1998 |                                             
|Commercial and    |             
|                  | Agricultural |  | $   | 558 | 39.4% |                   | $                                           
|Residential first |              |  |     |     |       |                   |                                             
|                  | Mortgages    |  |     | 170 | 45.0% |                   |                                             
|Consumer loans to |              | 
|                  | Individuals  |  |     | 201 | 15.6% |                   |                                             
|Unallocated       |              |  | 735 | N/A |       |                   | 679                                         
|                  |              |  |     |     |       | $                 | 1,664

=====                                
|                  |             
|                  |              |  |     |     |       | December 31, 1996 |                                             
|Commercial and    |              |  |     |     |       |                   |                                             
|                  | Agricultural |  | $   | 469 | 40.9% |                   |                                             
|Residential first |              |  |     |     |       |                   |                                             
|                  | Mortgages    |  |     | 145 | 40.7% |                   |                                             
|Consumer loans to |              |  |     |     |       |                  
|                  | Individuals  |  |     | 170 | 18.4% |                   |                                             
|Unallocated       |              |  |     | 616 | N/A   |                   |                                             
|                  |              |  |     |     |       | $                 | 1,400

====                                 

While management's periodic analysis of the adequacy of the allowance for loan losses may allocate
portions of the allowance for specific problem loan situations, the entire allowance is available for
any loan charge-offs that occur.

V.	DEPOSITS

The average amount of deposits and average rates paid are summarized as follows for the years
ended December 31:

|                      |                |   |         |        |         |                 |         | (dollars in
thousands)
|--------------------- | -------------- | - | ------- | ------ | ------- | --------------- | ------- | ----------------------
|                      |                |   |         |        |         |                 | 2000    |                       
|                      |                |   |         |        |         | Average         | Average |                       
|                      |                |   |         |        |         | Amount          | Rate    |                       
|Savings and interest- |                |   |         |        |         |                 |         |                       
|                      | bearing demand |   |         |        |         |                 |         |                       
|                      | deposits       | $ | 49,859  | 2.59%  | $       | 51,774          | 2.60%   |                       
|Time deposits         |                |   | 133,599 | 5.68%  |         | 128,070         | 5.13%   |                       
|Demand
deposits       |                |   |         |        |         |                 |         |                       
|                      | (non-interest  |   |         |        |         |                 |         |                       
|                      | bearing)       |   |         | 15,069 | -       |                 | 14,019  | -                     
|                      |                |   |         |        | $       | 198,527

====== |         |                       
|                     
|                      |                |   |         |        |         |                 |         |                       
|                      |                |   |         |        |         |                 |         | Average               
|                      |                |   |         |        |         |                 |         | Amount                
|Savings and interest- |                |   |         |        |         |                 |         |                       
|                      | bearing demand |   |         |        |         |                 |         |                       
|                      | deposits       |   |         | $      | 47,743  | 2.83%           |        
|Time deposits         |                |   |         |        | 111,071 | 5.56%           |        
|Demand deposits       |                |   |         |        |         |                 |         |                       
|                      | (non-interest  |   |         |        |         |                 |         |                       
|                      | bearing)       |   |         |        | 12,875  | -               |        
|                      |                |   |         |        |         |                 | $       | 171,689

=======      
|                     

Maturities of time certificates of deposit and other time deposits of $100,000 or more outstanding
at December 31, 2000 are summarized as follows:

|                                          |  |       |  |  |   |       |  |  | (dollars in
thousands)
|----------------------------------------- |  | ----- |  |  | - | ----- |  |  | ----------------------
|                                         
|Three months or less                      |  |       |  |  | $ | 7,232
|Over three months and through six months  |  | 5,001
|Over six months and through twelve months |  | 1,037
|Over twelve months                        |  |       |  |  |   | 4,430
|                                          |  |       |  |  |   |       |  |  | $                     

VI.  RETURN ON EQUITY AND ASSETS

The ratio of net income to average stockholders' equity and average total assets and certain other
ratios are as follows:

|                                 |                         |   |               |                |               |                |               | (dollars in
thousands) | 
|-------------------------------- | ----------------------- | - | ------------- | -------------- | ------------- | -------------- | ------------- | ---------------------- | 
|                                 |                         |   |               |                |               |                |               | 2000                   | 
|Average total assets             |                         |   | $             | 244,855

===== | $             | 225,139

===== | $             | 198,515

=====         | 
|Average stockholders' equity (1) |                         | $ | 17,506

===== | $              | 18,327

===== | $              | 17,352

===== |                       
|Net income                       |                         |   | $             | 1,485

=====   | $             | 2,142

=====   | $             | 2,119

=====           | 
|Cash dividends declared          |                         | $ | 993

=====    | $              | 793

=====    | $              | 290

=====    |                       
|                                 |                        
|Return on average total assets   |                         |   | 0.61%

=====  |                | 0.95%

=====  |                | 1.07%

=====  |                       
|Return on average                |                         |   |               |                |               |                |               |                       
|                                 | stockholders' equity    |   |               | 8.48%

=====   |               | 11.69%

=====  |               | 12.21%

=====          | 
|Dividend payout percentage (2)   |                         |   | 66.85%

===== |                | 37.04%

===== |                | 13.68%

===== |                       
|Average stockholders' equity     |                         |   |               |                |               |                |              
|                                 | to average total assets |   | 7.15%

=====  |                | 8.14%

=====  |                | 8.74%

=====  |                       

(1)	Average stockholders' equity is net of average unrealized appreciation or depreciation on securities available
for sale.

(2)	Dividends declared divided by net income.

VII.	SHORT-TERM BORROWINGS

The Corporation had borrowings from the Federal Home Loan Bank for which the average balance
outstanding during the reported periods was greater than 30 percent of stockholders' equity at the end
of the reported periods.  These borrowings are discussed in Note 9 of  the Corporation's Annual
Report to Stockholders for 2000 ("Annual Report"), which is included herein as Exhibit 13.

Effect of Environmental Regulation

Compliance with federal, state and local provision regulating the discharge of material into the
environment, or otherwise relating to the protection of the environment, has not had a material effect
upon the capital expenditures, earnings or competitive position of the Corporation and its
subsidiaries.  The Corporation believes that the nature of the operations of its subsidiaries has little,
if any, environmental impact.  The Corporation, therefore, anticipates no material capital
expenditures for environmental control facilities for its current fiscal year or for the foreseeable
future.  The Corporation's subsidiaries may be required to make capital expenditures for
environmental control facilities related to properties which they may acquire through foreclosure
proceedings in the future; however, the amount of such capital expenditures, if any, is not currently
determinable.

Item 2.	Properties

The following is a listing and brief description of the properties owned by The Union Bank Company
and used in its business:

1.	Its main office is a two-story brick building located at 100 South High Street, Columbus
Grove, Ohio.  The building was constructed in approximately 1900 and contains approximately
7,870 square feet.

2.	A full service branch office is located at 110 East North Street, Kalida, Ohio.  The building
was constructed in 1994 and contains approximately 2,540 square feet.

3.	A full service branch office is located at 245 West Main Street, Ottawa, Ohio.  The building
was constructed in 1991 and contains approximately 2,400 square feet.

4.	A full service branch office is located at 3211 Elida Road, Lima, Ohio.  The building was
constructed in 1994 and contains approximately 4,000 square feet.

5.	A full service branch office is located at 1410 Bellefontaine Avenue, Lima, Ohio.  The
building was constructed in 1998 and contains approximately 4,200 square feet.

6.	A drive-thru facility is located at 200 East Sycamore Street, Columbus Grove, Ohio.  The
building was constructed in 1973 and contains approximately 480 square feet.

7.	A building located at 120 South High Street, Columbus Grove, Ohio was purchased in
December 1999.  The building had been constructed in approximately 1930.  It is a two-story
building and contains approximately 3,900 square feet.  This facility is used to house the operations
areas of the subsidiaries.

8.	A full service branch office is located at 215 West Market Street, Lima, Ohio.  The building
was constructed in approximately 1954 and contains approximately 5,700 square feet.  The building
was acquired in 2000.

The following is a listing and brief description of the properties owned by The Bank of Leipsic and
used in its business:

1.	Its main office is located at 142 East Main Street, Leipsic, Ohio.

2.	A drive-thru facility is located at 326 South Belmore Street, Leipsic, Ohio.

The following is a listing and brief description of the property owned by Citizens Bank of Delphos
and used in its business:

1.	       Its only office is located at 114 East 3rd.  Street, Delphos, Ohio.

Item 3.	Legal Proceedings

There are no pending legal proceedings to which the Corporation or its subsidiaries are a party to or
to which any of their property is subject except routine legal proceedings to which the Corporation
or its subsidiaries are a party incident to its banking business.  None of such proceedings are
considered by the Corporation to be material.

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

During February 2001, stockholders of both the Corporation and Delphos Citizens Bancorp, Inc.
voted to approve a merger whereby Delphos Citizens Bancorp, Inc. would be merged into the
Corporation and Citizens Bank of Delphos would become a wholly-owned subsidiary of the
Corporation.  Upon receiving regulatory approval, the merger was consummated February 28, 2001.
Former stockholders of Delphos Citizens Bancorp, Inc. received .8749 shares of the Corporation as
well as $5.41 in cash for each share previously owned.

Further information relating to this transaction is reflected in Note 21 of the Annual Report, which
is included herein as Exhibit 13.

PART II

Item 5.	Market for Registrant's Common Equity and Related Stockholders' Matters

The information required herein is incorporated by reference from page 3 of the Annual
Report, which is included herein as Exhibit 13.

Item 6.	Selected Financial Data

The information required herein is incorporated by reference from page 4 of the Annual
Report, which is included herein as Exhibit 13.

Item 7.	Management's Discussion and Analysis of Financial Condition and Results of
Operations

The information required herein is incorporated by reference from pages 5 to 10 of the
Annual Report, which is included herein as Exhibit 13.

Item 7a.	Quantitative and Qualitative Disclosures About Market Risk

The information required herein is incorporated by reference from page 8 of the Annual
Report, which is included herein as Exhibit 13.

Item 8.	Financial Statements and Supplementary Data

The information required herein is incorporated by reference from pages 13 to 37 of the
Annual Report, which is included herein as Exhibit 13.

Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure

None.

PART III

Item 10.	Directors and Executive Officers of the Registrant

The information required herein is incorporated by reference from the definitive proxy
statement.

Item 11.	Executive Compensation

The information required herein is incorporated by reference from the definitive proxy
statement.

Item 12.	Security Ownership of Certain Beneficial Owners and Management

The information required herein is incorporated by reference from the definitive proxy
statement.

Item 13.	Certain Relationships and Related Transactions

In the ordinary course of conducting its business, the Corporation, for itself or through its
subsidiaries, may engage in transactions with the directors, employees, and managers of the
Corporation or of the subsidiaries which may include, but not be limited to, loans.  As required by
and in compliance with Ohio banking law, all banking transactions with directors, employees or
managers of the Corporation are conducted on the same basis and terms as would be provided to any
other bank customer.  No amounts of these related transactions exceeded $60,000 in 2000.  In
addition, each of these transactions was made on terms similar to those that could have been
negotiated with an unaffiliated third party.

PART IV

Item 14.	Exhibits, Financial Statement Schedules, and Reports on Form 8-K

1.  Financial Statements -

The information required herein is incorporated by reference from the United Bancshares' Annual
Report to Stockholders for 2000 ("Annual Report"), which is included herein as Exhibit 13.

2.  Financial Statement Schedules -

None.

3.  Exhibits Required by Item 601 Regulation S-K -

The following exhibits are either filed as a part of this report or are incorporated herein by reference
to documents previously filed as indicated below:

|Exhibit No. | 
|----------- | 
|           
|3.i         | 
|3.ii        | 
|13          | 
|21          | 

(1) Previously filed as exhibits to Amended Form S-4 Registration Number 333-86453.

*	Incorporated herein by reference to documents previously filed.

**	Included herein.

SIGNATURES

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

UNITED BANCSHARES, INC.

By:/s/ E. EUGENE LEHMAN

E. Eugene Lehman, President

Date:  March 27, 2001

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

|                        | Signatures |          |  |                | Title |  |  | Date | 
|----------------------- | ---------- | -------- |  | -------------- | ----- |  |  | ---- | 
|                        |           
|/s/ ROBERT L. DILLHOFF  |            | Director |  | March 27, 2001 |      
|Robert L. Dillhoff      |            |         
|                        |            |         
|/s/ JOE S. EDWARDS, JR. |            | Director |  | March 27, 2001 |      
|Joe S. Edwards, Jr.     |            |         
|                        |            |         
|/s/ THOMAS J. ERHART    |            | Director |  | March 27, 2001 |      
|Thomas J. Erhart        |            |         
|                        |            |         
|/s/ P. DOUGLAS HARTER   |            | Director |  | March 27, 2001 |      
|P. Douglas Harter       |            |         
|                        |            |         
|/s/ E. EUGENE LEHMAN    |            | Director |  | March 27, 2001 |      
|E. Eugene Lehman        |            |         
|                        |            |         
|/s/ CARL L. MCCRATE     |            | Director |  | March 27, 2001 |      
|Carl L. McCrate         |            |         
|                        |            |         
|/s/ JOHN P. MILLER      |            | Director |  | March 27, 2001 |      
|John P. Miller          |            |         
|                       
|/s/ WILLIAM R. PERRY    |            | Director |  | March 27, 2001 |      
|William R. Perry        |            |         
|                        |            |         
|/s/ JAMES N. REYNOLDS   |            | Director |  | March 27, 2001 |      
|James N. Reynolds       |            |         
|                        |            |         
|/s/ H. EDWARD RIGEL     |            | Director |  | March 27, 2001 |      
|H. Edward Rigel         |            |         
|                        |            |         
|/s/ DAVID P. ROACH      |            | Director |  | March 27, 2001 |      
|David P. Roach          |            |         
|                        |            |         
|/s/ DANIEL W. SCHUTT    |            | Director |  | March 27, 2001 |      
|Daniel W. Schutt        |            |