EXHIBIT 13

<PAGE>
                               [LOGO]  Sistersville
                              ======================
                                  Bancorp, Inc.

                         726 WELLS STREET, P.O. BOX 187
                             SISTERSVILLE, WV 26175
                                  304-652-3671


Report to Shareholders:

I am pleased to provide to you the  Sistersville  Bancorp,  Inc. (the "Company")
2000 Annual Report.  Our preparations for the Year 2000 date change proved to be
successful,  as the Company and its subsidiary,  First Federal Savings Bank (the
"Bank"), enjoyed a smooth transition into the new year.

In June of this year the Company will celebrate its three year  anniversary as a
public  company.  The book value of our stock has been  increased  significantly
since our initial public offering due principally to Company stock  repurchases.
Your board of directors  increased  dividends for the third  straight  year, and
will continue to work to provide you value on your  investment  in  Sistersville
Bancorp. The public sector's desire for the stock of financial  institutions has
proven to be lukewarm  over the past year,  due mainly to the public's  appetite
for technology stocks. Recently,  however, there have been signs that this trend
has slowed,  and  financial  institution  stocks are once again  beginning to be
viewed as favorable investments.

I am pleased to report that First  Federal  Savings Bank opened its first branch
office in May.  The branch is located in a new shopping  center in  Parkersburg,
West Virginia. This is a full service office located in a growing area. Although
it will take a few years for the branch to positively  impact earnings,  it will
provide an expanded  market area for growth,  followed by increased  earnings in
the future.

I look forward to the  challenges of enhancing  the value of the Company  during
the upcoming  year. I commend the  dedication  and efforts of our  employees and
directors,  and  express  my  appreciation  for  the  continued  support  of our
customers and shareholders.

Sincerely,



/s/Stanley M. Kiser
Stanley M. Kiser
President

<PAGE>

                           SISTERSVILLE BANCORP, INC.

Corporate Profile

Sistersville  Bancorp,  Inc. (the "Company") is a Delaware corporation organized
in March,  1997, at the direction of First Federal Savings and Loan  Association
of Sistersville (the "Association") to acquire all of the capital stock that the
Association  issued in its conversion from the mutual to stock form of ownership
(the  "Conversion").  On June 25, 1997,  the  Conversion  was  completed and the
Association became a wholly owned subsidiary of the Company and changed its name
to First Federal Savings Bank (the "Bank"). The Company is a unitary savings and
loan holding company which, under existing laws,  generally is not restricted in
the types of business  activities in which it may engage  provided that the Bank
retains a specified  amount of its assets in  housing-related  investments.  The
Company  conducts no  significant  business or  operations of its own other than
holding all of the  outstanding  stock of the Bank and  investing  the Company's
portion of the net proceeds obtained in the Conversion.

The  Bank  is  a  federally   chartered  stock  savings  bank  headquartered  in
Sistersville,   West  Virginia.   The  Bank  is  subject  to   examination   and
comprehensive  regulation  by the Office of Thrift  Supervision  ("OTS") and its
deposits  are  federally  insured  by the  Savings  Association  Insurance  Fund
("SAIF").  The Bank is a member of and owns  capital  stock in the Federal  Home
Loan Bank of Pittsburgh  ("FHLB"),  which is one of the 12 regional banks in the
FHLB system.  Unless otherwise stated, the term "Bank" refers to both the Bank's
and Company's activities on a consolidated basis.

The Bank  operates a  traditional  savings  bank  business,  attracting  deposit
accounts from the general public and using those  deposits,  together with other
funds,  primarily  to  originate  and invest in loans  secured by  single-family
residential real estate.

Stock Market Information

The  Company's  common  stock has been traded  under the symbol  "SVBC" since it
commenced  trading in June, 1997.  Price  information with respect to the common
shares of SVBC is quoted on the OTC Bulletin  Board.  The  following  table sets
forth the high and low bid prices for the common shares of SVBC for each quarter
of  fiscal  year  ended  March  31,  2000 and  1999.  Price  quotations  reflect
inter-dealer prices without retail mark-up,  mark-down,  or commission,  and may
not represent actual transactions.

                           Date                               High         Low
                           ----                               ----         ---

         Fiscal year ended March 31, 2000:

                  April 1, 1999 - June 30, 1999             $ 12.50      $ 11.25
                  July 1, 1999 - September 30, 1999           11.38        11.00
                  October 1, 1999 - December 31, 1999         11.00        10.12
                  January 1, 2000 - March 31, 2000            10.25         9.00

         Fiscal year ended March 31, 1999:

                  April 1, 1998 - June 30, 1998             $ 16.00      $ 15.00
                  July 1, 1998 - September 30, 1998           16.50        13.00
                  October 1, 1998 - December 31, 1998         13.50        12.75
                  January 1, 1999 - March 31, 1999            13.38        12.38

                                       -2-
<PAGE>

SVBC  declared  a  semi-annual  dividend  of $.17 per  share in  June,  1999.  A
semi-annual dividend per share of $.18 was also declared in December,  1999. The
number of  shareholders  of record of common stock as of the record date of June
2, 2000, was  approximately  200. This does not reflect the number of persons or
entities who held stock in nominee or "street"  name through  various  brokerage
firms. At June 2, 2000,  there were 538,739 shares of common stock  outstanding.
The Company's  ability to pay dividends to stockholders  is primarily  dependent
upon income earned on  investments  and the dividends it receives from the Bank.
The Bank  may not  declare  or pay a cash  dividend  on any of its  stock if the
effect thereof would cause the Bank's regulatory capital to be reduced below (1)
the amount required for the liquidation  account  established in connection with
the Conversion, or (2) the regulatory capital requirements imposed by the OTS.



                                       -3-

<PAGE>
                              SELECTED CONSOLIDATED
                      FINANCIAL INFORMATION AND OTHER DATA

The following table sets forth certain  information  concerning the consolidated
financial condition,  earnings and other data regarding the Company at the dates
and for the periods indicated.

Selected financial condition and other data:

                                            At March 31,
                                   -------------------------------
                                       2000               1999
                                   --------------     ------------
                                      (Dollars in thousands)
Total assets                             $31,762          $32,188
Loans receivable, net                     25,389           24,320
Mortgage-backed securities                   559              809
Investments (1)                            4,043            6,294
Cash - noninterest bearing                   141               30
Savings deposits                          21,054           20,848
Other borrowings                             900            1,000
Stockholders' equity (2)                   9,424            9,792

Number of full-service offices                 1                1

(1)  Includes  FHLB stock,  FHLMC stock and interest  bearing  deposits in other
     financial institutions
(2)  Includes  accumulated other comprehensive  income, net of applicable income
     taxes


Summary of Operations
<TABLE>
<CAPTION>
                                                              Year Ended March 31,
                                                          -------------------------------
                                                               2000              1999
                                                          --------------     ------------
                                                             (Dollars in Thousands)
<S>                                                            <C>              <C>
Interest and dividend income                                     $2,284           $2,364
Interest expense                                                    932              896
                                                          --------------   --------------
     Net interest income                                          1,352            1,468
                                                          --------------   --------------
Provision for loan losses                                             4                3
                                                          --------------   --------------
     Net interest income after provision for loan losses          1,348            1,465
                                                          --------------   --------------
Non-interest income:
  Service charges                                                    33               32
  Gain on sale of investments                                        --              168
  Other income                                                        2                2
                                                          --------------   --------------
     Total other income                                              35              202
                                                          --------------   --------------
Non-interest expense:
  Compensation and employee benefits                                549              663
  Occupancy and equipment                                            87               78
  Deposit insurance premiums                                         10               13
  Loss on sale of investments                                        23               --
  Other general and administrative                                  313              301
                                                          --------------   --------------
    Total non-interest expense                                      982            1,055
                                                          --------------   --------------
    Income before income taxes                                      401              612

Provision for federal income taxes                                  135              223
                                                          --------------   --------------
     Net income                                                    $266             $389
                                                          ==============   ==============
</TABLE>
                                      -4-
<PAGE>

The table  below sets forth  certain  performance  ratios of the Company for the
periods indicated:

<TABLE>
<CAPTION>
                                                                         For the Year Ended
                                                                              March 31,
                                                                  ---------------------------------
                                                                       2000                1999
                                                                  -------------         -----------
<S>                                                               <C>                 <C>
Capital Ratios:
Average equity to average assets ratio
 (average equity divided by average total assets)                     29.80%              32.25%
Equity to assets at period end                                        29.67%              30.42%


Performance Ratios:
Return on average equity (net income
 divided by average equity)                                            2.78%               3.77%
Return on average assets (net income
 divided by average total assets)                                      0.83%               1.22%
Net interest rate spread                                               3.20%               3.32%
Net yield on average interest earning assets                           4.39%               4.71%
Average interest earning assets to
 average interest-bearing liabilities                                139.42%             148.43%
Net interest income after provision for possible
  loan losses, to total other expenses                               137.27%             138.86%
Non-interest expense to average assets                                 3.06%               3.30%
Efficiency Ratio (1)                                                  71.00%              63.26%


Asset Quality Ratios:
Non-performing loans to total assets                                   0.00%               0.01%
Non-performing loans to total loans                                    0.00%               0.01%
Allowance for loan losses to total loans                               0.69%               0.71%
Allowance for loan losses to total non-performing loans                  N/A            8600.00%
Allowance for loan losses to total non-performing assets (2)             N/A            8600.00%

</TABLE>

--------------------------------------------------------------------------------
(1)  Operating  expenses as a percent of net  interest  income plus non interest
     income.
(2)  Non-performing  assets include non-accrual loans,  accruing loans more than
     90 days past due and real estate acquired in settlement of loans.

                                      -5-

<PAGE>
                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS


GENERAL

The Company's results from operations  consist primarily of interest income from
the investing of funds from  proceeds  generated by the sale of common stock and
accounting and legal expense  incurred  relating to public  filings.  The Bank's
results of operations are primarily dependent on its net interest income,  which
is the difference  between the interest  income earned on its assets,  primarily
loans and investments,  and the interest  expense on its liabilities,  primarily
deposits.  Net interest income may be affected significantly by general economic
and  competitive  conditions and policies of regulatory  agencies,  particularly
those with respect to market interest rates.  The results of operations are also
influenced by the level of non-interest  expense,  such as employee benefits and
other income, loan-related fees, and fees on deposit-related services.

The Bank primarily originates  fixed-rate loans with terms of up to 30 years and
attempts  to  maintain  sufficient  capital  and other  liquid  assets to manage
interest rate risk.


ASSET/LIABILITY MANAGEMENT

The Bank's net interest income is sensitive to changes in interest rates, as the
rates paid on  interest-bearing  liabilities  generally  change  faster than the
rates earned on  interest-earning  assets. As a result, net interest income will
frequently  decline in periods of rising  interest rates and increase in periods
of decreasing interest rates.

To mitigate the impact of changing  interest  rates on its net interest  income,
the Bank manages its interest  rate  sensitivity  and  asset/liability  products
through  two  committees  of the  Board,  the Loan  Committee  and the  Interest
Committee. The committees meet, as necessary, to determine the rates of interest
for loans and deposits. Rates on deposits are primarily based on the Bank's need
for funds and on a review of rates offered by other  financial  institutions  in
the Bank's market  areas.  Interest  rates on loans are  primarily  based on the
interest  rates offered by other  financial  institutions  in the Bank's primary
market areas as well as the Bank's cost of funds.

The  committees  manage the interest  rate  sensitivity  of the Bank through the
determination  and  adjustment  of   asset/liability   composition  and  pricing
strategies.  The  committees  then monitor the impact of interest  rate risk and
earnings  consequences  of such  strategies  for  consistency  with  the  Bank's
liquidity needs, growth, and capital adequacy.  The Bank's principal strategy is
to manage interest rate  sensitivity of its interest earning assets and interest
bearing liabilities by maintaining sufficient capital and other liquid assets in
the event of an increase in interest rate risk, typically because of an increase
in market interest rates.

                                       -6-
<PAGE>
NET PORTFOLIO VALUE

The Bank  computes  amounts  by which  the net  present  value of cash flow from
assets,  liabilities  and off balance sheet items ("the net portfolio  value" or
"NPV")  would  change  in the  event of a range of  assumed  changes  in  market
interest rates.  These  computations  estimate the effect on the Bank's NPV from
instantaneous  and  permanent 1% to 3% (100 to 300 basis  points)  increases and
decreases in market interest rates.  Based upon OTS  assumptions,  the following
table presents the Bank's NPV at March 31, 2000.



                                             Net Portfolio Value
                                         -----------------------
              Change                                     Board
             in Market                       NPV         Policy
         Interest Rates                     Ratio       Limit (2)
         --------------                   --------    -----------

               +300 bp                     23.34%           10%
               +200 bp                     25.10            10
               +100 bp                     26.84            10
                  0 bp                     28.73            10
               -100 bp                     29.62            10
               -200 bp                     29.92            10
               -300 bp                     30.35            10

--------------
(1)  The NPV ratio is  calculated  as the estimated NPV divided by the estimated
     NPV of assets.

(2)  Minimum  acceptable  NPV  ratio  limits  are  established  by the  Board of
     Directors of the Bank.


Certain  assumptions  utilized by the OTS in assessing the interest rate risk of
savings  institutions  were  employed in  preparing  the previous  table.  These
assumptions  relate to interest  rates,  loan  prepayment  rates,  deposit decay
rates,  and the market values of certain assets under the various  interest rate
scenarios.  It was also  assumed  that  delinquency  rates  will not change as a
result of changes in interest rates although there can be no assurance that this
will be the case. Even if interest rates change in the designated amounts, there
can be no assurance that the Bank's assets and liabilities  would perform as set
forth above.


                                       -7-
<PAGE>
AVERAGE BALANCE SHEET

The  following  table sets forth certain  information  relating to the Company's
average  balance sheet and reflects the average yield on assets and average cost
of liabilities for the periods indicated and the average yields earned and rates
paid.  Such yields and costs are  derived by dividing  income and expense by the
average  balance  of  assets  and  liabilities,  respectively,  for the  periods
presented. Average balances are derived from month-end balances. Management does
not believe that the use of month-end balances instead of daily average balances
has caused any material differences in the information presented

<TABLE>
<CAPTION>
                                     Year Ended March 31,                      At  March 31,
                         -------------------------------------------------  ----------------
                                  2000                     1999                    2000
                         ------------------------ -------------------------  ----------------
                                          Average                   Average           Average
                         Average          Yield/  Average           Yield/            Yield/
                         Balance Interest  Cost   Balance Interest   Cost    Balance   Cost
                         ------- --------  ----   ------- --------   ----    -------   ----
                                                           (Dollars in thousands)
<S>                     <C>      <C>    <C>      <C>       <C>     <C>      <C>      <C>
Interest-earning assets:
  Loans receivable (1)   $24,955  $1,982   7.94%  $24,032   $2,002    8.33%  $25,389    7.66%
  Investment
    securities (2)(6)      5,186     262   5.05%    6,580      322    4.89%    4,043    5.68%
  Mortgage-backed
    securities               660      40   6.06%      568       41    7.22%      559    6.99%
                         ------- -------  ------   ------   ------  -------  -------   ------
     Total interest-
       earning assets     30,801   2,284   7.42%   31,180    2,365    7.58%   29,991    7.38%
                                 -------  ------            ------  -------            ------
Non-interest-earning
  assets                   1,325                      807                      1,771
                         -------                   ------                    -------
     Total assets        $32,126                  $31,987                    $31,762
                         =======                   ======                    =======
Interest-bearing
liabilities:
  Regular savings
    deposits              $8,588     302   3.52%   $8,233      295    3.58%   $8,744    3.50%
  Now accounts             1,395      34   2.44%    1,224       29    2.37%    1,519    2.50%
  Money market demand      1,097      36   3.28%    1,160       34    2.93%      976    3.25%
  Time deposits           10,066     509   5.06%    9,775      506    5.18%    9,815    5.41%
                         ------- -------  ------   ------   ------  -------  -------   ------
     Subtotal deposits    21,146     881   4.17%   20,392      864    4.24%   21,054    4.31%

  Short-term borrowings      946      51   5.39%      615       32    5.20%      900    6.62%
                         ------- -------  ------   ------   ------  -------  -------   ------
     Total interest-
       bearing
       liabilities        22,092     932   4.22%   21,007      896    4.27%   21,954    4.40%
                                 -------  ------            ------  -------            ------
Noninterest-bearing
  liabilities                459                      665                        385
                         -------                   ------                    -------
     Total Liabilities    22,551                   21,672                     22,339


Retained Earnings (3)      9,575                   10,315                      9,423
                         -------                   ------                    -------
     Total liabilities
      and retained
      earnings           $32,126                  $31,987                    $31,762
                         =======                   ======                    =======
Net interest income               $1,352                    $1,469
                                 =======                    ======
Interest rate spread(4)                    3.20%                     3.32%              2.98%
                                          ======                   =======            ======
Net yield on interest-
  earning assets(5)                        4.39%                     4.71%              4.51%
                                          ======                   =======            ======
Ratio of average interest-
  earning assets to average
  interest-bearing liabi1ities           139.42%                   148.43%            136.62%
                                         =======                   =======            ======
</TABLE>

-----------------------
(1)  Average balances include non-accrual loans.
(2)  Includes  interest-bearing  deposits in other financial institutions,  FHLB
     stock and FHLMC stock; bonds
(3)  Includes    accumulated   other   comprehensive    income   on   securities
     available-for-sale, net of applicable deferred income taxes.
(4)  Interest rate spread represents the difference between the average yield on
     interest-earning   assets  and  the   average   cost  of   interest-bearing
     liabilities.
(5)  Net yield on  interest-earning  assets  represents net interest income as a
     percentage of average interest-earning assets.
(6)  Includes municipal  securites whose average yield/cost at March 31, 2000 is
     calculated on the tax equivalent yield.

                                       -8-
<PAGE>

Rate/Volume Analysis

The table below sets forth  certain  information  regarding  changes in interest
income and interest expense of the Company for the periods  indicated.  For each
category   of   interest-earning   assets  and   interest-bearing   liabilities,
information  is  provided  on  changes  attributable  to (i)  changes  in volume
(changes  in  average  volume  multiplied  by old rate);  (ii)  changes in rates
(changes in rate multiplied by old average volume); (iii) changes in rate-volume
(changes in rate multiplied by the change in average volume).
<TABLE>
<CAPTION>

                                                     Year Ended March 31,
                                                        2000 vs. 1999
                                             -----------------------------------
                                                                 Rate/
                                              Volume     Rate   Volume      Net
                                              ------     ----   ------      ---
<S>                                           <C>      <C>      <C>      <C>
Interest-earning assets:
  Loans receivable                             $  77    ($ 94)   ($  5)   ($ 22)
  Investment securities                          (68)      11       (2)     (59)
  Mortgage-backed securities                       7       (7)      (1)      (1)
                                               -----    -----    -----    -----
      Total interest-earning assets               16      (90)      (8)     (82)
                                               -----    -----    -----    -----

Interest-bearing liabilities:
  Savings deposits                                32      (14)      (1)      17
  Short-term borrowings                           17        1        1       19
                                               -----    -----    -----    -----
      Total interest-bearing liabilities          49      (13)      --       36
                                               -----    -----    -----    -----

      Net change in net interest income        ($ 33)   ($ 77)   ($  8)   ($118)
                                               =====    =====    =====    =====
</TABLE>


                                       -9-
<PAGE>

Comparison of Financial Condition

In connection  with the Conversion on June 25, 1997,  the Company  completed the
sale of  661,428  shares  (the  "Offering")  at $10 per share and  received  net
proceeds of  approximately  $5,665,000.  The Company  transferred  approximately
$3,097,000  of the net  proceeds  to the  Bank  for the  purchase  of all of the
capital  stock of the Bank.  In  addition,  $529,140  was  loaned to the  Bank's
Employee  Stock  Ownership  Plan  ("ESOP")  for the  purchase  of  shares in the
Offering.

The Company's total assets decreased by approximately $426,000 to $31,762,000 at
March 31, 2000, from  $32,188,000 at March 31, 1999.  Cash and cash  equivalents
decreased $1,485,000 to $389,000 at March 31, 2000, from $1,874,000 at March 31,
1999. This decrease represented the outflow of cash associated with the purchase
of  available-for-sale  securities,  increase  in loan  production,  purchase of
office  properties and  equipment,  and purchase of Treasury  shares,  offset by
depositors'  investment  of  funds,  maturity  and  sale  of  available-for-sale
securities,  and principal collected on mortgage-backed  securities.  Investment
securities  decreased  $906,000 from $5,259,000 at March 31, 1999, to $4,353,000
at March 31,  2000.  This  decrease was the result of $1.3 million in matured or
sold U.S. Agency securities,  $247,000 in principal collected on mortgage-backed
securities,  and  $413,000  decrease in the market  value of  available-for-sale
securities,  offset by the purchase of $1.1 million in U.S.  Agency  securities.
Net loans receivable  increased $1.1 million from $24,320,000 at March 31, 1999,
to $25,389,000 at March 31, 2000. The increase in loans was  attributable  to an
increase in  one-to-four  family  residential  mortgage  loans.  Such  increases
primarily  reflect  the  economic  health  of the  Bank's  market  area  and the
competitive  pricing of the Bank's loan products.  Office property and equipment
increased  $881,000  from $488,000 at March 31, 1999, to $1,369,000 at March 31,
2000, which was the direct result of the purchase of land and construction costs
of a new branch office in Parkersburg, West Virginia.

Total  liabilities  decreased  $57,000 from  $22,396,000  at March 31, 1999,  to
$22,339,000  at March 31,  2000.  The decrease  was  attributable  to a $159,000
decrease in deferred  income taxes from  $359,000 at March 31, 1999, to $200,000
at March 31,  2000,  which was a result of the tax effect on the decrease in the
market value of  available-for-sale  securities  during the year ended March 31,
2000. The Federal Home Loan Bank ("FHLB") advance  decreased  $100,000 from $1.0
million at March 31, 1999, to $900,000 at March 31, 2000.  Deposits increased by
$206,000 to $21,054,000 at March 31, 2000, from $20,848,000 at March 31, 1999.

Stockholders'  equity  decreased  $368,000  to  $9,424,000  at March  31,  2000,
compared to $9,792,000 at March 31, 1999. The decrease was  attributable  to the
purchase of Treasury  shares in the amount of $323,000,  payment of dividends in
the amount of  $174,000,  and the  decrease  of $266,000  in  accumulated  other
comprehensive income from $686,000 as of March 31, 1999, to $420,000 as of March
31, 2000 as a result of the decrease in the market  value of  available-for-sale
securities.  This  decrease was offset by net income of $266,000,  allocation of
shares in the ESOP in the amount of $56,000  and vesting of shares in the RSP in
the amount of $72,000.


                                      -10-

<PAGE>

Comparison of the Results of  Operations  for the Years Ended March 31, 2000 and
1999

Net Income.  Net income  decreased  by  $123,000,  or 31.7%,  from net income of
$389,000  for the year ended March 31,  1999,  to net income of $266,000 for the
year ended March 31, 2000.

Interest and Dividend Income. Interest and dividend income decreased $80,000, or
3.4%,  to $2,284,000  for the year ended March 31, 2000,  compared to $2,364,000
for the year ended March 31, 1999. The decrease in interest and dividend  income
was the result a decrease in interest on  investments  in the amount of $65,000,
or 19.0%,  and the  decrease in  interest on loans in the amount of $21,000,  or
1.0%.  The  decrease in interest on  investments  from  $340,000 as of March 31,
1999,  to  $275,000  as of March 31,  2000,  was the result of a decrease in the
average  balance of  investments  of $1.4 million from $6.5 million for the year
ended March 31, 1999, to $5.1 million for the year ended March 31, 2000,  offset
by the increase in yields on investment securities by 16 basis points from 4.89%
as of March 31,  1999,  to 5.05% as of March 31,  2000.  The decrease in taxable
interest on loans from  $2,002,000  as of March 31, 1999,  to  $1,981,000  as of
March 31, 2000,  was due to a decline of 39 basis  points in average  yield from
8.33% to  7.94%  offset  by the  increase  in the  average  balance  of loans of
$923,000, from $24.0 million for the year ended March 31, 1999, to $24.9 million
as of March 31, 2000.

Interest Expense. Interest expense increased $36,000, or 4.0%, from $896,000 for
the year ended March 31, 1999, to $932,000 for the year ended March 31, 2000. An
increase in the average  balance of  interest-  bearing  deposits of $754,000 to
$21.1  million  from $20.3  million,  offset by a reduction in the cost of funds
from 4.24% for the year ended March 31, 1999,  as compared to 4.17% for the year
ended March 31, 2000,  resulted in the increase in interest  expense on deposits
of $17,000,  or 2.0%. Interest expense on the FHLB advance increased $19,000, or
58.7%,  from $32,000 as of March 31, 1999, to $51,000 as of March 31, 2000.  The
increase was the direct result of an increase in the average balance of the FHLB
advance in the amount of $331,000  with an increase in average yield of 19 basis
points from 5.20% at March 31, 1999, to 5.39% at March 31, 2000.

Net Interest  Income.  Net interest  income  decreased  $117,000,  or 7.9%, from
$1,469,000  for the year ended March 31, 1999, to $1,352,000  for the year ended
March 31,  2000.  The decrease is  primarily  attributable  to a decrease in the
average balance of investment  securities and an increase in the average balance
of  interest-bearing  deposits and FHLB  advances  from the year ended March 31,
1999, to the year ended March 31, 2000, as previously discussed.

Provision For Loan Losses.  The provision for loan losses increased  $1,000,  or
21.9%,  from  $3,000 for the year ended March 31,  1999,  to $4,000 for the year
ended March 31, 2000, based on management's  analysis of the reserve's adequacy.
The  reserve  for loan losses was  $175,000  at March 31,  2000,  as compared to
$172,000 at March 31, 1999.

Noninterest  income.  Noninterest  income decreased by $167,000,  or 82.6%, from
$202,000 for the year ended March 31, 1999,  to $35,000 for the year ended March
31,  2000.  The  decrease  is  primarily  attributable  to a gain on the sale of
available-for-sale  securities  during the year  ended  March 31,  1999,  in the
amount of $168,000  which was not present  during the year ended March 31, 2000.
The remaining  portion of noninterest  income is comprised  primarily of service
charges on deposit accounts.

Noninterest  Expense.  Noninterest  expense decreased by $73,000,  or 6.9%, from
$1,055,000  for the year ended March 31,  1999,  to $982,000  for the year ended
March 31, 2000.  Compensation and employee  benefits  decreased by $114,000,  or
17.3%, from $663,000 for the year ended March 31, 1999, to $549,000 for the year
ended March 31, 2000. The change is due to a decrease in  compensation  costs of
$79,000  associated with the RSP and ESOP. The decrease is also  attributable to
special one-time retirement agreements executed by four directors resulting in a
pre-tax charge of approximately $94,000 during the year

                                      -11-
<PAGE>

ended March 31, 1999,  which did not occur during the year ended March 31, 2000.
Under  terms  of  the  agreements,   the  four  directors  accepting  the  offer
relinquished  their positions as directors on July 2, 1998. These decreases were
offset by a $59,000  increase  which was the direct result of an increase in the
number of employees  associated with the  anticipated  opening of the new branch
office.  Advertising and public relations  increased by $12,000,  or 51.1%, from
$23,000 for the year ended March 31,  1999,  to $35,000 for the year ended March
31, 2000.  The change is the result of the  increase in expenses  related to the
advertisement  of the new branch office located in Parkersburg,  WV to be opened
during the year ended March 31, 2001.  Other  expenses  increased by $9,000,  or
13.0%,  to $79,000 for the year ended March 31, 2000,  from $70,000 for the year
ended March 31, 2000. The increase is attributable to an increase in stationery,
printing,  and  miscellaneous  expenses related to the opening of the new branch
office.  Loss on  securities  available-for-sale  was $23,000 for the year ended
March 31, 2000, which did not occur during the year ended March 31, 1999.

Income Taxes.  Income tax expense decreased by $88,000,  or 39.5%, from $223,000
for the year ended  March 31,  1999,  to  $135,000  for the year ended March 31,
2000. The decrease is due to a decrease in pre-tax income.

Liquidity and Capital Resources

The Bank's sources of funds are deposits,  amortization  and prepayment of loans
and mortgage-backed  securities,  maturities of investment securities, and funds
provided from  operations.  While  scheduled  loan  repayments  are a relatively
predictable  source of funds,  deposit  flows and loan  prepayments  are greatly
influenced by general interest rates, economic conditions, and competition.  The
Bank uses its sources of funds to fund  existing and future  existing and future
loan  commitments,  to fund maturing  certificates of deposit and demand deposit
withdrawals,  to invest in other interest-earning assets, to maintain liquidity,
and to meet operating expenses.

Net cash  provided by  operating  activities  for the year ended March 31, 2000,
totaled  $434,000,  a decrease of $29,000 from $463,000 for the year ended March
31, 1999.  The change was primarily  attributable  to net income of $266,000 for
the year ended March 31,  2000,  adjusted  by  depreciation,  amortization,  and
accretion in the amount of $50,000,  and the amortization of the ESOP and RSP in
the amount of $56,000 and $72,000, respectively.

Net cash used in investing activities for the year ended March 31, 2000, totaled
$1,529,000,  an increase of $1,515,000 from $14,000 for the year ended March 31,
1999.  The increase in cash used for investing  activities was  attributable  to
$1,060,000  used to  purchase  investment  securities,  $1,073,000  in net  loan
originations, and $925,000 used in purchases of office properties and equipment,
offset by the  increase  of  $1,530,000  provided  by the  maturity  and sale of
investments and repayments on mortgage-backed securities.

Net cash used in financing activities for the year ended March 31, 2000, totaled
$390,000,  as compared to net cash used in financing  activities of $141,000 for
the year ended March 31,  1999.  The  increase of $249,000 was the result of the
purchase of Treasury  shares in the amount of $323,000,  payment of dividends in
the amount of $174,000,  and the net  repayment of the FHLB advance of $100,000,
offset by the net increase in customer deposits in the amount of $206,000.

Liquidity may be adversely  affected by unexpected  deposit outflows,  excessive
interest rates paid by competitors,  adverse  publicity  relating to the savings
and loan industry, and similar matters.  Management monitors projected liquidity
needs and determines the level desired based, in part, on the Bank's commitments
to make loans and  management's  assessment  of the Bank's  ability to  generate
funds.

Certificates  of deposit  scheduled  to mature  during the year ended  March 31,
2000,  total  $5,200,000.  The Bank may renew  these  certificates,  attract new
replacement  deposits  or replace  such funds with  borrowed  funds.  Management
believes,  based  on past  experience,  that the Bank  will  retain  much of the
deposits or replace them with new deposits.

                                      -12-
<PAGE>

Under  federal  regulations,  the  Bank  is  required  to meet  certain  minimum
regulatory   capital   guidelines.   The  Bank  was  in  compliance  with  these
requirements  at  March  31,  2000.  See  Note 7 of the  Notes  to  Consolidated
Financial Statements.

Impact of Inflation and Changing Prices

The  consolidated  financial  statements and the  accompanying  notes  presented
elsewhere in this  document,  have been  prepared in accordance  with  generally
accepted  accounting  principles,  which  require the  measurement  of financial
position  and  operating   results  in  terms  of  historical   dollars  without
considering the change in the relative  purchasing  power of money over time and
due to inflation.  Unlike industrial companies,  virtually all of the assets and
liabilities  of a financial  institution  are  monetary in nature.  As a result,
interest  rates  have a more  significant  impact on a  financial  institution's
performance  than the effects of general levels of inflation.  Interest rates do
not  necessarily  move in the direction or with the same magnitude as the prices
of goods and services.

Recent Accounting Pronouncements

In July 1997,  the FASB  issued  Statement  No.  130,  "Reporting  Comprehensive
Income."  Statement  No. 130 is  effective  for  fiscal  years  beginning  after
December 15, 1997.  This  statement  establishes  standards  for  reporting  and
presentation  of  comprehensive  income and its components  (revenue,  expenses,
gains,  losses)  in a full  set of  general  purpose  financial  statements.  It
requires  that all items that are  required to be  recognized  under  accounting
standards  as  components  of  comprehensive  income be  reported in a financial
statement  that is  presented  with  the  same  prominence  as  other  financial
statements.  Statement  No. 130 requires that  companies  (i) classify  items of
other  comprehensive  income by their nature in a financial  statement  and (ii)
display the accumulated  balance of other  comprehensive  income separately from
retained  earnings and additional  paid-in  capital in the equity section of the
statement of financial  condition.  Reclassification of financial statements for
earlier  periods  provided for  comprehensive  purpose is required.  The Company
current holds securities classified as available-for-sale.  Under the provisions
of Statement No. 130,  unrealized  gains and losses on securities  classified as
available-for-sale are a component of comprehensive income.

In June  1998,  the  FASB  issued  SFAS  No.  133,  "Accounting  for  Derivative
Instruments  and  Hedging  Activities."  SFAS No. 133  provides  accounting  and
reporting  standards for derivatives  instruments,  including certain derivative
instruments  embedded in other contracts,  by requiring the recognition of those
items as assets or liabilities in the statement of financial position,  recorded
at fair value.  SFAS No. 133  precludes a  held-to-maturity  security from being
designated as a hedge item.  However, at the date of initial application of SFAS
No. 133, an entity is permitted to transfer any  held-to-maturity  security into
the  available-for-sale  or trading  categories.  The unrealized holding gain or
loss on such  transferred  securities  shall  be  reported  consistent  with the
requirements  of SFAS No. 115,  "Accounting  for Certain  Investment in Debt and
Equity  Securities."  Such transfers do not raise an issue regarding an entity's
intent to hold other debt  securities  to maturity  in the future.  SFAS No. 133
applies  prospectively for all fiscal quarters of all years beginning after June
15, 1999. Earlier adoption is permitted for any fiscal quarter that begins after
the issue date of SFAS No. 133. Management does not believe the adoption of SFAS
No. 133 will have a material impact on the Company.

In October 1998, the FASB issued SFAS No. 134,  "Accounting for  Mortgage-Backed
Securities  Retained after the Securitization of Mortgage Loans Held for Sale by
a Mortgage Banking Enterprise." SFAS No. 134 amends SFAS No. 65, "Accounting for
Certain Mortgage Banking  Activities," and SFAS No. 115, "Accounting for Certain
Investments  in  Debt  and  Equity  Securities,"  to  require  that,  after  the
securitization  of mortgage  loans held for sale, an entity  engaged in mortgage
banking activities  classify the resulting  mortgage-backed  securities or other
retained  interests  based  on its  ability  and  intent  to sell or hold  those
investments.  The statement is effective for the first fiscal quarter  beginning
after  December 15,  1998.  The adoption of SFAS No. 134 did not have a material
impact on the Company.

                                      -13-
<PAGE>

Year 2000

Rapid and  accurate  data  processing  is  essential  to the Bank's  operations.
Accordingly,  prior  to the  Year  2000,  the Bank  evaluated  both  information
technology  (computer  systems) and  non-information  technology  systems (e.g.,
vault timers and electronic door lock). Based upon such evaluations,  management
determined  that the Bank had Year  2000 risk in three  areas:  (1)  Bank's  own
computers  (2)  Computers  of  others  used  by the  Bank's  borrowers,  and (3)
Computers of others who provide the Bank with data processing.

Bank's Own Computers.  The Bank upgraded its computer system to address the Year
2000 risk. The Bank did not  experience any material  problems or material costs
to address the risk.

Computers of Others Used by the Bank's Borrowers. The Bank evaluated most of its
borrowers  and  determined  that the Year 2000  problem did not, on an aggregate
basis,  impact their ability to make payments to the Bank.  The Bank  determined
that  most of its  residential  borrowers  were  not  dependent  on  their  home
computers  for income and that none of their  commercial  borrowers are so large
that a Year 2000 problem rendered them unable to collect revenue or rent and, in
turn, be unable to continue to make loan payments to the Bank.  The Bank did not
incur any material costs to address this risk area. Since December 31, 1999, the
Bank has not  experienced  any  material  Year 2000  problems  arising  from the
computers of others used by its borrowers.

Computers  of  Others  Who  Provide  the Bank  with  Data  Processing.  The Bank
determined  that the risk in this area was primarily  focused on two third party
service bureaus that provide virtually all of the Bank's data processing.  Since
December 31, 1999, the Bank has not  experienced any material  problems  arising
from the Year 2000 compliance of the service bureaus.



                                      -14-

<PAGE>



                          Independent Auditor's Report
                          ----------------------------


Board of Directors
Sistersville Bancorp, Inc.

We have audited the  accompanying  consolidated  balance sheets of  Sistersville
Bancorp,  Inc.  as of March 31,  2000 and  1999,  and the  related  consolidated
statements of income, comprehensive income, changes in shareholders' equity, and
cash flows for each of the years then ended. These financial  statements are the
responsibility of the Company'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 consolidated  financial statements referred to above present
fairly,  in all  material  respects,  the  financial  position  of  Sistersville
Bancorp,  Inc. at March 31, 2000 and 1999, and the  consolidated  results of its
operations and cash flows for each of the years then ended,  in conformity  with
generally accepted accounting principles.



/s/S.R. Snodgrass, A.C.
-----------------------
Wheeling, West Virginia
April 14, 2000


                                      -15-

<PAGE>
                    SISTERSVILLE BANCORP, INC. AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                        March 31,
                                                                 2000             1999
                                                             -------------    ------------

<S>                                                          <C>             <C>
                                     ASSETS

Cash and Cash Equivalents
       Cash and amounts due from banks                        $    141,439    $     29,823
       Interest - bearing deposits with other institutions         247,632       1,843,976
                                                              ------------    ------------
          Total cash and cash equivalents                          389,071       1,873,799
                                                              ------------    ------------

Investment Securities
       Securities held-to-maturity (fair value of $239,716
       and $356,980, respectively)                                 237,873         350,815
       Securities available-for-sale                             4,115,617       4,908,390
                                                              ------------    ------------
          Total investment securities                            4,353,490       5,259,205
                                                              ------------    ------------

Loans receivable, (net of allowance for loan losses
  of $174,550 and $172,250, respectively)                       25,389,113      24,319,941
Office properties and equipment, net                             1,368,620         487,735
Accrued interest receivable (net of reserve
  for uncollected interest of $-0- for 2000 and 1999)              215,451         212,644
Other assets                                                        46,670          34,224
                                                              ------------    ------------

          TOTAL ASSETS                                        $ 31,762,415    $ 32,187,548
                                                              ============    ============


                      LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES
       Deposits                                               $ 21,053,607    $ 20,847,502
       Federal Home Loan Bank advance                              900,000       1,000,000
       Deferred income taxes                                       199,796         358,818
       Accrued interest payable and other liabilities              185,425         189,656
                                                              ------------    ------------
          Total liabilities                                     22,338,828      22,395,976
                                                              ------------    ------------
STOCKHOLDERS' EQUITY
       Preferred Stock, $.10 par value;
         500,000 shares authorized, none issued                         --              --
       Common Stock, $.10 par value;
         2,000,000 shares authorized; 661,428 issued;
         538,739 outstanding at March 31, 2000, and
         567,093 outstanding at March 31, 1999                      66,143          66,143
       Additional paid - in capital                              6,182,238       6,178,859
       Treasury Stock (122,689 shares at March 31, 2000;
         94,335 shares at March 31, 1999)                       (1,649,297)     (1,326,770)
       Retained Earnings - substantially restricted              4,983,212       4,890,911
       Accumulated other comprehensive income                      420,350         685,720
       Unearned Employee Stock Ownership Plan shares (ESOP)       (366,694)       (419,074)
       Unearned Restricted Stock Plan shares (RSP)                (212,365)       (284,217)
                                                              ------------    ------------
          Total stockholders' equity                             9,423,587       9,791,572
                                                              ------------    ------------
          TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY          $ 31,762,415    $ 32,187,548
                                                              ============    ============
</TABLE>
The  accompanying  notes  are an  integral  part of the  consolidated  financial
statements.

                                                       -16-
<PAGE>
                    SISTERSVILLE BANCORP, INC. AND SUBSIDIARY
                        CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
                                                                  Year Ended March 31,
                                                                   2000         1999
                                                                -----------  -----------
<S>                                                             <C>          <C>
INTEREST AND DIVIDEND INCOME
     Taxable interest on loans                                   $1,965,773   $1,993,920
     Taxable interest on investments                                234,036      334,750
     Nontaxable interest on loans                                    15,859        8,477
     Nontaxable interest on investments                              41,116        4,903
     Dividends on Federal Home Loan Bank stock                       15,794       14,663
     Dividends on Federal Home Loan Mortgage Corporation stock       11,581        7,924
                                                                 ----------   ----------
         Total interest and dividend income                       2,284,159    2,364,637
                                                                 ----------   ----------
INTEREST EXPENSE
     Deposits                                                       881,644      864,295
     Federal Home Loan Bank advances                                 50,633       31,901
                                                                 ----------   ----------
         Total interest expense                                     932,277      896,196
                                                                 ----------   ----------
         NET INTEREST INCOME                                      1,351,882    1,468,441

PROVISION FOR LOAN LOSSES                                             4,145        3,400
                                                                 ----------   ----------
         NET INTEREST INCOME AFTER
         PROVISION FOR LOAN LOSSES                                1,347,737    1,465,041
                                                                 ----------   ----------
NONINTEREST INCOME
     Service charges                                                 32,664       31,908
     Gain on securities available-for-sale                             --        167,536
     Other income                                                     2,374        2,408
                                                                 ----------   ----------
         Total noninterest income                                    35,038      201,852
                                                                 ----------   ----------
NONINTEREST EXPENSE
     Compensation and employee benefits                             548,569      662,954
     Occupancy                                                       49,210       41,672
     Furniture and equipment expense                                 38,041       36,691
     Deposit insurance premiums                                      10,430       12,714
     Supervisory examination, audit and legal                        70,064       77,308
     Advertising  and public relations                               34,651       22,935
     Service bureau expense                                          68,622       63,879
     Franchise, payroll and other taxes                              60,531       66,337
     Other expenses                                                  79,073       70,008
     Loss on securities available-for-sale                           22,579         --
                                                                 ----------   ----------
         Total noninterest expense                                  981,770    1,054,498
                                                                 ----------   ----------
         INCOME BEFORE INCOME TAXES                                 401,005      612,395

INCOME TAXES                                                        135,022      223,029
                                                                 ----------   ----------
         NET INCOME                                              $  265,983   $  389,366
                                                                 ==========   ==========
EARNINGS PER SHARE
        Basic                                                    $     0.54   $     0.71
                                                                 ==========   ==========
        Diluted                                                  $     0.53   $     0.70
                                                                 ==========   ==========
AVERAGE SHARES OUTSTANDING
        Basic                                                       490,713      545,755
                                                                 ==========   ==========
        Diluted                                                     503,471      558,363
                                                                 ==========   ==========
</TABLE>

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

                                      -17-
<PAGE>
                    SISTERSVILLE BANCORP, INC. AND SUBSIDIARY
                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

                                                           Year Ended March 31,
                                                            2000         1999
                                                         ---------    ----------
NET INCOME                                               $ 265,983    $ 389,366
                                                         ---------    ---------

OTHER COMPREHENSIVE LOSS, NET OF TAX
       Unrealized loss on securities:
            Unrealized holding gain (loss)                (280,177)     109,236
            Reclassification adjustment for loss (gain)
              included in net income                        14,807     (109,853)
                                                         ---------    ---------
                 Other comprehensive loss                 (265,370)        (617)
                                                         ---------    ---------

                 COMPREHENSIVE INCOME                    $     613    $ 388,749
                                                         =========    =========


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

                                      -18-
<PAGE>
                                    SISTERSVILLE BANCORP, INC. AND SUBSIDIARY
                                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>


                                                            Accumulated
                                                Retained        Other                                           Total
                                   Additional   Earnings-      Compre-   Unearned    Unearned                   Stock-
                 Preferred  Common  Paid In    Substantially   hensive   Shares in  Shares in      Treasury    holders'
                   Stock     Stock  Capital     Restricted     Income     ESOP         RSP          Stock       Equity
                 --------- ------------------- ------------- ---------   ---------- ----------  ------------ -----------
<S>             <C>       <C>      <C>         <C>          <C>         <C>        <C>          <C>         <C>
BALANCE,
  MARCH 31, 1998 $       - $66,143  $6,152,518  $4,686,573   $686,337   $(480,989)  $       -   $  (529,136) $10,581,446

1999 net income          -       -           -     389,366          -           -           -             -      389,366

Accrued
  compensation
  expense - ESOP         -       -      26,341           -          -      61,915           -             -       88,256

Purchase of RSP
  shares                 -       -           -           -          -           -    (410,084)            -     (410,084)

Vesting of RSP
  shares                 -       -           -           -          -           -     125,867             -      125,867

Other
  comprehensive
  income (loss),
  net of tax             -       -           -           -       (617)          -           -             -         (617)

Cash dividends
  declared ($.33
  per share)             -       -           -    (185,028)         -           -           -             -     (185,028)

Purchase of
  Treasury
  Stock                  -       -           -           -          -           -           -      (797,634)    (797,634)
                 --------- -------  ----------  ----------   --------   ---------   ---------  ------------  -----------

BALANCE,
  MARCH 31, 1999         -  66,143   6,178,859   4,890,911    685,720    (419,074)   (284,217)   (1,326,770)   9,791,572

2000 net income          -       -           -     265,983          -           -           -             -      265,983

Accrued
  compensation
  expense - ESOP         -       -       3,379           -          -      52,380           -             -       55,759

Vesting of RSP
  shares                 -       -           -           -          -           -      71,852             -       71,852

Other
  comprehensive
  income (loss),
  net of tax             -       -           -           -    265,370)          -           -             -     (265,370)

Cash dividends
  declared ($.35
  per share)             -       -           -    (173,682)         -           -           -             -     (173,682)

Purchase of
  Treasury
  Stock                  -       -           -           -          -           -           -      (322,527)    (322,527)
                 --------- -------  ----------  ----------   --------   ---------   ---------  ------------  -----------

BALANCE,
  MARCH 31, 2000 $       - $66,143  $6,182,238  $4,983,212   $420,350   $(366,694)  $(212,365)  $(1,649,297) $ 9,423,587
                 ========= =======  ==========  ==========   ========   =========   =========   ===========   ==========
</TABLE>
The  accompanying  notes  are an  integral  part of the  consolidated  financial
statements.

                                                                    -19-
<PAGE>
                    SISTERSVILLE BANCORP, INC. AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
                                                                        Year Ended March 31,
                                                                         2000          1999
                                                                      -----------   ------------
<S>                                                                  <C>            <C>
OPERATING ACTIVITIES
       Net income                                                     $   265,983    $   389,366
       Adjustments to reconcile net income to net cash
       provided by (used in) operating activities:
            Depreciation, amortization and accretion, net                  50,468         49,496
            Loss (gain) on sale of available-for-sale securities           22,579       (167,536)
            Provision for loan losses                                       4,145          3,400
            Deferred federal income taxes                                 (11,400)         4,961
            ESOP amortization                                              55,759         88,256
            RSP amortization                                               71,852        125,867
            Decrease (increase) in accrued interest receivable
              and other assets                                            (21,208)       (17,458)
            Increase (decrease) in accrued interest payable
              and other liabilities                                        (4,228)       (13,705)
                                                                      -----------    -----------
                   Net cash provided by operating activities              433,950        462,647
                                                                      -----------    -----------

INVESTING ACTIVITIES
       Purchase of available-for-sale securities                       (1,059,938)    (3,080,402)
       Proceeds from sale of available-for-sale securities                382,892        171,053
       Proceeds from maturity of available-for-sale securities            900,000      4,067,447
       Purchase of mortgage-backed securities held-to-maturity                 --       (514,937)
       Principal collected on mortgage-backed securities                  246,844        172,736
       Net increase in loans                                           (1,073,317)      (676,417)
       Purchases of office properties and equipment                      (925,054)      (153,156)
                                                                      -----------    -----------
                   Net cash used in investing activities               (1,528,573)       (13,676)
                                                                      -----------    -----------

FINANCING ACTIVITIES
       Net increase (decrease) in deposits                                206,104        251,537
       Federal Home Loan Bank advance                                    (100,000)     1,000,000
       Purchase of RSP shares                                                  --       (410,084)
       Dividends Paid                                                    (173,682)      (185,028)
       Purchase of Treasury Stock                                        (322,527)      (797,634)
                                                                      -----------    -----------
                   Net cash used in financing activities                 (390,105)      (141,209)
                                                                      -----------    -----------

                   Increase (decrease) in cash and cash equivalents    (1,484,728)       307,762

CASH AND CASH EQUIVALENTS,
    BEGINNING OF PERIOD                                                 1,873,799      1,566,037
                                                                      -----------    -----------

CASH AND CASH EQUIVALENTS,
    END OF PERIOD                                                     $   389,071    $ 1,873,799
                                                                      ===========    ===========



SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
       Cash paid during the period for:
            Interest on deposits                                      $   934,274    $   898,729
            Income taxes                                                  249,040        240,927

</TABLE>

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

                                                       -20-
<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

      Sistersville  Bancorp,  Inc. (the "Company") was organized in March, 1997,
      as a State of Delaware chartered corporation. The Company acquired 100% of
      the common  stock of First  Federal  Savings  Bank (the  "Bank")  upon the
      conversion of First Federal  Savings and Loan  Association of Sistersville
      (the "Association") from a federally-chartered  mutual savings and loan to
      a federally-  chartered  stock savings bank in June,  1997.  The operating
      results of the Company depend primarily upon the operating  results of the
      Bank.

      Nature of Operations - The Company provides savings and financing services
      primarily  to  individuals  through  its  wholly-owned  subsidiary,  First
      Federal  Savings  Bank located in  Sistersville,  West  Virginia.  Primary
      deposit  products  consist  of  savings,  NOW,  and Money  Market  deposit
      accounts, and certificates of deposit. Primary lending products consist of
      conventional  mortgage,  construction,  and  consumer  loans.  The  Bank's
      primary market area for lending and deposits consists of Wood,  Pleasants,
      Tyler, and Wetzel Counties in West Virginia.

      Principles  of  Consolidation  -  The  consolidated  financial  statements
      include the accounts of the Company and its wholly-owned subsidiary, First
      Federal Savings Bank. 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,  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 Company's  intent and
      ability to hold to maturity.  Securities meeting such criteria at the 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  -  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  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
      Company's overall asset/liability management strategy. Realized securities
      gains and losses are computed using the specific identification method.

      Interest  and Fees on Loans - Interest  on loans is  credited to income as
      earned and is accrued only if it is considered  collectible.  An allowance
      for  uncollected  interest on mortgage  loans is provided  for all accrued
      interest  on loans  which  are  delinquent  90 days or more  resulting  in
      interest previously accrued on those loans being reversed from income and,
      thereafter,  interest  is  recognized  only  to  the  extent  of  payments
      received.  Loans are  returned  to accrual  status  when less than 90 days
      delinquent and when, in management's judgment, collection is probable.

                                      -21-
<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

      The Company  adopted the  provisions of Statement of Financial  Accounting
      Standards Nos. 114 and 118,  "Accounting for Creditors for Impairment of a
      Loan." It is the  Company'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  Company  had  no  loans
      which management has determined to be impaired.

      Loan  origination and commitment fees and certain direct loan  origination
      costs are  deferred,  and the net amount  amortized  over the  contractual
      lives of the related loans or  commitments as an adjustment of the related
      loan's yield using the interest method.

      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 to the estimation process, management's estimate of credit losses
      inherent in the loan portfolio and the related allowance may change in the
      near term.

      Real Estate Acquired in Settlement  of  Loans - Real  estate  acquired  in
      settlement of loans is classified  separately on the balance sheets at the
      lower of the recorded  investment  in the property or its fair value minus
      estimated costs of sale.

      Office  Properties  and  Equipment - Premises  and  equipment  are  stated
      at cost, less  accumulated  depreciation.  Provisions for depreciation are
      computed on the  straight-line  method over the estimated  useful lives of
      the assets.

      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 and repairs and maintenance are charged to expense
      as incurred. Major renewals and betterments are capitalized at cost.

      Income Taxes - Deferred tax assets and  liabilities are recognized for the
      future tax consequences  attributable to differences between the financial
      statement  carrying  amounts of existing  assets and liabilities and their
      respective  tax bases.  Deferred tax assets and  liabilities  are measured
      using enacted tax rates  expected to apply to taxable  income in the years
      in which those  temporary  differences  are  expected to be  recovered  or
      settled.

                                      -22-
<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

      Earnings Per Common Share - On June 25, 1997, the Company  issued  661,428
      shares of common stock. As discussed in Note 10, the Company  accounts for
      the 52,914  shares acquired  by the  Employee  Stock  Ownership  Plan (the
      "ESOP") in accordance with Statement of Position 93-6;shares controlled by
      the ESOP are not considered  in the weighted  average  shares  outstanding
      until the shares are committed for allocation  to employee  accounts.  The
      proforma net income per share for the 2000 fiscal year is $.40 and for the
      1999 fiscal year is $.59,  ssuming the shares had been outstanding for the
      entire period.

      The  following  table  sets  forth the  computation  of basic and  diluted
      earnings  per share.  There were no  convertible  securities  which  would
      affect the numerator in calculating  basic and diluted earnings per share;
      therefore,  net income as  presented  on the  Consolidated  Statements  of
      Income  for March  31,  2000,  and for March 31,  1999 will be used as the
      numerator.  The  following  tables  set  forth  a  reconciliation  of  the
      denominator of the basic and diluted earnings per share computation:
<TABLE>
<CAPTION>
                                                                      December 31,
                                                                    2000         1999
                                                                 --------      --------
<S>                                                              <C>          <C>
      Denominator:
           Denominator for basic earnings per share-weighted-
             average shares                                       490,713      545,755
           Employee stock options (antidilutive)                      -            -
           Unvested RSP shares                                     12,758       12,608
                                                                 --------      -------

           Denominator for diluted earnings per share-adjusted
             weighted-average assumed conversions                 503,471      558,363
                                                                 ========      =======
</TABLE>

      Reclassification  - Certain prior year amounts have been  reclassified  to
      conform with the current year's presentation.

      Cash Flows  Information - The Company's policy is to include cash on hand,
      amounts due from depository institutions,  and overnight deposits with the
      Federal Home Loan Bank in the definition of cash and cash equivalents.


NOTE 2 - STOCKHOLDERS' EQUITY

      On June 25, 1997, the Company  completed the sale of 661,428 common shares
      at $10 per share and received net proceeds of $5,664,987.  Included in the
      661,428  shares were 52,914  shares  acquired by the ESOP. As of March 31,
      2000, the Company has 122,689 shares held for treasury.

                                      -23-
<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999

NOTE 2 - STOCKHOLDERS' EQUITY (CONTINUED)

      The following  table  represents  the change in the Company's  outstanding
shares:


                                                   Preferred          Common
                                                      Stock            Stock
                                                   -----------     ------------

           Shares outstanding, March 31, 1998               -           628,357
              Shares repurchased                            -           (61,264)
                                                   -----------     ------------

           Shares outstanding, March 31, 1999               -           567,093
              Shares repurchased                            -           (28,354)
                                                   -----------     ------------

           Shares outstanding, March 31, 2000               -           538,739
                                                   ===========     ============


NOTE 3 - INVESTMENT SECURITIES

      The  carrying  amounts and fair  values of  investment  securities  are as
      follows at March 31, 2000 and 1999:
<TABLE>
<CAPTION>
                                                                              2000
                                                  ------------------------------------------------------------
                                                                      Gross           Gross          Estimated
                                                      Amortized     Unrealized      Unrealized        Market
                                                         Cost         Gains           Losses          Value
                                                  -------------   ------------    ------------   -------------
<S>                                              <C>             <C>             <C>            <C>
      Securities available- for-sale:
         Federal Home Loan Bank stock
           (restricted)                           $     235,700   $        -      $      -       $     235,700
         Federal Home Loan Mortgage
          Corporation stock                              18,714        818,631           -             837,345
         Municipal securities                           906,238            -          (96,015)         810,223
         U.S. agency obligations                      1,999,942            -          (88,593)       1,911,349
         Mortgage-backed securities-
           GNMA                                         320,571            429           -             321,000
                                                  -------------   ------------    ------------   -------------

                Total available-for-sale              3,481,165        819,060       (184,608)       4,115,617

      Securities to be held-to-maturity:
         Mortgage-backed securities-
          GNMA and FHLMC                                237,873          1,869            (26)         239,716
                                                  -------------   ------------    ------------   -------------

                Total                             $   3,719,038   $    820,929    $  (184,634)   $   4,355,333
                                                  =============   ============    ============   =============
</TABLE>

                                      -24-
<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999

NOTE 3 - INVESTMENT SECURITIES (CONTINUED)
<TABLE>
<CAPTION>
                                                                              1999
                                                  ------------------------------------------------------------
                                                                      Gross           Gross          Estimated
                                                     Amortized      Unrealized      Unrealized         Market
                                                        Cost           Gains          Losses           Value
                                                  -------------   ------------    ------------   -------------
<S>                                              <C>             <C>             <C>            <C>
      Securities available-for-sale:
         Federal Home Loan Bank stock
           (restricted)                           $     225,700   $        -      $      -       $     225,700
         Federal Home Loan Mortgage
          Corporation stock                              18,714      1,082,615           -           1,101,329
         Municipal securities                           906,621            -          (20,861)         885,760
         U.S. agency obligations                      2,251,369          1,200        (15,510)       2,237,059
         Mortgage-backed securities-
           GNMA                                         458,542            -             -             458,542
                                                  -------------   ------------    ------------   -------------

                Total available-for-sale              3,860,946      1,083,815        (36,371)       4,908,390

      Securities to be Held to Maturity:
         Mortgage-Backed Securities-
          GNMA and FHLMC                                350,815          6,165           -             356,980
                                                  -------------   ------------    ------------   -------------

                Total                             $   4,211,761   $  1,089,980    $   (36,371)   $   5,265,370
                                                  =============   ============    ============   =============
</TABLE>
      The amortized and estimated market value of investment securities at March
      31, 2000 and 1999, 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>
                                                                         March 31, 2000
                                                  ------------------------------------------------------------
                                                           Securities                     Securities
                                                       Available-for-Sale              Held-to-Maturity
                                                  ----------------------------    ----------------------------
                                                                    Estimated                     Estimated
                                                     Amortized        Market       Amortized        Market
                                                       Cost           Value           Cost          Value
                                                  -------------   ------------    -----------    ------------
<S>                                              <C>             <C>             <C>            <C>
         Due in one year or less                  $       -       $      -        $     -        $       -
         Due after one year
           through five years                           900,000        860,725          -                -
         Due after five years
           through ten years                            599,942        573,529          -                -
         Due after ten years                          1,406,238      1,287,318          -                -
         Mortgage-backed securities                     320,571        321,000      237,873          239,716
         Equity securities                              254,414      1,073,045          -                -
                                                  -------------   ------------    ---------      -----------


                Total                             $   3,481,165   $  4,115,617    $ 237,873      $   239,716
                                                  =============   ============    =========      ===========

</TABLE>
                                      -25-
<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999

NOTE 3 - INVESTMENT SECURITIES (CONTINUED)
<TABLE>
<CAPTION>
                                                                        March 31, 1999
                                                  -------------------------------------------------------------
                                                           Securities                        Securities
                                                       Available-for-Sale                  Held-to-Maturity
                                                  ----------------------------    -----------------------------
                                                                    Estimated                       Estimated
                                                      Amortized       Market       Amortized         Market
                                                        Cost          Value           Cost            Value
                                                  -------------   ------------    -----------    --------------
<S>                                              <C>             <C>             <C>            <C>
         Due in one year or less                  $     201,489   $    202,688    $     -        $       -
         Due after one year
           through five years                           849,478        837,327          -                -
         Due after five years
           through ten years                          1,000,402        997,042          -                -
         Due after ten years                          1,106,621      1,085,762          -                -
         Mortgage-backed securities                     458,542        458,542        350,815          356,980
         Equity securities                              244,414      1,327,029          -                -
                                                  -------------   ------------    -----------    -------------

                Total                             $   3,860,946   $  4,908,390    $   350,815    $     356,980
                                                  =============   ============    ===========    =============

</TABLE>

      There were no transfers of securities  between  classifications in 2000 or
1999.


NOTE 4 - LOANS AND ALLOWANCE FOR POSSIBLE LOAN LOSSES

      Loans outstanding at March 31 are as follows:

                                                    2000              1999
                                              ---------------    ---------------
          Mortgage Loans:
             Construction                     $       500,000    $       119,000
             1-4 family                            24,540,264         23,681,466
          Consumer Loans:
             Automobiles                              568,989            699,069
             Savings account                           91,269             99,454
             Other                                      9,672             18,432
          Commercial                                  275,714            269,270
                                              ---------------    ---------------
                   Total                           25,985,908         24,886,691
          Less:
             Allowance for loan losses                174,550            172,250
             Undisbursed funds                        381,015            342,928
             Net deferred loan fees                    41,230             51,572
                                              ---------------    ---------------

                   Loans receivable, net      $    25,389,113    $    24,319,941
                                              ===============    ===============

                                      -26-

<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999


NOTE 4 - LOANS AND ALLOWANCE FOR POSSIBLE LOAN LOSSES (CONTINUED)

      Activity  in the  allowance  for loan losses for the years ended March 31,
      2000 and 1999, is summarized as follows:

                                                   2000           1999
                                                 ----------    ----------

          Balance, beginning of year             $  172,250    $  168,850
          Add provisions charged to operations        4,145         3,400
                                                 ----------    ----------
                                                    176,395       172,250
          Less loans charged off                      1,845             -
                                                 ----------    ----------

          Balance, end of period                 $  174,550    $  172,250
                                                 ==========    ==========


      In the normal  course of business,  loans are  extended to  directors  and
      executive  officers and their  associates.  In management's  opinion,  all
      loans are on substantially the same terms and conditions as loans to other
      individuals  and  businesses of comparable  creditworthiness.  Total loans
      outstanding  to officers and  directors  at March 31, 2000 and 1999,  were
      $25,437 and $28,633, respectively.


NOTE 5 - OFFICE PROPERTIES AND EQUIPMENT

      Properties and equipment at March 31 are summarized as follows:

                                                   2000          1999
                                                 -----------    ------------

          Land                                   $    38,500    $     38,500
          Office buildings and improvements        1,460,524         543,300
          Furniture, fixtures, and equipment         250,022         242,192
                                                 -----------    ------------
                   Total                           1,749,046         823,992
          Less accumulated depreciation              380,426         336,257
                                                 -----------    ------------

                   Premises and equipment, net   $ 1,368,620    $    487,735
                                                 ===========    ============


      Depreciation charged to operations amounted to $44,169 and $43,783 for the
      years ended March 31, 2000 and 1999, respectively.


                                      -27-

<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999


NOTE 6 - DEPOSITS ANALYSIS

      Deposit accounts at March 31 are summarized as follows:
<TABLE>
<CAPTION>
                                                                    2000                         1999
                                                      ---------------------------   -----------------------------
                                                                       Percent of                     Percent of
                                                           Amount       Portfolio        Amount       Portfolio
                                                      --------------   ----------   --------------   ----------
<S>                                                  <C>                  <C>      <C>                  <C>
          Savings accounts                            $    8,743,878        41.5%   $    8,426,081        40.4%
          NOW accounts                                     1,518,550         7.2%        1,326,967         6.4%
          Money market accounts                              976,096         4.7%        1,136,401         5.4%
                                                      --------------   ----------   --------------   ----------
                                                          11,238,524        53.4%       10,889,449        52.2%
                                                      --------------   ----------   --------------   ----------

          Certificates of deposit:
             4.01 - 6.00%                                  9,394,373        44.6%        8,997,052        43.2%
             6.01 - 8.00%                                    420,710         2.0%          961,001         4.6%
                                                      --------------   ----------   --------------   ----------
                                                           9,815,083        46.6%        9,958,053        47.8%
                                                      --------------   ----------   --------------   ----------

                   Total                              $   21,053,607       100.0%   $   20,847,502       100.0%
                                                      ==============   ==========   ==============   ==========

</TABLE>

      The scheduled maturities of certificates of deposit at March 31, 2000, are
as follows:
<TABLE>
<CAPTION>

                                                                                                      Amount
                                                                                                  -------------
<S>                                                                                              <C>
          Within one year                                                                         $   5,246,913
          Due after one year, but within two years                                                    2,079,935
          Due after two years, but within three years                                                 1,145,023
          Due after three years                                                                       1,343,212
                                                                                                  -------------

                   Total                                                                          $   9,815,083
                                                                                                  =============
</TABLE>

      Certificates  of  deposit  issued in  denominations  of  $100,000  or more
      amounted to $472,377 at March 31,  2000,  and  $566,403 at March 31, 1999.
      Deposits in excess of $100,000 are not federally insured.

      Interest expense by deposit category is as follows:
<TABLE>
<CAPTION>
                                                                                    Year Ended March 31,
                                                                                     2000              1999
                                                                                --------------    -------------

<S>                                                                            <C>               <C>
          Savings - passbook                                                    $      302,203    $     295,396
          NOW and money market                                                          70,092           63,497
          Time certificates of deposit                                                 509,349          505,402
                                                                                --------------    -------------

                   Total                                                        $      881,644    $     864,295
                                                                                ==============    =============

</TABLE>
                                      -28-

<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999


NOTE 7 - REGULATORY MATTERS

      The Subsidiary Bank is subject to various regulatory capital  requirements
      administered  by its  primary  federal  regulator,  the  Office  of Thrift
      Supervision.  Failure to meet the minimum regulatory capital  requirements
      can initiate  certain  mandatory,  and possible  additional  discretionary
      actions by regulators,  that if undertaken,  could have a direct  material
      affect on the Bank's financial  statements.  Under the regulatory  capital
      adequacy  guidelines  and the regulatory  framework for prompt  corrective
      action,  the  Bank  must  meet  specific  capital   guidelines   involving
      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 classification  under the prompt corrective
      action  guidelines  are  also  subject  to  qualitative  judgement  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 tangible and core capital (as
      defined) to adjusted assets (as defined). Management believes, as of March
      31, 2000, that the Bank meets all capital  adequacy  requirements to which
      they are subject.

      As of March 31,  2000,  the most  recent  notification  from the Office of
      Thrift  Supervision  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 (core) risk-based,  core, and tangible ratios as set forth in the table.
      There are no conditions or events since the  notification  that management
      believes have changed the institution's category.

      The following table reconciles capital under generally accepted accounting
      principles to regulatory capital:
                                                                March 31,
                                                           2000          1999
                                                        ----------    ---------
                                                            (In Thousands)

          Total equity                                  $   8,569     $  8,894

          Accumulated other comprehensive income             (440)        (688)
                                                        ---------     --------

                   Tier I (core) and tangible capital       8,129        8,206

          Allowance for loan losses                           175          172
                                                        ---------     --------

                   Risk-based capital                   $   8,304     $  8,378
                                                        =========     ========


                                      -29-
<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999


NOTE 7 - REGULATORY MATTERS (CONTINUED)

      At March  31,  the  actual  capital  levels  of the  Bank and the  minimum
      required levels are as follows:
<TABLE>
<CAPTION>
                                                                         2000                     1999
                                                               ----------------------    ----------------------
                                                               Amount         Ratio      Amount         Ratio
                                                               ------       ---------    ------       ---------
                                                                   (In Thousands)             (In Thousands)
<S>                                                           <C>             <C>       <C>             <C>
          Total Capital to Risk-Weighted Assets
          -------------------------------------
             Actual                                            $   8,304       51.91%    $   8,378       54.12%
             For capital adequacy purposes                         1,280        8.00%        1,238        8.00%
             To be "well capitalized"                              1,600       10.00%        1,548       10.00%

          Tier I (Core) Capital to Risk-Weighted Assets
          ---------------------------------------------
             Actual                                            $   8,129       50.82%    $   8,206       53.01%
             For capital adequacy purposes                           640        4.00%          619        4.00%
             To be "well capitalized"                              1,000        6.00%          929        6.00%

          Tier I (Core) Capital to Adjusted Assets
          ----------------------------------------
             Actual                                            $   8,129       26.55%    $   8,206       26.83%
             For capital adequacy purposes                           918        3.00%          917        3.00%
             To be "well capitalized"                              1,531        5.00%        1,529        5.00%

          Tangible Capital to Adjusted Assets
          -----------------------------------
             Actual                                            $   8,129       26.55%    $   8,206       26.83%
             For capital adequacy purposes                           459        1.50%          459        1.50%
             To be "well capitalized"                                N/A          N/A          N/A          N/A

</TABLE>

NOTE 8 - INCOME TAX

      Until  1996,  thrift  institutions  were  permitted  a  special  bad debts
      deduction  limited generally to 8% of otherwise taxable income and subject
      to  certain  limitations  based on  aggregate  loans and  savings  account
      balances at the end of the year.  On August 20, 1996,  the Small  Business
      Job Protection Act (the "Act") was signed into law. The Act eliminated the
      percentage of taxable  income bad debt  deduction for thrift  institutions
      and requires that bad debts for federal  income tax purposes be determined
      based primarily on the experience  method.  The Act provides that bad debt
      reserves accumulated after 1987 are subject to recapture over a maximum of
      six years.  The Act provides that bad debt reserves  accumulated  prior to
      1988 be exempt from  recapture.  If the amounts that qualify as deductions
      for federal income tax purposes are later used for purposes other than for
      bad debt  losses,  they will be subject to federal  income tax at the then
      corporate  rate.  Retained  income,  at March 31, 2000 and 1999,  included
      approximately  $696,000 (pre 1988  reserves) for which federal  income tax
      has not been provided.

                                      -30-
<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999

NOTE 8 - INCOME TAX (CONTINUED)

      The provisions for Federal income taxes consist of:
<TABLE>
<CAPTION>
                                                                               Year Ended March 31,
                                                                                2000               1999
                                                                            ------------      -------------

<S>                                                                        <C>               <C>
          Current                                                           $    294,044      $    218,068
          Deferred                                                              (159,022)            4,961
                                                                            ------------      ------------

                   Total                                                    $    135,022      $    223,029
                                                                            ============      ============
</TABLE>
      The following temporary  differences gave rise to the deferred tax (asset)
liability at:
<TABLE>
<CAPTION>
                                                                                       March 31,
                                                                                 2000              1999
                                                                            ------------      --------------

<S>                                                                        <C>               <C>
          Deferred loan fees                                                $    (14,018)     $    (17,534)
          Other income and expense recognized in the financial
            statements on the accrual basis, but on the cash basis
            for tax purposes                                                       9,539            29,081
          Bad debt reserve, net                                                  (23,647)          (22,865)
          RSP amortization                                                       (11,167)          (18,424)
          Depreciation                                                            20,324            16,595
          Others                                                                   3,052             3,876
                                                                            ------------      ------------
                                                                                 (15,917)           (9,271)
          Unrealized gains on available-for-sale securities                      215,713           368,089
                                                                            ------------      ------------

               Net deferred tax liability                                   $    199,796      $    358,818
                                                                            ============      ============
</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>
                                                                               Year Ended March 31,
                                                                                2000               1999
                                                                            ------------      -------------

<S>                                                                        <C>               <C>
      Tax at statutory rate (34%)                                           $    136,342      $    208,214
          Increase (decrease) in taxes resulting from:
             Nondeductible ESOP compensation                                        (282)            8,956
             Other, net                                                           (1,038)            5,859
                                                                            ------------      ------------

                   Total                                                    $    135,022      $    223,029
                                                                            ============      ============

                   Effective rate                                                  33.7%             36.4%
                                                                            ============      ============
</TABLE>

                                      -31-
<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999


NOTE 9 - RETIREMENT PLAN

      The  Bank  participates  in  the  multi-employer   Financial  Institutions
      Retirement Fund covering all full-time  officers and employees  completing
      one  year of  service  and  attainment  of age 21.  Because  the plan is a
      multi-employer  plan,  plan  information  for the Bank  separately  is not
      determinable.  Pension expense,  including administrative charges, for the
      years ended March 31, 2000 and 1999, was $1,200 and $1,800, respectively.


NOTE 10 - EMPLOYEE STOCK OWNERSHIP PLAN ("ESOP")

      During the year ended  March 31,  1998,  the Bank  adopted an ESOP for the
      benefit  of  officers  and  employees  who  have met  certain  eligibility
      requirements  related to length of service.  An ESOP trust was created and
      acquired  52,914  shares of common stock in the Company's  initial  public
      offering,  using proceeds of a loan obtained from the Company, which bears
      interest at an annual rate of 8.25%.  The loan, which is secured by shares
      of stock  purchased,  calls for quarterly  interest over a ten-year period
      and annual principal payments of $52,914.

      The Bank is  scheduled  to make  quarterly  contributions  to the trust to
      allow  the  trust to make the  required  interest  payments  and an annual
      contribution  to allow the trust to make the required  principal  payment.
      Shares are released from  collateral  based upon the  proportion of annual
      principal  payments  made on the loan each year and allocated to qualified
      employees. As shares are committed to be released from collateral based on
      the terms of the loan,  the Bank reports  compensation  expense based upon
      the fair  value of the  shares,  and the  shares  become  outstanding  for
      earnings per share  computations.  Dividends paid on allocated ESOP shares
      are  recorded  as a  reduction  of retained  earnings.  Dividends  paid on
      unallocated  shares are  recorded as  compensation  expense.  Compensation
      expense  for the ESOP for the years  ended  March 31,  2000 and 1999,  was
      $55,759 and $81,171, respectively.

      The following table  represents the components of the ESOP shares at March
31:

                                                    2000           1999
                                                  ----------     ----------

          Allocated shares                               -           -
          Shares committed for allocation             16,245         11,007
          Shares distributed                             -           -
          Unallocated (noncommitted) shares           36,669         41,907
                                                  ----------     ----------

                   Total ESOP shares                  52,914         52,914
                                                  ==========     ==========

          Fair value of noncommitted shares       $  375,857     $  518,599
                                                  ==========     ==========

                                      -32-
<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999


NOTE 11 - RESTRICTED STOCK PLAN (RSP)

      The Board of Directors  adopted a RSP for directors  and certain  officers
      and employees  which was approved by  stockholders  at the annual  meeting
      held on July 16, 1998.  The objective of this RSP is to enable the Bank to
      retain its corporate officers,  key employees,  and directors who have the
      experience and the ability necessary to manage these entities.  Directors,
      officers,   and  key   employees  who  are  selected  by  members  of  the
      Board-appointed  committee are eligible to receive benefits under the RSP.
      Non-employee directors of the Bank serve as trustees for the RSP, and have
      the  responsibility  to invest  all funds  contributed  by the Bank to the
      Trust created for the RSP.

      In August, 1998, the Trust purchased,  with funds contributed by the Bank,
      shares  of the  common  stock of  which  23,185  shares  were  awarded  to
      directors and employees,  and 3,272 shares remained unawarded.  Directors,
      officers, and employees who terminate their employment with the Bank shall
      forfeit the right to any shares which were awarded but not earned,  except
      in the event of death, disability,  retirement,  or a change in control of
      the Bank or Company.  The Bank granted a total of 23,185  shares of common
      stock on July 16, 1998, of which 4,637 became immediately vested under the
      plan.  Remaining shares become earned and non-forfeitable over a four-year
      period on each  anniversary date of the award beginning July 16, 1999. The
      RSP shares  purchased in the  conversion  initially  will be excluded from
      stockholders'  equity. The Company recognizes  compensation expense in the
      amount of fair value of the common stock at the grant date, pro rata, over
      the years  during  which the shares are earned and recorded as an addition
      to stockholders'  equity. Net compensation expense attributable to the RSP
      amounted to $71,852 and  $125,866,  for the years ended March 31, 2000 and
      1999, respectively.


NOTE 12 - STOCK OPTION PLAN

      The Board of  Directors  adopted a Stock  Option  Plan for the  directors,
      officers,  and employees  which was approved by stockholders at the annual
      meeting held on July 16, 1998. An aggregate of 66,142 shares of authorized
      but unissued  common stock of the Company was reserved for issuance  under
      the Stock  Option Plan.  The Company  granted  options to purchase  58,000
      shares of common stock. The options are first exercisable over a five-year
      period  beginning  July  16,  1998.  The  stock  options   typically  have
      expiration  terms of ten years.  The per share  exercise  price of a stock
      option  shall  be,  at a  minimum,  equal to the fair  value of a share of
      common stock on the date the option is granted. Proceeds from the exercise
      of the stock  options are credited to common stock for the  aggregate  par
      value and the excess is credited to additional paid-in capital.

      The Company adopted Statement of Financial  Accounting  Standards No. 123,
      "Accounting for Stock-Based Compensation".  This statement encourages, but
      does not  require the Company to  recognize  compensation  expense for all
      awards of equity  instruments  issued.  The  statement  established a fair
      value based method of accounting for stock-based  compensation  plans. The
      standard  applies to all transactions in which an entity acquires goods or
      services by issuing  equity  instruments  or by incurring  liabilities  in
      amounts  based on the price of the  entity's  common stock or other equity
      instruments.  Statement  No. 123 permits  companies to continue to account
      for  such   transactions   under  Accounting   Principles  Board  No.  25,
      "Accounting for Stock Issued to Employees," but requires disclosure of pro
      forma net income and  earnings per share as if the Company had applied the
      new method.

                                      -33-
<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999


NOTE 12 - STOCK OPTION PLAN (CONTINUED)

      Under Accounting  Principles Board Opinion No. 25, no compensation expense
      has been  recognized  with respect to the options  granted under the stock
      option plans.  Had  compensation  expense been  determined on the basis of
      fair value  pursuant to  Statement  No. 123,  net income and  earnings per
      share would have been reduced as follows:

                                              March 31,              March 31,
                                                2000                   1999
                                          ----------------      ----------------
          Net income:
                As reported               $        265,983      $       389,366
                Pro forma                 $        194,427      $       313,464

          Basic earnings per share:
                As reported               $            .54      $           .71
                Pro forma                 $            .40      $           .57

          Diluted earnings per share:
                As reported               $            .53      $           .70
                Pro forma                 $            .39      $           .56


      The following table presents share data related to the Stock Option Plan:
<TABLE>
<CAPTION>
                                                                Shares Under Option
                                                                 2000          1999
                                                              -----------    ----------
<S>                                                              <C>           <C>
          Outstanding, beginning of year                           58,000           -
          Granted during the period                                   -          58,000
          Cancelled during the period                                 -             -
          Exercised during the period                                 -             -
                                                              -----------    ----------

                Outstanding, end of period (option price of
                  $15.8125 per share)                              58,000        58,000
                                                              ===========    ==========
</TABLE>

NOTE 13 - COMMITMENTS AND CONTINGENCIES

      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.  These  instruments  involve,  to  varying
      degrees, elements of credit risk in excess of the amount recognized in the
      consolidated  balance sheets.  The contract  amounts of these  instruments
      reflect  the  extent of  involvement  the  institution  has in  particular
      classes of financial instruments.


                                      -34-

<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999


NOTE 13 - COMMITMENTS AND CONTINGENCIES (CONTINUED)

      The Company's  exposure to credit loss in the event of  nonperformance  by
      the other party to the  financial  instrument  for  commitments  to extend
      credit is represented by the contractual amount of those instruments.  The
      Company  uses  the  same  credit   policies  in  making   commitments  and
      conditional obligations as it does for on-balance-sheet instruments.

      The following  represents  financial  instruments  whose contract  amounts
      represent credit risk at March 31:
                                                     Contract Amount
                                                    2000            1999
                                              -------------    -------------
          Commitments to originate loans:
              Fixed rate                      $     397,000    $     467,000
          Loans in process                          381,000          343,000
                                              -------------    -------------

                Total                         $     778,000    $     810,000
                                              =============    =============

      The  range of  interest  rates on fixed  rate  residential  mortgage  loan
      commitments was 7.65% to 8.50% at March 31, 2000.

      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 Company
      evaluates each customer's  creditworthiness  on a case-by-case  basis. The
      amount of  collateral  obtained,  if deemed  necessary by the Company upon
      extension of credit,  is based on  management's  credit  evaluation of the
      counter  party.   Collateral  held  consists  primarily  of  single-family
      residences.

      Concentration of Credit Risk
      ----------------------------

      The Subsidiary Bank's real estate loans and loan commitments are primarily
      for properties  located  throughout  Northern West Virginia.  Repayment of
      these loans is in part  dependent  upon the  economic  conditions  in this
      region. These loans are primarily at fixed interest rates.


NOTE 14 - FAIR VALUE OF FINANCIAL INSTRUMENTS

      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.


                                      -35-
<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999

NOTE 14 - FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED)

          Investment   Securities  and  Securities   Held  for  Sale:  For  debt
          securities  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.

      The estimated fair values of the Company's  financial  instruments  are as
follows:
<TABLE>
<CAPTION>
                                                       March 31, 2000                   March 31, 1999
                                             -------------------------------   -------------------------------
                                                Carrying        Estimated         Carrying       Estimated
                                                Amount          Fair Value        Amount         Fair Value
                                                ------          ----------        ------         ----------
<S>                                         <C>               <C>             <C>              <C>
         Financial Assets:
            Cash and cash equivalents        $     389,000     $     389,000   $    1,874,000   $   1,874,000
            Securities available for sale        4,116,000         4,116,000        4,908,000       4,908,000
            Securities held to maturity            238,000           240,000          351,000         357,000
            Loans, net                          25,389,000        24,972,000       24,320,000      24,902,000

         Financial Liabilities:
            Deposits                            21,054,000        21,046,000       20,848,000      20,956,000

</TABLE>

NOTE 15 - CONVERSION AND REORGANIZATION

      On December 5, 1996, the Board of Directors of the Association adopted the
      Plan of Conversion  pursuant to which the Association  proposed to convert
      from   a    federally-chartered    mutual    savings   and   loan   to   a
      federally-chartered  stock  savings bank and  concurrently  form a unitary
      savings and loan holding company.

      As part of the  conversion  process,  the Company was  organized in March,
      1997,  at the direction of the Board of Directors of the  Association  for
      the purpose of acquiring all of the capital stock to be issued by the Bank
      in the  Conversion.  After  approval  by  regulatory  authorities  and the
      Association's  members, the conversion was completed on June 25, 1997. The
      Company  became a unitary  savings  and loan  company  with its  principal
      assets  being  the  capital  stock  of the Bank  and a  percentage  of the
      Conversion  proceeds permitted to be retained.  From the proceeds from the
      sale of 661,428 shares of stock at $10.00 per share, $66,143 was allocated
      to common  stock  based on a par  value of $.10 per share and  $6,127,984,
      which is net of conversion costs of $420,153,  was allocated to additional
      paid-in capital.

                                      -36-
<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999


NOTE 15 - CONVERSION AND REORGANIZATION (CONTINUED)

     In accordance with regulations,  at the time that the Association converted
     from a mutual  savings  and loan to a stock  savings  bank,  a  portion  of
     retained earnings will be restricted by establishing a liquidation account.
     The  liquidation  account  will be  maintained  for the benefit of eligible
     account  holders who continue to maintain  their accounts at the Bank after
     the  conversion.  The liquidation  account will be reduced  annually to the
     extent  that  eligible   account  holders  have  reduced  their  qualifying
     deposits.  Subsequent  increases  will  not  restore  an  eligible  account
     holder's  interest in the liquidation  account.  In the event of a complete
     liquidation of the Bank,  each account holder will be entitled to receive a
     distribution from the liquidation account in an amount proportionate to the
     current adjusted qualifying balances for accounts then held.


NOTE 16 - ADVANCES FROM FEDERAL HOME LOAN BANK

      As of March 31, 2000, the Bank had outstanding an advance from the Federal
      Home Loan Bank  (FHLB)  of  Pittsburgh  of  $900,000.  The Bank  maintains
      various assets with a total  collateral value of $20,689,000 to secure the
      advance   outstanding   as  of  March  31,   2000.   The   advance   is  a
      variable-interest  obligation.  The advance matures on September 22, 2000,
      while interest  payments are payable monthly on the outstanding  principal
      balance.


NOTE 17 - DIRECTOR RETIREMENT AGREEMENT

      Effective May 7, 1998, the Company and Subsidiary Bank offered  individual
      retirement  agreements with current  directors of the Company and the Bank
      having completed a minimum of fifteen years of service. Under the terms of
      the  agreement,  retiring  directors  receive $1,200 for each year of past
      service  as a board  member of the Bank or  Association  and the  Company.
      Retirement  benefits were payable either in quarterly  installments over a
      five-year period commencing  September 17, 1998, or in a lump sum with the
      total benefit discounted at an annual rate of five percent (5%). Directors
      executing  the  retirement   agreement   discontinued  serving  as  active
      directors to the Company and Bank on July 2, 1998.

      At May 16, 1998, four directors executed retirement  agreements.  Based on
      the past service of those directors  involved,  the Company took a pre-tax
      charge of $94,000 in the first fiscal quarter of the year ending March 31,
      1999, representing the present value of benefit payments.



                                      -37-

<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999


NOTE 18 - COMPREHENSIVE INCOME

      In June, 1997, the Financial  Accounting  Standards Board issued Statement
      of  Financial  Accounting  Standards  No.  130,  "Reporting  Comprehensive
      Income." This statement establishes standards for reporting and display of
      comprehensive  income in a full set of  financial  statements.  Unrealized
      gains and losses on securities  available for sale are the only components
      of other comprehensive income (loss) that apply to the Bank.

                                                  2000             1999
                                              -------------    -----------

         Before-tax amount                    $    (412,993)   $     (968)
         Tax effect                                 147,633           351
                                              -------------    ----------

               Net-of-tax amount              $    (265,370)   $     (617)
                                              ==============   ==========


NOTE 20 - CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

      Effective June 25, 1997, active operations of Sistersville  Bancorp,  Inc.
      were  initiated  with  the  approval  of  the  stock   conversion  of  the
      Association   and   correspondent   purchase  of  all  the  stock  of  the
      wholly-owned  Subsidiary  Bank by the Company,  which  coincided  with the
      initial  public  offering of the Company  stock.  The condensed  financial
      statements of Sistersville Bancorp, Inc. are as follows:

                                  BALANCE SHEET
                             MARCH 31, 2000 AND 1999

                                                    2000               1999
                                                ------------     ---------------
ASSETS
      Deposits with Subsidiary Bank             $    240,260     $      265,016
      Investment in Subsidiary Bank                8,569,117          8,364,584
      Investment securities available for sale       770,363            849,158
      Loan receivable from ESOP                          -              529,140
      Receivable from Subsidiary                      41,220             71,190
      Other assets                                    52,702             27,536
                                                ------------     --------------

                 TOTAL ASSETS                   $  9,673,662     $   10,106,624
                                                ============     ==============

LIABILITIES AND SHAREHOLDERS' EQUITY
      Payable from Subsidiary                   $    212,365     $      284,217
      Other liabilities                               37,711             30,835
      Shareholders' equity                         9,423,586          9,791,572
                                                ------------     --------------

                 TOTAL LIABILITIES AND
                  STOCKHOLDERS' EQUITY          $  9,673,662     $   10,106,624
                                                ============     ==============

                                      -38-
<PAGE>
                           SISTERSVILLE BANCORP, INC.
                 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2000 AND 1999


NOTE 20 - CONDENSED PARENT COMPANY FINANCIAL STATEMENTS (CONTINUED)

                               STATEMENT OF INCOME
                       YEAR ENDED MARCH 31, 2000 AND 1999
<TABLE>
<CAPTION>

                                                                                   2000               1999
                                                                            --------------      --------------
<S>                                                                        <C>                 <C>
INCOME
      Interest                                                              $       83,385      $      91,113

OPERATING EXPENSES                                                                  52,196             65,382
                                                                            --------------      -------------
                 Income before income tax and equity
                   in undistributed income of Subsidiary                            31,189             25,731

INCOME TAX                                                                         (12,491)           (12,600)

EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARY                                       247,285            376,235
                                                                            --------------      -------------
                 NET INCOME                                                 $      265,983      $     389,366
                                                                            ==============      =============
</TABLE>
                             STATEMENT OF CASH FLOWS
                       YEAR ENDED MARCH 31, 2000 AND 1999
<TABLE>
<CAPTION>
                                                                                   2000               1999
                                                                            --------------      --------------
<S>                                                                        <C>                 <C>
OPERATING ACTIVITIES
      Net income                                                            $      265,983      $     389,366
      Adjustments to reconcile net income to net cash
        provided by operating activities:
         Undistributed earnings of Subsidiary                                     (247,285)          (376,235)
         Dividend received from Subsidiary                                         325,000                -
         Investment amortization/accretion, net                                        241              2,098
         ESOP amortization                                                          55,759             88,256
         RSP amortization                                                           71,852            125,867
         (Increase) decrease in other assets                                        14,880              8,575
         Increase (decrease) in other liabilities                                  (64,976)           284,776
                                                                            ---------------     -------------
                 Net cash provided by operating activities                         421,454            522,703
                                                                            --------------      -------------
INVESTING ACTIVITIES
      Investment purchases                                                        (450,000)          (852,500)
      Investment maturities                                                        500,000          1,460,000
                                                                            --------------      -------------
                 Net cash provided by investing activities                          50,000            607,500
                                                                            --------------      -------------
FINANCING ACTIVITIES
      Purchase of RSP shares                                                           -             (410,084)
      Purchase of treasury stock                                                  (322,527)          (797,634)
      Dividends paid                                                              (173,683)          (185,028)
                                                                            ---------------     --------------
                 Net cash used in financing activities                            (496,210)        (1,392,746)
                                                                            ---------------     --------------
                 DECREASE IN CASH AND CASH EQUIVALENTS                             (24,756)          (262,543)

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR                                       265,016            527,559
                                                                            --------------      -------------
CASH AND CASH EQUIVALENTS, END OF YEAR                                      $      240,260      $     265,016
                                                                            ==============      =============
SUPPLEMENTAL DISCLOSURES
      Income tax payments                                                   $       31,200      $      23,103
</TABLE>
                                      -39-
<PAGE>

            SISTERSVILLE BANCORP, INC. AND FIRST FEDERAL SAVINGS BANK


CORPORATE OFFICE                                   INDEPENDENT AUDITORS
----------------                                   --------------------
726 Wells Street                                   S. R. Snodgrass, A.C.
Sistersville, WV 26175                             980 National Road
(304) 652-3671                                     Wheeling, WV 26003


SPECIAL COUNSEL
---------------
Malizia Spidi & Fisch, PC
One Franklin Square
1301 K Street, N.W., Suite 700 East
Washington, D.C. 20005


TRANSFER AGENT
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American Stock Transfer & Trust Company
40 Wall Street
New York, NY 10005


SISTERSVILLE BANCORP, INC. AND FIRST FEDERAL SAVINGS BANK
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BOARD OF DIRECTORS
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Lester C. Doak, Chairman                           Ellen E. Thistle
David W. Miller                                    Charles P. LaRue
Michael A. Melrose                                 Stanley M. Kiser


SISTERSVILLE BANCORP, INC. OFFICERS
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Stanley M. Kiser, President
Cynthia R. Carson, Vice-President & Corporate Secretary
Shelley R. Maxwell, Treasurer


FIRST FEDERAL SAVINGS BANK OFFICERS
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Stanley M. Kiser, President & CEO
Cynthia R. Carson, Vice-President & Corporate Secretary
Barbara Vincent, Vice-President - Savings
Shelley R. Maxwell, Treasurer
P. Jane Fuchs, Cashier
Robert E. Coen, Branch Manager
Steven R. Reed, Assistant Branch Manager


Sistersville  Bancorp,  Inc.'s  Annual Report on Form 10-KSB for the fiscal year
ended March 31, 2000, as filed with the Securities and Exchange  Commission,  is
available without charge to shareholders  upon written request.  The 2000 Annual
Meeting of  Stockholders  will be held on July 21,  2000,  at 9:00 A.M.,  at the
offices of First Federal  Savings Bank,  726 Wells  Street,  Sistersville,  West
Virginia.

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