United Bancorp, Inc. Announces 10% Share Dividend, Cash Dividend Payment of $0.13 per Share and Reaffirms Its Stock Buy Back Program

MARTINS FERRY, OHIO ••• On November 21, 2006, the Board of Directors of United Bancorp, Inc. (UBCP) declared a 10 percent share dividend and a quarterly cash dividend payment of $0.13 per share for shareholders of record on December 1, 2006 and approved the renewal of the company’s stock buy back program authorizing management to purchase up to $2,000,000 of UBCP common shares in the open market over the next two years. On December 20, 2006, shareholders of record will receive additional stock shares equal to 10% of their present holdings plus payment representing any fractional share based on the bid price of UBCP on record date. Payment of the fourth quarter dividend in the amount of $0.13 per share will be on total holdings including the new share dividend. This will result in a 10% increase in the fourth quarter dividend payment. James W. Everson, Chairman, President and Chief Executive Officer stated, “This combination of cash and stock dividends follows with the Company’s mission of providing consistent returns to its shareholders and our Board and Management Team’s confidence in returning to stronger profitability. We continue to be cautiously optimistic regarding our fourth quarter earnings as we see a more normalized earnings stream as we move forward.” 

United Bancorp, Inc. and its lead bank, The Citizens Savings Bank of Martins Ferry, Ohio, has a history of declaring stock splits which has rewarded shareholders for the Company's growth and performance. Shareholders of The Citizens Savings Bank received a 100% share dividend in 1971 and 1981 and exchanged their stock on a four-for-one basis when UBCP was formed in 1983. UBCP paid a 50% share dividend in 1987 and a 100% share dividend in 1992 and 1993, plus 10% share dividends in 1994, 1996, 1997, 2003, 2004, 2005 and 5% share dividends in 1998, 1999, 2000, 2001 and 2002. Everson concluded by stating, “Those holding one hundred shares of The Citizens Savings Bank stock in 1970 will now hold 23,870 shares of UBCP stock. In today’s dollars, an initial investment of $10,000 in 1970 is now valued in excess of $250,000 with a current projected annualized cash dividend of over $12,412.”

United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a multi-bank holding company with total assets of approximately $425.3 million and total shareholder’s equity of approximately $32.4 million as of September 30, 2006. Affiliates of UBCP include The Citizens Savings Bank and The Community Bank with seventeen banking offices, and an Operations Center located in Ohio serving Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and Tuscarawas Counties. The Company trades on The NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109.

Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements, which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, changes in the financial and securities markets, including changes with respect to the market value of our financial assets, and the availability of and costs associated with sources of liquidity. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

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United Bancorp, Inc. Reports Earnings Per Share of $0.10 for the Three Months ended September 30, 2006 and $0.33 for the Nine Months ended September 30, 2006

MARTINS FERRY, OHIO *** United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio reported earnings of $403,000 for the three months ended September 30, 2006 compared to $828,000 for the three months ended September 30, 2005. On a per share basis, basic earnings were $0.10 for the three months ended September 30, 2006 compared to $0.20 for the three months ended September 30, 2005. Year to date earnings for the nine months ended September 30, were $0.33 per share in 2006 compared to $0.60 in 2005. UBCP Chairman, President and CEO James W. Everson stated “we are not pleased with our earnings for the third quarter, particularly with respect to continued write downs at our Community Bank affiliate that have dampened other earnings improvement initiatives of the Company. During the third quarter, our Community Bank affiliate recorded an additional $550,000 of loan loss provision and charged another $67,000 to expense to write-down certain other real estate owned (“OREO”) properties to their estimated market value. These two additional expense items reduced the Company’s earnings by approximately $0.08 per share after tax for the third quarter.

Randall M. Greenwood, Senior Vice President, CFO and Treasurer, of UBCP stated “The Company’s nine months earnings in 2006 generated an annualized 0.45% return on assets (“ROA”) and a 5.87% return on equity (“ROE”). The Company’s earnings for the nine months ended September 30, 2006 were negatively impacted by the provision and charge-offs, as well as by continued pressure on the Company’s net interest margin which is a current industry challenge. Without the additional expense items, ROA would have been 0.71% and ROE of 9.34% for the nine months ended September 30, 2006. The net interest margin of the Company continued to decrease during the first nine months of 2006; however, the growth of the loan portfolio of approximately $2.5 million, and an increase in the Company’s investment portfolio of $10.7 million did help offset the margin compression. We also continued to see strong deposit growth of approximately $30.4 million, or 9.9%, for the nine months ended September 30, 2006.”

James W. Everson, Chairman, President & CEO stated, “We are very disappointed with the events that required an additional $550,000 of additional loan loss provision and $67,000 write-down to OREO properties at our Community Bank affiliate during the third quarter. We will continue to focus on improving our earnings at our Community Bank affiliate and will begin taking immediate actions to improve the earnings of the Company. As with much of the financial services industry in general, both of our affiliate banks have experienced compression of net interest margin due to the current flat interest rate environment and the competitive markets in which we operate. We are pleased to report our Citizens Bank affiliate continues to perform in the top quadrant of its peer group, which is helping to sustain our reported earnings.” Everson concluded by stating, “We are cautiously optimistic regarding our 4th quarter earnings as we see a more normalized earnings stream as we move forward.”

United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a multi-bank holding company with total assets of approximately $425.3 million and total shareholder’s equity of approximately $32.4 million as of June 30, 2006. Affiliates of UBCP include The Citizens Savings Bank and The Community Bank with seventeen banking offices, and an Operations Center located in Ohio serving Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and Tuscarawas Counties. The Company trades on The NASDAQ Capital Market tier of the Nasdaq Stock Market under the symbol UBCP, Cusip #909911109.

Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, changes in the financial and securities markets, including changes with respect to the market value of our financial assets, and the availability of and costs associated with sources of liquidity. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

UNITED BANCORP, INC. MARTINS FERRY, OH
Symbol “UBCP”

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United Bancorp, Inc. Declares a Regular Cash Dividend Payment of 13¢ per Share

MARTINS FERRY, OHIO ••• On August 15, 2006, the Board of Directors of United Bancorp, Inc. (UBCP) declared the third quarter dividend payment of 13¢ per share for shareholders of record on September 8, 2006, with a payment date of September 20, 2006. On an annualized basis this represents a projected $0.52 per share to be paid in 2006, an 8.3% increase compared to $0.48 per share paid in 2005, adjusted for the 10% share dividend distributed on December 20, 2005.

United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a multi-bank holding company with total assets of approximately $419.3 million and total shareholder’s equity of approximately $30.4 million as of June 30, 2006. Affiliates of UBCP include The Citizens Savings Bank and The Community Bank with seventeen banking offices, and an Operations Center located in Ohio serving Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and Tuscarawas Counties. The Company trades on The NASDAQ Capital Market tier of the Nasdaq Stock Market under the symbol UBCP, Cusip #909911109.

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United Bancorp, Inc. Reports Earnings Per Share of $0.24 for the Six Months ended June 30, 2006.

MARTINS FERRY, OHIO ¨¨¨ United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio reported earnings of $989,000 for the six months ended June 30, 2006 compared to $1,702,000 for the six months ended June 30, 2005. On a per share basis, basic earnings were $0.24 for the six months ended June 30, 2006 compared to $0.41 for the six months ended June 30, 2005. Second quarter 2006 earnings were $0.07 per share compared to $0.21 in 2005. Earnings per share data for 2005 gives effect to the 10% share dividend paid on December 20, 2005. UBCP Chairman, President and CEO James W. Everson stated “Our decrease in earnings of approximately $713,000 for the six months ended June 30, 2006 is primarily attributable to a tax effected $561,000 of costs associated with the strategic repositioning of our Community Bank affiliate.”

With the March 2, 2006 appointment of James W. Everson as President and Chief Executive Officer of The Community Bank after the bank did not meet its 2006 business plan by posting losses in January and February, Management developed three strategic initiatives in June aimed at enhancing future profitability of The Community Bank and UBCP. Everson stated “First, The Community Bank took a charge against earnings of approximately $330,000 relative to the bond portfolio. With our current reinvestment strategy, Management anticipates this loss to be recouped in just slightly over 2 years, while the average life of the bonds sold was approximately 4 years. Second, a $90,000 charge against earnings was taken to improve the profitability and customer service related to Community’s ATM and Credit Card platforms. Finally, an additional $210,000 was charged in loan loss provision expense against earnings to replenish the loan loss reserve account at The Community Bank for loans charged off during the quarter.” Everson concluded by stating, “These actions, which are being taken to improve UBCP’s future financial performance, will have a minimal impact on the Company’s capital and are currently projected to have no effect on its dividend policy.”

Randall M. Greenwood, Senior Vice President, CFO and Treasurer, of UBCP stated “The Company’s six months earnings in 2006, generated an annualized 0.48% return on assets (“ROA”) and a 6.31% return on equity (“ROE”). The Company’s earnings for the six months ended June 30, 2006 were negatively impacted by the above losses and continued pressure on the Company’s net interest margin which is a current industry challenge. The net interest margin of the Company continued to decrease during the first six months of 2006; however, the growth of the loan portfolio of approximately $5 million did help offset the margin compression. We continue to see strong deposit growth of approximately $15.3 million for the six months ended June 30, 2006.”

United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a multi-bank holding company with total assets of approximately $419.3 million and total shareholder’s equity of approximately $30.4 million as of June 30, 2006. Affiliates of UBCP include The Citizens Savings Bank and The Community Bank with seventeen banking offices, and an Operations Center located in Ohio serving Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and Tuscarawas Counties. The Company trades on The NASDAQ Capital Market tier of the Nasdaq Stock Market under the symbol UBCP, Cusip #909911109.

Certain statements contained herein are not based on historical facts and are "forward-looking statements" within the meaning of Section 21A of the Securities Exchange Act of 1934. Forward-looking statements which are based on various assumptions (some of which are beyond the Company's control), may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of these terms. Actual results could differ materially from those set forth in forward-looking statements, due to a variety of factors, including, but not limited to, those related to the economic environment, particularly in the market areas in which the company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset/liability management, changes in the financial and securities markets, including changes with respect to the market value of our financial assets, and the availability of and costs associated with sources of liquidity. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

UNITED BANCORP, INC. MARTINS FERRY, OH
Symbol “UBCP”

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United Bancorp, Inc. Reports Earnings and Declares a Cash Dividend

MARTINS FERRY, OHIO *** United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio reported earnings of $702,000 compared to $821,000 for the three months ended March 31, 2006 and 2005, respectively. On a per share basis, basic earnings per share was $0.17 for 2006 as compared to $0.20 for 2005, a decrease of 15.0%. Earnings per share data for 2005 gives effect to the 10% stock split paid in the form of a dividend in December 2005. On April 19, 2006, the Board of Directors declared the second quarter dividend payment of $0.13 per share for shareholders of record on May 26, 2006, with a payment date of June 20, 2006. This dividend represents a projected annual dividend of $0.52 per share paid in 2006, an 8% increase over the $0.48 per share annual dividend paid in 2005.

Randall M. Greenwood, Senior Vice President, CFO and Treasurer remarked, “The Company’s first quarter earnings in 2006 generated an annualized 0.68% return on average assets (“ROA”) and an 8.7% return on average equity (“ROE”) compared to 0.83% ROA and 10.3% ROE for first quarter 2005. The first quarter 2006 earnings decrease was due primarily to continued pressure on the Company’s net interest margin and was partially offset by a positive 6.5% increase in outstanding loans and an 8.1% increase in noninterest income. The Company realized a loss of $30,000 from the sale of securities for 2006 compared to a gain of $3,000 for 2005, adding an after-tax $22,000 to the quarter’s loss. We continue to see strong deposit growth of 4.5%. Total assets for the Company increased from $396 million at March 31, 2005 to $419 million at March 31, 2006 an increase of $23 million or 6.0%.”

James W. Everson, Chairman, President & CEO stated, “We are not pleased with our results compared to the first quarter of 2005. Our Community Bank affiliate has not performed to expectations and our UBCP Board of Directors has taken action this quarter with the focus on improved profits under new leadership. As within the financial services industry, both of our affiliate banks have experienced compression of net interest margin due to the current flat interest rate environment and the competitive markets in which we operate. We are pleased to report our Citizens Bank affiliate continues to perform in the top quadrant of its peer, sustaining our reported earnings.” Everson concluded by stating, “We are confident with our offices in Athens and Fairfield Counties, that we shall find the financial return on our investment that was projected when we expanded into these markets.”

United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a multi-bank holding company with total assets of approximately $411.4 million and total shareholder’s equity of approximately $32.1 million as of March 31, 2006. Affiliates of UBCP include The Citizens Savings Bank and The Community Bank with seventeen banking offices, and an Operations Center located in Ohio serving Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and Tuscarawas Counties. The Company trades on The Nasdaq SmallCap Market tier of the Nasdaq Stock Market under the symbol UBCP, Cusip #909911109.

UNITED BANCORP, INC. MARTINS FERRY, OH
Symbol “UBCP”

The information contained in this press release contains forward-looking statements regarding expected future performances which are not historical facts and which involve risk and uncertainties. Actual results and performance could differ materially from those contemplated by these forward-looking statements. In order to comply with securities regulations and to treat all investors fairly, we will not disclose material non-public information to any shareholder. However, if a question recurs or raises an issue which we have not addressed in our public releases, we will consider including the information in our next public release. Please note that we do not hold conference calls, and that we do not intend to do so in the future.

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United Bancorp, Inc. Declares a Regular Cash Dividend Payment of 13¢ per Share

MARTINS FERRY, OHIO ••• On March 1, 2006, the Board of Directors of United Bancorp, Inc. (UBCP) declared the first quarter dividend payment of $0.13 per share for shareholders of record on March 10, 2006, with a payment date of March 20, 2006. On an annualized basis this represents a projected $0.52 per share to be paid in 2006, an 8.3% increase compared to $0.48 per share paid in 2005, adjusted for the 10% stock split paid in the form of a share dividend distributed in December 2005. James W. Everson, Chairman, President and Chief Executive Officer stated this increase follows with UBCP’s mission of providing consistent returns to its shareholders.

United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a multi-bank holding company with total assets of approximately $411.9 million and total shareholder’s equity of approximately $32.5 million as of December 31, 2005. Affiliates of UBCP include The Citizens Savings Bank and The Community Bank with seventeen banking offices, and an Operations Center located in Ohio serving Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and Tuscarawas Counties. The Company trades on The NASDAQ SmallCap Market tier of the NASDAQ Stock Market under the symbol UBCP, Cusip #909911109.

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United Bancorp, Inc. Reports Earnings per share of $0.79 for 2005, up 2.6% from $0.77 in 2004.

MARTINS FERRY, OHIO ¨¨¨ United Bancorp, Inc. (NASDAQ: UBCP), headquartered in Martins Ferry, Ohio reported earnings of $3.3 million compared to $3.2 million for the years ended December 31, 2005 and 2004, respectively. On a per share basis, basic earnings per share were $0.79 for 2005 as compared to $0.77 for 2004, an increase of 2.6%. Earnings per share data for 2004 gives effect to the 10% stock split paid in the form of a dividend in December 2005.

Randall M. Greenwood, Senior Vice President, CFO and Treasurer, of UBCP remarked, “The Company’s 2005 earnings generated a 0.82% return on average assets (“ROA”) and a 10.0% return on average equity (“ROE”) compared to 0.83% ROA and 9.9% ROE for 2004.” The increase in the Company’s 2005 earnings was supported by the 7.7% increase in loans, and an increase in noninterest income of 30.8% or $244,000 driven mainly from an increase in mortgage servicing revenue. The Company’s realized losses from the sale of securities and loans totaled $31,000 for 2005 compared to a gain of $119,000 for 2004, reflecting a $99,000 after-tax reduction in earnings. The Company more than overcame these cyclical income items due to the 2005 growth in earning assets of the Company.”

James W. Everson, Chairman, President & CEO, stated, “Our continued expansion and growth of market share within the markets we serve has increased our loans outstanding which, for 2005, has more than offset the pressure on our net interest margin as a result of a flat yield curve. Our financial results for 2005 show an improvement in earnings per share of 2.6% due to a combination of balance sheet growth, stable credit quality and substantial improvement in core earnings year over year. Our fourth quarter earnings as compared with the fourth quarter of 2004 are up 26.3 % as a result of the absence of human resource costs that did not reoccur in the fourth quarter of 2005. The focus of the affiliate banks’ lending activities in the local markets they serve continues to help keep our credit quality strong, as evidenced by a low 0.22% of net charge-offs to average loans. This level of net charge-offs to average loans of 0.22% for 2005 approximates our lowest levels since the expansion of our Community Bank affiliate into Fairfield County in 2000. Due to this level of net charge-offs to average loans, the Company lowered its loan loss provision by $206,000 in 2005 as compared to 2004. A more detailed financial review will be presented at our Annual Shareholder Meeting on April 19, 2006 at the Corporate Offices in Martins Ferry, Ohio.”

United Bancorp, Inc. is headquartered in Martins Ferry, Ohio and is a multi-bank holding company with total assets of approximately $411.9 million and total shareholder’s equity of approximately $32.5 million as of December 31 , 2005. Affiliates of UBCP include The Citizens Savings Bank and The Community Bank with seventeen banking offices, and an Operations Center located in Ohio serving Athens, Belmont, Carroll, Fairfield, Harrison, Hocking, Jefferson and Tuscarawas Counties. The Company trades on The Nasdaq SmallCap Market tier of the Nasdaq Stock Market under the symbol UBCP, Cusip #909911109.

UNITED BANCORP, INC. MARTINS FERRY, OH
Symbol “UBCP”

The information contained in this press release contains forward-looking statements regarding expected future performances which are not historical facts and which involve risk and uncertainties. Actual results and performance could differ materially from those contemplated by these forward-looking statements. In order to comply with securities regulations and to treat all investors fairly, we will not disclose material non-public information to any shareholder. However, if a question recurs or raises an issue which we have not addressed in our public releases, we will consider including the information in our next public release. Please note that we do not hold conference calls, and that we do not intend to do so in the future.

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