Belmont Bancorp. Board Approves Common Stock Repurchase Plan.

ST. CLAIRSVILLE, Ohio--(BUSINESS WIRE)--Sept. 23, 1998-- J. Vincent Ciroli Jr., president and CEO of Belmont Bancorp. (Nasdaq Small Cap:BLMT) and Belmont National Bank, announced that the board of directors has approved a plan, effective immediately, for the repurchase of up to $1,000,000 of Belmont Bancorp. common stock on the open market or in separately negotiated transactions.

The timing, price and quantity of purchases will be at the discretion of the corporation. This program may be discontinued or suspended at any time. The repurchased shares will be available for general corporate purposes and may be used in part for employee benefit programs, including the corporation's 401(k) retirement plan. Based on recent trades for the common stock, the board of directors elected to continue to pursue a repurchase program because the current price to earnings (P/E) ratio is lower relative to the P/E ratios and comparative performance of other peer financial institutions.

Belmont Bancorp. is a $416 million holding company with Belmont National Bank offices in Bellaire, Bridgeport, Cadiz, Jewett, Lansing, New Philadelphia, The Ohio Valley Mall, St. Clairsville, Schoenbrunn and Shadyside, Ohio, and in the Woodsdale and Elm Grove areas of Wheeling, W.Va. There are currently 5,247,152 shares of Belmont Bancorp. common stock outstanding with the closing price of $20.00 per share on Sept. 21, 1998. Belmont Bancorp. stock trades in the Small Cap Market of NASDAQ under the symbol BLMT. Information about Belmont National Bank can be accessed on the Internet at http://www.belmontbank.com.