Citizens Savings Bank Holds First Board Meetings, Sees 22% Reduction in Duplicate Support Positions

August 14, 2007 2:18 PM EDT

The Citizens Savings Bank held its first board meeting in Martins Ferry on July 10th, 2007 following the merger of The Community Bank with and into The Citizens Savings Bank on July lst. United Bancorp, Inc. (Nasdaq: UBCP) Chairman, President & CEO James W. Everson stated, "We expect the full integration of the two banks to be completed by year end. While each of the banks will be combined under the charter of Citizens, we intend to continue to capitalize on established branding in the markets of each institution. In that respect, Community will operate under the trade name "The Community Bank, a Division of The Citizens Savings Bank" and Citizens will operate under the trade name "The Citizens Bank, a Division of The Citizens Savings Bank."

"We are committed to our Shareholders to improve earnings through the efficiencies to be gained by this merger, knowing that earnings drive shareholder value. We are projecting benefits to begin in this fourth quarter resulting from the enhanced oversight of the seasoned Citizens Bank management team, the efficiencies to be gained through the elimination of duplicate operating functions resulting in a 22% reduction in force over the next ninety days and by taking the best that each bank offers, into one larger and stronger bank. Financial packages based on years of service have been offered to the eight whose positions are being consolidated."

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