Exhibit 23.6

CONSENT OF McDONALD INVESTMENTS INC.

We hereby consent (i) to the use of our opinion letter to the Board of Directors of United Bancshares, Inc. ("United Bancshares") included as Annex B to the joint proxy statement/prospectus relating to the transaction provided for by that certain Affiliation Agreement dated as of August 25, 2000 by and between United Bancshares and Delphos Citizens Bancorp, Inc. and (ii) to the references to our firm and such opinion in such joint proxy statement/prospectus. In giving such consent, we do not admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder, nor do we thereby admit that we are experts with respect to any part of such Registration Statement within the meaning of the term "experts" as used in the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

/s/ McDONALD INVESTMENTS INC.

McDONALD INVESTMENTS INC.

November 24, 2000