SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
August 11, 1999 (August 6, 1999)
BELMONT BANCORP.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
OHIO 0-12724 34-1376776
(STATE OF (COMMISSION FILE NO.) (I.R.S. EIN)
INCORPORATION)
325 MAIN STREET
BRIDGEPORT, OH 43912
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(740)-695-3323
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
<PAGE>
ITEM 5. OTHER EVENTS
The Registrant's News Release dated August 6, 1999, attached
hereto as Exhibit 99.1, is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
The following exhibit is filed with this Form 8-K:
99.1 News Release dated August 6, 1999.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
BELMONT BANCORP.
S/W. Quay Mull II
BY: w. Quay Mull II
Chief Executive Officer
Date: August 11, 1999
Bridgeport, Ohio
AUGUST 6, 1999
For Release: Immediately
Contact: Jim Bauerle
740-695-3323 X 258
BANK ANNOUNCES REGULATORY AGREEMENTS
The following statement was released today by Belmont Bancorp
in a letter mailed to all stockholders from W. Quay Mull, II,
Belmont Bancorp's Chairman and Interim CEO:
"As we announced on July 26th, Belmont Bancorp and Belmont
National Bank have anticipated requests from the Office of the
Comptroller of the Currency (OCC) and the Federal Reserve Bank of
Cleveland that the Bank adjust certain operating procedures and
increase reporting accountability to these regulatory agencies.
On August 3rd, our Directors finalized an agreement with the
Federal Reserve Bank and agreed to a consent order presented by
the OCC.
"The specific provisions of the agreements had largely been
anticipated and many operational changes have already been made.
Major provisions call for the Bank to form a Compliance Committee
that will submit progress reports and monitor Bank activities,
develop a new three year strategic plan, implement a process for
recruitment and evaluation of senior management, receive prior
regulatory approvals before the holding company reinstates
dividends or borrows money, and achieve a targeted capitalization
level by March 31, 2000. In addition, the Bank has agreed to
identify any additional problem loans and leases to assure
adequate reserves, confirm that all loans are in compliance with
revised lending policies and that the loan portfolio is properly
diversified, and strengthen internal and external audit processes.
"Let me emphasize that we have already taken steps to address
many of these issues.
"Belmont National Bank has strong depositor relationships and
continues to serve the banking needs of its customers. For over
150 years, we have proudly served our neighbors well. We are
committed to continue serving people who enjoy the benefits of
banking with neighbors."
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