EXHIBIT 99


Skibo Financial Corp.                          Contact: Walter G. Kelly
Carnegie, Pennsylvania                                  President
                                                        (412) 276-2424

                                               For Immediate Release
                                               Date: March 9, 2001


                         SKIBO FINANCIAL CORP. ANNOUNCES
                             QUARTERLY CASH DIVIDEND

         Carnegie,  Pennsylvania -- March 9, 2001 -- Walter G. Kelly,  President
of Skibo Financial Corp., Carnegie,  Pennsylvania (the "Company"), is pleased to
announce today that at its meeting held on March 8, 2001, the Board of Directors
declared a quarterly cash dividend of $0.12 per share, which represents a $0.045
per share or a 60% increase over the previously paid quarterly dividend. This is
the  tenth  quarterly  dividend  declared  by Skibo  Financial  Corp.  since its
organization on October 29, 1998.

         The cash  dividend will be paid to  stockholders  of record as of March
31, 2001, on April 12, 2001.  Our present intent is to continue to pay a regular
quarterly  dividend.  Skibo  Bancshares,  M.H.C.,  the Company's  mutual holding
company, intends to waive the receipt of dividends.

         Skibo Financial Corp.,  majority owned  subsidiary of Skibo M.H.C.,  is
the parent of First  Carnegie  Deposit  ("the  Bank").  The Bank is a  community
oriented savings  association which conducts business through its main office at
242 East Main Street, Carnegie,  Pennsylvania 15106 and branch offices in McKees
Rocks and Washington,  Pennsylvania. At December 31, 2000, the Company had total
assets of $148.7  million,  total  deposits of $73.0  million and  stockholders'
equity of $24.9 million.

The  Company's  common  stock is  traded in the  over-the-counter  market on the
Nasdaq SmallCap Market under the symbol "SKBO."

The foregoing material contains forward-looking statements. We caution that such
statements  are subject to a number of  uncertainties  and actual  results could
differ materially and therefore,  readers should not place undue reliance on any
forward-looking  statements.  The Company does not undertake,  and  specifically
disclaims,  any obligation to publicly release the results of any revisions that
may be made to any  forward-looking  statements  to reflect  the  occurrence  of
anticipated  or  unanticipated  events or  circumstances  after the date of such
statements.