EXHIBIT 99






First Carnegie Deposit                   Contact:          Walter G. Kelly
Carnegie, Pennsylvania                                     President
                                                           (412) 276-2424




                             FIRST CARNEGIE DEPOSIT
                  ANNOUNCES COMPLETION OF STOCK HOLDING COMPANY
                                 REORGANIZATION

         Carnegie, Pennsylvania -- October 29, 1998 (Nasdaq "SKBO") -- Walter G.
Kelly, President of First Carnegie Deposit (the "Bank"), announced that the Bank
has  completed  its   reorganization  to  the  stock  holding  company  form  of
organization.  In connection with the  reorganization,  stockholders of the Bank
will  exchange  their  shares of common  stock in the Bank for  shares of common
stock in  Skibo  Financial  Corp.,  a newly  formed  federal  corporation,  on a
three-for-two  basis.  Upon  completion  of the  reorganization,  there  will be
approximately  3,450,000 shares of common stock of Skibo Financial Corp.  issued
and outstanding.  Skibo Bancshares, M.H.C. will own 55% of the outstanding stock
of Skibo Financial, the stock holding company.

         Beginning Friday,  October 30, 1998, Skibo Financial Corp. will succeed
the Bank's common stock in the  over-the-counter  market on the Nasdaq  SmallCap
Market and, for the first 20 trading days,  will trade under the symbol "SKBOD."
Upon the expiration of the 20-day period,  the common stock will trade under the
Bank's old symbol "SKBO."

         Skibo Financial Corp. will file periodic  financial  reports  with  the
Securities and Exchange Commission.

         The Bank, a federally chartered savings bank, operates three offices in
the Pittsburgh  area. At September 30, 1998, the Bank had total assets of $143.9
million, total deposits of $75.9 million and total stockholders' equity of $24.6
million.