EXHIBIT 99












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



                              For Immediate Release
                               September 22, 1999


                         SKIBO FINANCIAL CORP. ANNOUNCES
                    OTS APPROVAL OF STOCK REPURCHASE PROGRAM

         Carnegie,  Pennsylvania  --  September  22,  1999 -- Walter  G.  Kelly,
President of Skibo Financial Corp., Carnegie,  Pennsylvania (Nasdaq "SKBO"), the
holding  company of First Carnegie  Deposit,  announced today that the Office of
Thrift  Supervision  has approved its application to repurchase up to 155,247 of
its common stock pursuant to the Company's stock  repurchase  plan.  Pursuant to
the plan,  the Company will  repurchase up to 10% of its  outstanding  shares of
common stock held by persons  other than Skibo  Bancshares,  M.H.C.,  its mutual
holding company.

         The repurchases will be made in open-market transactions subject to the
availability of stock and the terms of the repurchase plan.  Repurchased  shares
will become  authorized  but  unissued  shares and will be utilized  for general
corporate  and other  purposes,  including the issuances of shares in connection
with the exercise of stock options.