On February 20, 2018, James N. Reynolds, Chairman of the Board of Directors and a director of United Bancshares, Inc. announced that he has decided to retire as a director of the company and not stand for reelection to the Company's Board of Directors at the 2018 Annual Meeting of Shareholders of the Company on April 25, 2018 (the 2018 Annual Meeting"). Mr. Reynolds will serve out the remainder of his term as a director, which will expire at the 2018 Annual Meeting.