1.  NAME OF REPORTING PERSONS.

             United Bancshares, Inc. Restated Employee Stock Ownership Plan

2.  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a) [   ]

(b) [X]

3.  SEC USE ONLY ________________________________________________

4.  CITIZENSHIP OR PLACE OF ORGANIZATION

United States of America

Number of

Shares

Beneficially Reporting

Owned By

Each

Person with:

5.

SOLE VOTING POWER:

18,296 ⁽¹⁾

6.

SHARED VOTING POWER:

364,858 ⁽²⁾

7.

SOLE DISPOSITIVE POWER:

383,154

8.

SHARED DISPOSITIVE POWER:

-0-

9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:

383,154

10.

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN

SHARES (See Instructions):

Not Applicable

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):

11.72% ⁽³⁾

12.  TYPE OF REPORTING PERSON (See Instructions):

EP

(1)

Consists of unallocated shares held by the United Bancshares, Inc. Restated Employee Stock Ownership Group (the “ESOP”). The unallocated shares held by the ESOP are voted by the ESOP trustees in the same proportion as allocated shares for which the trustees receive voting instructions from ESOP participants.

(2)

Consists of shares allocated to the accounts of ESOP participants. These allocated shares are voted in accordance with the written instructions of the individual ESOP participants.

(3)

Based on 3,269,357 shares outstanding as of December 31, 2018.

Item 1.

(a)

Name of Issuer:

United Bancshares, Inc.

(b)

Address of Issuer’s Principal Executive Office:

105 Progressive Drive

Columbus Grove, Ohio 45830

Item 2.

(a)

Name of Person Filing:

United Bancshares, Inc. Restated Employee Stock Ownership Plan

(b)

Address of Principal Business Office:

Same as Item 1(b)

(c)

Citizenship:

United States

(d)

Title of Class of Securities:

Common Stock

(e)

CUSIP Number:

909458 10 1

Item 3.

[X] (f)

An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);

Item 4.

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

(a)

Amount Beneficially Owned:

383,154

(b)

Percent of Class:

11.72%

(c)

Number of shares as to which such person has:

(i)

sole power to vote or to direct the vote:

18,296

(ii)

shared power to vote or to direct the vote:

364,858

(iii)

sole power to dispose or direct the disposition of:

383,154

(iv)

shared power to dispose or direct the disposition of:

-0-

Item 5.

Not applicable

Item 6.

Not applicable

Item 7.

Not applicable

Item 8.

Not applicable

Item 9.

Not applicable

Item 10.

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under section 240.14a-11.

UNITED BANCSHARES, INC.

RESTATED EMPLOYEE STOCK

OWNERSHIP PLAN

Date: February 11, 2019

By: 

Trustee