Filing Details

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:

14,296 ⁽¹⁾

6.

SHARED VOTING POWER:

345,465 ⁽²⁾

7.

SOLE DISPOSITIVE POWER:

359,761

8.

SHARED DISPOSITIVE POWER:

-0-

9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:

359,761

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):

11.01% ⁽³⁾

12.  TYPE OF REPORTING PERSON (See Instructions):

EP

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.

(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:

359,761

(b)

Percent of Class:

11.01%

(c)

Number of shares as to which such person has:

(i)

sole power to vote or to direct the vote:

14,296

(ii)

shared power to vote or to direct the vote:

345,465

(iii)

sole power to dispose or direct the disposition of:

359,761

(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.

Not applicable

UNITED BANCSHARES, INC. RESTATED EMPLOYEE STOCK OWNERSHIP PLAN

Date: February 1, 2018

By:

/s/ Heather M. Oatman

Trustee