An improved circuit board material having a support layer, an electrical resistance layer and a conductive layer. The circuit board material has a resistance of at least about 500 ohms/square. The circuit board material is formed by electro-plating the electrical resistance layer on the conductive layer. The conductive layer is desirably activated prior to electro-deposition of the electrical resistance layer thereon. The conductive layer is activated by contacting with an activating agent such as benzotriazole electrolytic chromate and the like. A preferred electro-plating bath for electro-deposition of the electrical resistance layer comprises about 0.5 mole per liters nickel hypophosphite. The disclosed electro-plating bath functions at ambient temperatures and is effectively temperature independent. Circuit boards can be formed from the circuit board material through a process involving only two etching steps.