Experience with weight loss using a stationary bike?

Ok so me and my friend are both trying to lose weight. She has about 100 pounds to lose and I have about 50. If our main source of exercise is a stationary bike will we lose weight from all over our bodies? I know that seems like a crazy question but we really would like some feedback about stationary bikes and the effectiveness. We are going to start dieting as well. Thank you to anyone who gives advise!