SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of the
Securities Act of 1934
Date of Report (Date of earliest event reported) April 4, 1994
USBANCORP, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania 0-11204 25-1424278
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of Incorporation)
Main and Franklin Streets, Johnstown, PA 15901
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 814-533-5300
N/A
(Former name or former address, if changed since last report.)
Item 5. Other Events
USBANCORP, Inc. (the "Registrant") announced on February 25, 1994, that,
at its scheduled monthly meeting, the Board of Directors approved and authorized
the quarterly cash dividend of $0.22 per share and the approval of a stock
repurchase program. For more detailed information see the press release
attached as exhibit #99.1.
Exhibits
Exhibit 99.1 Press release dated February 25, 1994, announcing the
USBANCORP, Inc. quarterly cash dividend and adoption of a stock repurchase
program.
USBANCORP, Inc.
By /s/ Orlando B. Hanselman
Orlando B. Hanselman
Executive Vice President,
CFO & Manager of Corporate Services
Date: April 4, 1994
Orlando B. Hanselman February 25, 1994
Executive Vice President & CFO IMMEDIATELY
(814) 533-5319
USBANCORP ANNOUNCES DIVIDEND and STOCK
REPURCHASE PROGRAM
PITTSBURGH, PA -- USBANCORP, Inc. (NASDAQ NMS: UBAN) today announced its
quarterly cash dividend on Common Stock. The dividend is $0.22 per share and is
payable April 5, 1994 , to shareholders of record March 8, 1994. Since 1990,
the dividend has been increased four times or by a total of 340%. On an
annualized basis, the Company's current Common Stock dividend yield
approximates 3.5% compared to an average Pennsylvania bank holding company
yield of 2.5%.
USBANCORP, Inc. also announced that its Board of Directors has adopted a stock
repurchase program pursuant to which the Company may repurchase from time to
time over the next twelve months up to 237,000 shares or 5% of its Common Stock,
par value $2.50. The Board has authorized a maximum cash outlay to support this
repurchase program of $6.5 million.
With this program, USBANCORP can purchase Common Stock in open market
transactions at prevailing market prices or in privately negotiated
transactions. No shares will be purchased directly from affiliates of
USBANCORP. Purchases will be executed as market conditions make such purchases
attractive to the Company's shareholders. Purchases under the Program may
commence and terminate any number of times. At the end of 1993, USBANCORP had
approximately 4.7 million shares of Common Stock outstanding.
Both announced actions reaffirm the USBANCORP commitment to and strategic focus
on providing a progressive total return to its shareholders. The Company's
total shareholder return for the period 1988-1993 was 163.7% compared to the
Standard & Poor's 500 Index total return of 125.6%.
USBANCORP, a community bank holding company, is the parent of U. S. Bank and
USBANCORP Trust Company in Johnstown and two Pittsburgh affiliates, Three Rivers
Bank and Community Bancorp, Inc.. The Company's subsidiaries provide full-
service banking to six Southwestern Pennsylvania counties through forty-one
community offices. The counties served include Allegheny, Cambria, Clearfield,
Somerset, Washington, and Westmoreland. At December 31, 1993, USBANCORP had
total assets of $1.2 billion and shareholders' equity of $116.6 million or
$24.67 per share.
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