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) June 8, 1994
USBANCORP, Inc.
(exact name of registrant as specified in its charter)
Pennsylvania 0-12204 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 or 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 June 8, 1994,
at its Annual Shareholders meeting that the Common Stock Dividend
was increased to $.25 per share. Shareholders also approved an
increase in the authorized common shares to 12 million. For a more
detailed description of the announcements see the press release
attached as exhibit #99.1.
Exhibits
Exhibit 99.1 Press release dated June 8, 1994, announcing a 14%
increase in the dividend of USBANCORP's Common
Stock, and an approved increase in the authorized common
shares.
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereto duly authorized.
USBANCORP, Inc.
By \s\ Orlando B. Hanselman
Orlando B. Hanselman
Senior Vice President,
Chief Financial Officer &
Manager of Corporate Services
Date: June 8, 1994
USBANCORP ANNOUNCES 14% DIVIDEND INCREASE
PITTSBURGH, PA - USBANCORP, Inc. (NASDAQ NMS: UBAN) today announced a 14%
increase in its quarterly cash dividend on Common Stock. The dividend is now
$0.25 per share and is payable July 18, 1994, to shareholders of record June 17,
1994. Since 1990, the dividend has been increased five times or by a total of
400%. On an annualized basis, the Company's current Common Stock dividend yield
approximates 4.0% compared to an average Pennsylvania bank holding company yield
of 2.5%. The Company's dividend enhancement is consistent with its emphasis on
creating a progressive total shareholder return and its commitment to
maintaining a competitive common dividend yield.
The USBANCORP dividend increase was announced at its Annual Shareholders'
Meeting. Shareholders approved other Company actions including the intra-market
acquisition of Johnstown Savings Bank and an increase in the authorized common
shares to 12 million. The acquisition of Johnstown Savings Bank, which will
enhance the Company's market share in Cambria County to a market leading 26%, is
expected to be accounted for as of June 30, 1994, with the legal consummation to
occur on July 11, 1994; the acquisition remains subject to approval by the
Johnstown Savings Bank shareholders at their annual meeting on June 9, 1994, and
certain pending regulatory approvals.
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 March 31, 1994, USBANCORP had total
assets of $1.2 billion and shareholders' equity of $114.9 million or $24.26 per
share.
