Form 8-K
Item 5. Other Events.
USBANCORP, Inc. (the "Registrant") announced on July 28, 1995,
that its board of directors approved increased authorizations for
its common stock repurchase program which was initially adopted in
February 1994. For a more detailed description of the proposed
transaction see the USBANCORP, Inc. Press Release attached as
Exhibit #99.1.
Exhibits
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Exhibit 99.1 USBANCORP, Inc. Press Release dated July 28, 1995
announcing that USBANCORP, Inc. announced increased
authorizations in the common stock repurchase
program initially adopted in February 1994.
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 hereunto duly authorized.
USBANCORP, Inc.
By: \s\Jeffrey A. Stopko
Jeffrey A. Stopko
Vice President, Chief
Accounting Officer & Manager
of Corporate Services
Date: August 2, 1995
Exhibit 99.1
USBANCORP ANNOUNCES INCREASED STOCK
REPURCHASE AUTHORIZATIONS
PITTSBURGH, PA -- USBANCORP, Inc. (Nasdaq: UBAN) announced
that its Board of Directors has approved increased authorizations
for its common stock repurchase program which was initially adopted
in February 1994. The Company has repurchased 181,000 shares at an
aggregate price of $4.3 million of its common stock under the
program. The Board has increased the maximum aggregate number of
shares which can be repurchased to 550,000 and the maximum
aggregate cash outlay which can be used to support the repurchase
program to $10 million. This action reaffirms the Company's
ongoing commitment to providing a progressive total return to its
shareholders.
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-five community
offices. The counties served include Allegheny, Cambria,
Clearfield, Somerset, Washington, and Westmoreland. At June 30,
1995, USBANCORP had total assets of $1.8 billion and shareholders'
equity of $147 million or $26.50 per common share.
