Form 8-K
Item 5. Other Events.
USBANCORP, Inc. (the "Registrant") announced on February 19,
1998, that its Three Rivers Bank subsidiary, has reached an
agreement in principle to acquire two branches of National City
Bank of Pennsylvania, a subsidiary of National City Corporation of
Cleveland, Ohio. For a more detailed description of the proposed
transaction see the press release attached as Exhibit #99.1.
Exhibits
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Exhibit 99.1 Press release dated February 19, 1998, announcing
that USBANCORP, Inc.'s, Three Rivers Bank
subsidiary has reached an agreement in principle to
acquire two branches of National City Bank of
Pennsylvania, a subsidiary of National City
Corporation of Cleveland, Ohio.
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
Senior Vice President
& CFO
Date: February 25, 1998
<PAGE>1
Exhibit 99.1
Jeffrey A. Stopko February 19, 1998
Senior Vice President and IMMEDIATELY
Chief Financial Officer
(814) 533-5310
USBANCORP, INC. ANNOUNCES BRANCH ACQUISITIONS
PITTSBURGH, PA -- USBANCORP, Inc. (NASDAQ NMS: UBAN) announced that one
of its banking subsidiaries, Three Rivers Bank, has reached an agreement in
principle to acquire two branch offices of National City Bank of Pennsylvania,
a subsidiary of National City Corporation (NYSE: NCC) of Cleveland, Ohio.
The acquired branch offices are located on the North Side of Pittsburgh at
600 East Ohio Street and in Braddock at 823 Braddock Avenue.
Three Rivers Bank will pay a core deposit premium of 7.0% to acquire
approximately $38 million of deposits. The bank will use the funds provided
by the deposits to pay down existing borrowings on its balance sheet. No
loans are included in the transaction with the exception of cash reserve
accounts (overdraft protection) related to certain deposit accounts. The
agreement is subject to the completion of due diligence and all necessary
regulatory approvals. The sale is expected to be completed in the spring of
1998.
Three Rivers Bank will honor all of the rates and terms currently in
effect on all certificate of deposit accounts, with no interruption of service
to customers. Three Rivers Bank will provide additional details to all
customers to ensure a smooth transition.
W. Harrison Vail, President and Chief Executive Officer of Three Rivers
Bank, stated: "These two branch offices will complement and augment our
existing community banking network in Allegheny County. We intend to continue
our philosophy of customer service and neighborhood involvement as we expand
in these two communities."
Three Rivers Bank is a state-chartered and federally insured bank, with
assets in excess of $950 million and 23 offices in Allegheny, Washington and
Westmoreland Counties. It is part of the USBANCORP banking network which had
total assets of $2.2 billion at December 31, 1997.
