Securities and Exchange Commission
Washington, D.C. 20549
Schedule 13D
Pursuant to Section 13(d)
of the Securities Exchange Act of 1934
U.S.B. Holding Co., Inc.
(Name of Issuer)
Common Stock, $5.00 Par Value
(Title of Class of Securities)
902910108
(CUSIP Number of Class of Securities)
Howard V. Ruderman
6 Aspen Court
Pomona, NY 10970
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
April 14, 1993
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a Statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box.
Check the following box if a fee is being paid with the statement.
(Page 1 of 6)
______________________________________________________________________________
______________
CUSIP No. 902910108 13D
1 NAME OF REPORTING PERSONS
S.S OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Howard V. Ruderman
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)
(b)
3 SEC USE ONLY
4 SOURCE OF FUNDS*
PF
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e)
6 CITIZENSHIP OR PLACE OR ORGANIZATION
U.S.A.
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
7 SOLE VOTING POWER
145,044
8 SHARED VOTING POWER
None.
9 SOLE DISPOSITIVE POWER
145,044
10 SHARED DISPOSITIVE POWER
None.
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
150,126
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.4%
14 TYPE OF REPORTING PERSON*
IN
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Item 1. Security and Issuer.
This statement relates to the common stock, par value $5.00 per share (the
"Common Stock"), issued by U.S.B. Holding Co., Inc. (the "Company"), the
prncipal executive offices of which are located at c/o Union State Bank, 100
Dutch Hill Road, Orangeburg, New York 10962.
Item 2. Identity and Background.
(a)-(c), (f) The statement is being filed by Howard V. Ruderman, a
natural person and citizen of the United States, in his individual capacity.
Mr. Ruderman is the President of Mohegan Electric Supply Company of Mohegan Lake
New York, and is also a director of the Company.
(d)-(e) During the past five years, Mr. Ruderman has not been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors), nor
has he been a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction resulting in his being subject to a judgment, decree
or final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding of any
violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration
This statement relates to a total of 150,126 shares of Common Stock which
Mr. Ruderman beneficially owns. These shares include 145,044 shares of Common
Stock owned directly by Mr. Ruderman and currently 1 exercisable options held by
Mr. Ruderman to purchase 5,082 shares of Common Stock. The 145,044 shares
owned directly by Mr. Ruderman were acquired by him using funds from his
personal financial resources (i) by open market purchases, (ii) by reinvestment
of cash dividends and optional cash purchases under the Company s dividend
reinvestment and stock purchase plans, (iii) by exercise of options granted to
Mr. Ruderman under the Company s director stock option plan, (iv) by conversion
of a convertible debenture issued to Mr. Ruderman by the Company, and (v) as a
result of stock splits and stock dividends. Shares which Mr. Ruderman purchased
in the open market or under the Company s dividend reinvestment and stock
purchase plans were purchased at the then current market prices for the Common
Stock; shares acquired through the exercise of options or on conversion of the
debenture were purchased at the exercise prices specified therein.
1 Within 60 days from August 31, 1995
Item 4. Purpose of Transaction
(a)-(j) The Common Stock purchased by Mr. Ruderman has been acquired for
investment purposes only. Mr. Ruderman believes that the Common Stock
represents an attractive investment opportunity at this time.
Mr. Ruderman has no present intention to seek control of the Company or to
influence the management of the Company by virtue of his ownership of Common
Stock, other than in the normal course of performing his duties as a director of
the Company. Mr. Ruderman has no current plans or proposals which relate to or
would result in the occurrence of any of the actions or events specified in
clauses (a) through (j) of Item 4 of Schedule 13D.
Item 5. Interest of the Securities of the Issuer
(a) The 150,126 shares of Common Stock beneficially owned by Mr. Ruderman
represent approximately 5.4% of the outstanding Common Stock of the Company.
(b) Mr. Ruderman has sole power to vote and to dispose of the 145,044 shares
directly owned by him. He has no power to vote or dispose of the 5,082
shares on which he holds currently exercisable options until such time as he
exercises such options and purchases the
shares.
(c) As a result of his purchase of 2,000 shares of Common Stock on April 14,
1993, Mr. Ruderman became the beneficial owner of more than 5% of the
outstanding Common Stock. Mr. Ruderman effected no transactions involving Common
Stock within 60 days prior to April 14, 1993.
The transactions which Mr. Ruderman has effected involving Common Stock from
April 14, 1993 to the date of this report are as follows:
<TABLE>
<CAPTION>
increase (decrease) in price
date shares options per share nature of transaction
<S> <C> <C> <C> <C>
04/14/93 2,000 $12.50 purchase
04/15/93 783 $12.50 dividend reinvestment
06/17/93 1,659 (1,659) $11.21 option exercise
06/17/93 1,659 (1,659) $11.96 option exercise
06/17/93 1,659 (1,659) $12.38 option exercise
06/17/93 1,659 (1,659) $10.95 option exercise
07/15/93 824 $13.00 dividend reinvestment
07/19/93 10,708 n/a 10% stock dividend
10/15/93 741 $16.00 dividend reinvestment
01/17/94 628 $19.00 dividend reinvestment
03/03/94 361 $23.00 purchase
03/26/94 2,310 n/a option grant
04/15/94 576 $23.00 dividend reinvestment
06/01/94 285 $23.00 purchase
06/15/94 528 $23.00 dividend reinvestment
07/15/94 583 $23.00 dividend reinvestment
10/14/94 550 $24.50 dividend reinvestment
01/01/95 400 $24.50 purchase
01/15/95 552 $24.50 dividend reinvestment
02/01/95 900 $24.50 purchase
03/01/95 1,290 $24.75 purchase
03/25/95 2,310 n/a option grant
04/15/95 544 $25.50 dividend reinvestment
05/01/95 342 $25.00 purchase
06/06/95 3,750 $25.00 purchase
07/01/95 13,069 462 n/a 10% stock dividend
07/14/95 608 $25.75 dividend reinvestment
08/25/95 673 $27.00 purchase
</TABLE>
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
None.
Item 7. Material to be filed as Exhibits
None.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Dated: August 31, 1995 ________________________________
Howard V. Ruderman
