SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): June 14, 1995
U.S.B. HOLDING CO., INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-5027 36-3197969
(State or other
jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
100 Dutch Hill Road, Orangeburg, N.Y. 10962
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code):
(914)-365-4600
ITEM 2. Acquisition or Disposition of Assets
On June 14, 1995, U.S.B. Holding Co., Inc. issued a press release announcing
that a tentative agreement had been reached for the sale of the deposits of
its wholly-owned subsidiary, Royal Oak Savings Bank, F.S.B. A copy of the
press release is filed as Exhibit 99 hereto. The premium to be paid for such
deposits will be 8-1/2% of deposits transferred, plus accrued interest
thereon, as part of the settlement date.
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits. The following exhibit is filed as part of this
Current Report on Form 8-K:
Description Exhibit_No.
Press Release of U.S.B. Holding 99
Co., Inc. issued June 14, 1995
SIGNATURES
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 thereunto duly authorized.
U.S.B. HOLDING CO., INC.
By: _________________________________
Steven T. Sabatini
Executive Vice President, Finance
and Chief Financial Officer
Date: June 26, 1995
EXHIBIT INDEX
Exhibit No. Description Sequential Page No.
99 Press Release of U.S.B. 5
Holding Co., Inc. issued
June 14, 1995
FOR IMMEDIATE RELEASE TO THE PRESS
FOR IMMEDIATE RELEASE
JUNE 14, 1995 CONTACT: Steven T. Sabatini
Executive Vice President
(914)-365-4615
U.S.B. HOLDING CO., INC. ANNOUNCES SALE OF ITS
MARYLAND SUBSIDIARY BANK
Orangeburg, N.Y. - USB Holding Co., Inc., parent company of
Rockland/Westchester based Union State Bank has reached a tentative agreement
for the sale of the deposits of their Maryland subsidiary bank to the
Taneytown Bank & Trust Co. of Tanneytown, MD, Thomas E. Hales, Chairman
of the Board announced today. Deposits at these two locations total $39
million.
The Royal Oak Savings Bank of Randallstown, MD was formed by the merger
of two former Maryland banks in 1991 by USB Holding Co., Inc.
Royal Oak's offices are located in Randallstown and Eldersburg, MD.
Pending review and approval by various government agencies, the transaction
is expected to be completed by year end 1995.
Mr. Hales commented that although the Maryland franchise had been
profitable from the first year of its chartering, the profits resulting
from its sale would best be served in supporting other initiatives being
entertained by the Holding Company and its primary subsidiary Union
State Bank.
