SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 31, 1995
U.S.B. HOLDING CO., INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-5027 36-3197969
(State or otherjurisdiction (Commission (IRS Employer
of incorporation) File 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 January 2, 1996, U.S.B. Holding Co., Inc. (the "Company") issued a press
release announcing the sale of its wholly-owned subsidiary, Royal Oak Savings
Bank, F.S.B., to Monocacy Bancshares, Inc. has been completed effective
December 31, 1995. A copy of the press release is filed as Exhibit 99
hereto.
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
Co., Inc. issued January 2, 1996 99
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: January 12, 1996
EXHIBIT INDEX
Exhibit No. Description Sequential Page No.
99 Press Release of U.S.B. 5
Holding Co., Inc. issued
January 2, 1996
FOR IMMEDIATE RELEASE FOR RELEASE TO
JANUARY 2, 1996 THE PRESS
For further information, please contact
Mr. Steven T. Sabatini
Executive Vice President
Chief Financial Officer
(914) 365-4615
PARENT COMPANY OF UNION STATE BANK SELLS MARYLAND SUBSIDIARY BANK
Orangeburg, NY - Mr. Thomas E. Hales, Chairman of the Board, U.S.B. Holding
Co., Inc., parent company of the Rockland/Westchester-based Union State Bank,
announced today that it has completed the sale of its Maryland subsidiary
Bank. Royal Oak Savings Bank, FSB, was sold to Monocacy Bancshares, Inc.,
parent company of Taneytown Bank and Trust Company, Taneytown, Maryland
effective December 31, 1995. The approximate sales price of $7.8 million is
based on the level of deposits and certain other assets and liabilities sold
as of December 31, 1995.
Royal Oak Savings Bank was formed by the merger of two former Maryland banks
in 1991 by U.S.B. Holding Co., Inc. Royal's Oak's offices are located in
Randallstown and Eldersburg, MD. Royal Oak had approximately $50 million
in assets as of December 31, 1995.
Monocacy will continue to manage and operate Royal Oak Savings Bank, FSB
under its charter but expects to merge Royal Oak with the Taneytown Bank in
the second quarter of 1996.
Mr. Hales commented that the gain resulting from Royal Oak's sale will serve
in supporting other initiatives of the U.S.B. Holding Co., Inc. and its primary
subsidiary, Union State Bank.
