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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): February 5, 1997
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 (IRS Employer
of incorporation) File Number) Identification No.)
100 Dutch Hill Road, Orangeburg, New York 10962
(Address of principal executive offices) (Zip Code)
(914) 365-4600
(Registrant's telephone number, including area code)
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ITEM 5. Other Events
On February 5, 1997, U.S.B. Holding Co., Inc. (the "Company") issued a
press release announcing its issuance of $20 million of Trust Preferred
Securities.
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 February 5, 1997 99
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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: February 6, 1997
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EXHIBIT INDEX
Exhibit No. Description Sequential Page No.
99 Press Release of U.S.B. 5
Holding Co., Inc. issued
February 5, 1997
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EXHIBIT 99
February 5, 1997
FOR IMMEDIATE RELEASE Contact: Steven T. Sabatini
Executive V.P. &
Chief Financial Officer
(914) 365-4615
U.S.B. HOLDING CO., INC. ISSUES
TRUST CAPITAL SECURITIES
Orangeburg, NY - U.S.B. Holding Co., Inc. (the "Company"), parent company of
Union State Bank, today announced the completion of a trust capital securities
offering that raised $20 million of capital. The 9.58% Capital Securities due
February 1, 2027 were issued by Union State Capital Trust I (the "Trust"), a
Delaware business trust that was formed by the Company solely to issue the
Capital Securities and related common stock and advance the proceeds to the
Company by purchasing junior subordinated debt of the Company. The Capital
Securities may not be redeemed except under limited circumstances until February
1, 2007 and thereafter at a premium which reduces over a ten year period.
Dividends will be paid semi-annually, beginning August 1, 1997.
The proceeds of the Capital Securities will qualify as Tier I or core
capital for the Company under the Federal Reserve Board's risk-based capital
guidelines, and will be available for general corporate purposes and to retire
the Company's existing outstanding preferred stock in the amount of $3,250,000.
Payments on the junior subordinated debt, which are in turn passed through the
Trust to the Capital Securities holders, will be serviced through existing
liquidity and cash flow sources of the Company. The Company has been advised
that it will be permitted to deduct dividend payments on the Capital Securities
under current federal tax law.
The Company, with consolidated total assets of $803.5 million at December
31, 1996, is a bank holding company whose sole bank subsidiary is Union State
Bank. Union State Bank is a full service community bank with eighteen banking
offices located in Rockland and Westchester Counties.
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