<PAGE>
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
-------------
SCHEDULE 13G
(Rule 13d-102)
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934(1)
U.S.B. Holding Co., Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $5 per share
- --------------------------------------------------------------------------------
(Title of Class of Securities)
902910108
- --------------------------------------------------------------------------------
(CUSIP Number)
-------------
Check the following box if a fee is being paid with this statement [ ]. (A
fee is not required only if the filing person: (1) has a previous statement on
file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
- ----------
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 5 Pages
<PAGE>
<PAGE>
- --------------------------------------------------------------------------------
- ---------------------- -----------------
CUSIP No. 902910108 13G Page 2 of 6 Pages
- ---------------------- -----------------
<TABLE>
<C> <S> <C>
- -----------------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
S.S OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Harold Torsoe (S.S. No. ###-##-####)
- -----------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
- -----------------------------------------------------------------------------------------
3 SEC USE ONLY
- -----------------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
- -----------------------------------------------------------------------------------------
5 SOLE VOTING POWER
949,302 shares
NUMBER OF ---------------------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY None
OWNED BY ---------------------------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
REPORTING 949,302
PERSON WITH ---------------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
None
- -----------------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
949,302 shares
- -----------------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* [ ]
- -----------------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.64%
- -----------------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
- -----------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 5 Pages
<PAGE>
<PAGE>
ITEM 1(A). NAME OF ISSUER
U.S.B. Holding Co., Inc.
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
100 Dutch Hill Road, Orangeburg, NY 10962
ITEM 2(A). NAME OF PERSON FILING
Harold Torsoe
Mrs. Torsoe
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, OF NONE, RESIDENCE
c/o Union State Bank, 100 Dutch Hill Road, Orangeburg, NY 10962
ITEM 2(C) CITIZENSHIP
United States
ITEM 2(D). TITLE OF CLASS OF SECURITIES
Common Stock
ITEM 2(E). CUSIP NUMBER
902910108
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b), OR 13(d)-2(b),
CHECK WHETHER THE PERSON FILING IS A . . .
This schedule is not being filed pursuant to Rules 13d-1(b) or 13d-2(b).
ITEM 4. OWNERSHIP
(a) Amount Beneficially Owned: 949,302
(b) Percent of Class: 7.64%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 949,302
Page 3 of 5 Pages
<PAGE>
<PAGE>
(ii) shared power to vote or to direct the vote: None
(iii) sole power to dispose or to direct the
disposition of: 949,302
(iv) shared power to dispose or to direct the
disposition of: None
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
This statement is not being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
No other person is known to have the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, such
securities.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY
No parent holding company has filed this schedule.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
No group has filed this schedule pursuant to Rule 13d-1(b)(ii)(h) or
Rule 13d-1(c).
Page 4 of 5 Pages
<PAGE>
<PAGE>
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
No notice of dissolution of a group has been furnished as an exhibit to
this Statement.
ITEM 10. CERTIFICATION
This statement is not filed pursuant to Rule 13d-1(b).(2)
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.
Date: February 12, 1998
/s/ HAROLD TORSOE
__________________________________
HAROLD TORSOE
The original statement shall be signed by each person on whose behalf
the statement is filed or his authorized representative. If the statement is
signed on behalf of a person by his authorized representative other than an
executive officer or general partner of the filing person, evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.
Note: Six copies of this statement, including all exhibits, should be
filed with the Commission.
Attention: Intentional misstatements or omissions of
fact constitute Federal criminal violations (see 18
U.S.C. 1001).
- ----------
(2) In addition, by signing below I certify that the above securities
referred to above were acquired in the ordinary course of business and were not
acquired for the purpose of and do not have the effect of changing or
influencing the control of the issuer of such securities and were not acquired
in connection with or as a participation in any transaction having such purposes
or effect.
Page 5 of 5 Pages
