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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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) November 30, 1998
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U.S.B. Holding Co., Inc.
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(Exact Name of Registrant as Specified in Charter)
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Delaware 1-12811 36-3197969
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
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100 Dutch Hill Road, Orangeburg, New York 10962
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number including area code (914) 365-4600
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On November 30, 1998, U.S.B. Holding Co., Inc. (the "Company"), the
parent company of each of Union State Bank and Tarrytowns Bank, FSB, announced
that on November 25, 1998 the Company's Board of Directors (i) authorized a
10% stock dividend of the Company's common stock, par value $.01 per share
(the "Common Stock"), to be distributed on December 21, 1998 to shareholders
of record as of December 7, 1998 and (ii) declared a quarterly cash dividend of
$.06 per share on the Company's Common Stock, to be paid on January 15, 1999
to shareholders of record as of December 31, 1998.
Item 7. Exhibit List
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Exhibit No. Description
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99.1 Press release, dated November 30, 1998, relating to
the declaration of a common stock dividend and a
quarterly cash dividend
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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 hereunto duly authorized.
U.S.B. HOLDING CO., INC.
Date: December 10, 1998 By: /s/ STEVEN T. SABATINI
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Name: Steven T. Sabatini
Title: Senior Executive Vice President
& CFO
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EXHIBIT 99.1
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FOR IMMEDIATE RELEASE Contact: Steven T. Sabatini
Senior Executive V.P. &
Chief Financial Officer
(914) 365-4615
U.S.B. HOLDING CO., INC.,
DECLARES TEN PERCENT COMMON STOCK DIVIDEND AND CASH DIVIDEND
Orangeburg, NY, November 30, 1998 - U.S.B. Holding Co., Inc. (the "Company"),
the parent company of Union State Bank and Tarrytowns Bank, FSB, announced today
that on November 25, 1998, the Company's Board of Directors authorized a 10%
stock dividend of the Company's common stock, to be distributed on December 21,
1998 to shareholders of record as of December 7, 1998. In making this
announcement, Mr. Thomas E. Hales, Chairman of the Board, commented that the
stock dividend should increase the liquidity of the common stock, making it more
attractive to investors, particularly individuals, and, therefore, be in the
best interest of the Company and its shareholders.
In addition, on November 25, 1998, the Board of Directors of the
Company declared a quarterly common stock cash dividend of six cents per share,
to be paid on January 15, 1999 to shareholders of record December 31, 1998.
After considering the ten percent stock dividend, the cash dividend represents a
10% increase over the previous quarter's cash dividend.
The Company's common stock is listed on the American Stock Exchange,
trading under the symbol "UBH." The Company operates through its two banking
subsidiaries, Union State Bank, a commercial bank with twenty-two locations in
Rockland and Westchester counties, and Tarrytowns Bank, FSB, a federally
chartered savings bank with two branches in Westchester County.
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