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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13d-1 (b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2 (b)
(Amendment No. 3)(1)
U.S.B. Holding Co., Inc.
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(Name of Issuer)
Common Stock, par value $0.01 per share
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(Title of Class of Securities)
902910108
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(CUSIP Number)
December 31, 1998
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1 (b)
[ ] Rule 13d-1 (c)
[X] Rule 13d-1 (d)
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(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
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CUSIP No. 902910108 13G Page 2 of 5 Pages
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NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
1
Kenneth J. Torsoe
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
2 (b) [ ]
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SEC USE ONLY
3
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4 CITIZENSHIP OR PLACE OR ORGANIZATION
United States
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SOLE VOTING POWER
5 1,502,916 shares (inclusive of 68,200
shares issuable upon the exercise of
vested stock options) (see Item 4)
NUMBER OF ------------------------------------------------------
SHARES SHARED VOTING POWER
BENEFICIALLY 6 None
OWNED BY ------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
REPORTING 7 1,502,916 shares (inclusive of 68,200
PERSON WITH shares issuable upon the exercise of
vested stock options) (see Item 4)
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8 SHARED DISPOSITIVE POWER
None
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,502,916 shares (see Item 4)
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
10 CERTAIN SHARES* [ ]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11 9.4% (see Item 4)
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12 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 5 Pages
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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:
Kenneth J. Torsoe
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF 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
13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:.
Not applicable.
ITEM 4. OWNERSHIP.
(a) Amount Beneficially Owned: 1,502,916 shares of Common Stock
This amount includes: (i) 1,434,716 shares of Common Stock
owned directly by Mr. Torsoe; and (ii) vested employee stock
options to purchase 68,200 shares of Common Stock held
by Mr. Torsoe.
(b) Percent of Class: 9.4%
This percentage is based upon 15,963,547 shares of Common Stock
issued and outstanding as of December 31, 1998, plus the
aggregate number of shares which the Reporting Person has the
right to acquire within 60 days pursuant to the exercise of
vested stock options.
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 1,502,916 shares
of Common Stock
Page 3 of 5 Pages
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This amount includes: (i) 1,434,716 shares of Common Stock
owned directly by Mr. Torsoe; and (ii) vested employee stock
options to purchase 68,200 shares of Common Stock held
by Mr. Torsoe.
(ii) shared power to vote or direct the vote: None
(iii) sole power to dispose or to direct the
disposition of: 1,502,916 shares of Common Stock
This amount includes: (i) 1,434,716 shares of Common Stock
owned directly by Mr. Torsoe; and (ii) vested employee stock
options to purchase 68,200 shares of Common Stock held
by Mr. Torsoe.
(iv) shared power to dispose or to direct the
disposition of: None
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER
PERSON.
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATIONS.
Not applicable.
Page 4 of 5 Pages
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SIGNATURE
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, 1999
/s/ KENNETH J. TORSOE
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KENNETH J. TORSOE
Page 5 of 5 Pages
