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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) May 29, 1998
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United Financial Banking Companies, Inc.
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(Exact name of registrant as specified in its charter)
Virginia 0-13395 54-1201253
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(State or other jurisdiction (Commission (IRS Employer
or incorporation) File Number) Identification No.)
8399 Leesburg Pike, Vienna, Virginia 22182
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(Address of principal executive offices)
Registrant's telephone number, including area code (703) 734-0040
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(Former name or former address, if changed since last report)
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ITEM FIVE. OTHER EVENTS
On March 1, 1998, United Financial Banking Companies, Inc.
(UFBC) initiated a Private Placement Offering (Offering) of its common
stock at $8.75 per share. As of July 6, 1998, UFBC has sold 260,950
shares of common stock and raised $2,283,312.50 of new capital. As
detailed in the Offering Memorandum, the Offering proceeds have been
used to redeem the Company's preferred stock - series A ($1,386,000),
to support growth through investment in the banking subsidiary, The
Business Bank, ($700,000) and to maintain working capital for UFBC
($192,000). To date, costs of the Offering total approximately $5,000.
At February 28, 1998, UFBC's outstanding common shares totaled 561,640.
At July 6, 1998, UFBC's outstanding common shares total 822,590.
SIGNATURES
Pursuant to the requirement 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.
United Financial Banking Companies, Inc.
(Registrant)
By: /s/ HAROLD C. RAUNER
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Harold C. Rauner, President
Date: July 6, 1998
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