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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) July 23, 1998
USABANCSHARES, INC.
(Exact name of registrant as specified in charter)
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Pennsylvania 000-27244 23-2806495
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(State or other jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification Number)
One Lincoln Plaza, 1535 Locust Street, Philadelphia PA 19102
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(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code 215-569-4200
This document consists of 5 pages
Exhibit Index appears at Page 4
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Item 5. Other Events
On July 23, 1998, the Board of Directors of the Registrant declared a
dividend on its issued and outstanding common stock in the amount of
thirty-three percent (33%), payable in shares of common stock to holders of
record of the issued and outstanding shares of the Registrant's common stock on
August 3, 1998. The stock dividend shall be payable on August 17, 1998. No
fractional shares will be issued in connection with such dividend.
The Registrant issued a press release regarding the stock dividend on
July 23, 1998, a copy of which is attached hereto and incorporated herein by
reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
99 Press Release of the Registrant, dated July 23, 1998.
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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.
USABANCSHARES, INC.
Date: July 27, 1998 By: /s/
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Name: Kenneth L. Tepper
Title: President and Chief Executive Officer
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EXHIBIT INDEX
Exhibit No.
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99 Press Release dated July 23, 1998
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USABancShares
MEDIA ADVISORY
FOR IMMEDIATE RELEASE FOR INFORMATION
CONTACT
July 23, 1998 Kenneth L. Tepper
BOARD OF DIRECTORS DECLARE
33% STOCK DIVIDEND
- - The Board of Directors of USABancShares (NASDAQ-"USAB") today
declared a 33% stock dividend, payable August 17, 1998 to shareholders of record
as of August 3, 1998.
"After our 33% dividend of a year ago, we have continued to achieve meaningful
growth in both assets and earnings, and we remain well position for continued
progress," stated Kenneth L. Tepper, President & CEO of the Company. "Our Board
of Directors is once again pleased to recognize shareholder support by virtue of
this dividend", he concluded.
Through BankPhiladelphia, its FDIC insured community banking subsidiary, the
Company continues to both originate and acquire loans which comprise the primary
component of growth to date. In addition, BankPhiladelphia has opened two new
branch banking locations over the last year, and expects to shortly announce a
new location on Philadelphia's "Main Line".
USABancShares is a community bank holding company regulated by the Federal
Reserve Board; its primary operating subsidiary, BankPhiladelphia, is an FDIC
insured state chartered savings bank engaged in commercial, consumer &
residential lending. The Company also owns USACapital, a stock brokerage firm
specializing in equity trading and portfolio management.
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One Lincoln Plaza * 1535 Locust Street * Philadelphia, PA 19102
* (215) 569-4200 * Fax (215) 569-4214
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