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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) February 13, 1998
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USABANCSHARES, INC.
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(Exact name of registrant as specified in charter)
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<S> <C> <C>
Pennsylvania 000-27244 23-2806495
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(State or other jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification Number)
One Penn Square, 30 South 15th 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
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This document consists of 4 pages
Exhibit Index appears at Page 3
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Item 5. Other Events
On February 18, 1998, the Registrant announced the private
placement of 769,231 shares of its common stock to
institutional investors.
The Registrant issued a press release regarding such
placement on February 18, 1998, a copy of which is attached
hereto and incorporated herein by reference.
Exhibit 99 - Press Release of the Registrant, dated February
18, 1998.
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: February 26, 1998 By: /s/ Amy B. Smith
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Name: Amy B. Smith
Title: Corporate Counsel
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EXHIBIT INDEX
Exhibit No.
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99 Press Release dated February 18, 1998
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USABancShares
MEDIA ADVISORY
FOR IMMEDIATE RELEASE FOR INFORMATION CONTACT
February 18, 1998 Kenneth L. Tepper
USA COMPLETES $7,500,000
SALE OF COMMON STOCK
. . . For 6:00 A.M. RELEASE: USABancShares (NASDAQ-"USAB")
today announced the private placement of 769,231 shares of
its common stock, which raised $7,500,000 in new capital.
Sandler O'Neill & Partners served as placement agent for
the offering, which was fully subscribed.
"With the guidance of our investment bankers at Sandler
O'Neill, we're pleased to welcome our new shareholders --
who include the some of the most prominent institutional
investors in the country," stated Kenneth L. Tepper,
President & CEO. "This capital allows continued expansion
of our banking operations, and more than doubles our
lending limit which will now approach $2,000,000. Our
ability to better serve customers . . . and to explore
new and exciting opportunities for growth . . . has been
greatly enhanced", he concluded.
The Company also intends to shortly announce the opening
of its new headquarters and principal retail banking center,
to be located in the heart of center city Philadelphia.
USABancShares is a community bank holding company
regulated by the Federal Reserve Board; its 110 year old
FDIC insured savings bank is engaged in commercial,
consumer & residential lending in the Delaware Valley.
The company's USACapital division provides stock brokerage
services to retail and institutional customers.
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One Penn Square o 30 South 15th St. o Philadelphia, PA 19102
(215) 569-4200 o Fax (215) 569-4214
