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EXHIBIT NO. 99
USABancShares.com
MEDIA RELEASE
USABancShares.com Merges Brokerage
Subsidiary with Bonds Online, Inc.
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contact: Maureen Steady 215-569-4200 / [email protected]
Philadelphia, PA. June 2, 2000: USABancShares.com, Inc. (NASDAQ-"USAB") today
announced that it has merged its brokerage subsidiary with Bonds Online, Inc., a
privately held company headquartered in Seattle, Washington. Bonds Online
provides a full range of content, portfolio management, analysis tools and other
sector specific assets targeted to attract and serve the fixed income industry.
As a result of the merger, customers at Bonds Online will be able to complete
trades instantly with online brokerage functionality designed for fixed income
transactions. USABancShares.com will retain a 49% interest in the new company,
which may choose to pursue a public offering in the future dependent upon market
conditions, and will receive an immediate benefit from reduced quarterly
operating overhead related to operating and marketing costs.
Ken Tepper, President and CEO for USABancS hares.com said "We're focusing
entirely on growing our online banking enterprise. We're pleased to have found a
great match for USACapital and its online operations, and I know the company
will have an exciting future."
The new company will provide fixed income products and services to both
institutional and retail clients. Through this merger, Bonds Online will now
offer users access to research, bond market information and the ability to
transact fixed income product trades. "As a result of the merger, we will now be
able to integrate functionality with content, adding an important revenue
component to our business model," said Sean Sweeney previously President & CEO
of USACapital. Sweeney will retain his position with the new company and focus
upon capital market initiatives and strategic opportunities.
Forward Looking Statements:
Some of the statements contained in this press release discuss future
expectations, contain preliminary unaudited results of operations and financial
condition and state other "forward looking" information. Those statements are
subject to known and unknown risks, uncertainties and other factors that could
cause the actual results to differ materially from those contemplated by the
statements. The forward-looking information is based on various factors and was
derived using numerous assumptions. Important factors that may cause actual
results to differ from projections include, for example: general economic
conditions, including their impact on capital expenditures; business conditions
in the financial services industry; the regulatory environment, rapidly changing
technology and evolving banking industry standards; competitive factors,
including increased competition with community, regional and national financial
institutions; new services and products offered by competitors; and price
pressures.
