Board of Directors Declare 33% Stock Dividend.PHILADELPHIA--(BUSINESS WIRE)--July 23, 1998--The board of directors of USABancShares (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :USAB USAB United States Activities Board (IEEE) USAB USA Bowling USAB United States Army, Berlin USAB United States Army barracks (US DoD) USAB United States Airforce Base (less common) ) Thursday declared a 33% stock dividend, payable Aug. 17, 1998 to shareholders of record as of Aug. 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 positioned for continued progress," stated Kenneth L. Tepper, president & chief executive officer 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 FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (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 holdingcompany regulated by the Federal Reserve Board; its primary operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , BankPhiladelphia, is an FDIC insured state chartered savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. engaged in commercial, consumer & residential lending. The company also owns USACapital, a stock brokerage firm specializing in equity trading and portfolio management.
CONTACT: USABancShares Inc.
Kenneth L. Tepper, 215/569-4200
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