Board of directors declare 33% stock dividend.PHILADELPHIA--(BUSINESS WIRE)--June 24, 1997--The board of directors of USABancShares Inc. (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) ) Tuesday declared a 33% stock dividend, payable July 18 to shareholders of record as of July 1, 1997. "We are pleased with our results over the last year both in terms of asset growth and quality, and we believe that we are well situated for continued progress," stated Kenneth L. Tepper, president & chief executive officer of the company. "Our board is pleased to recognize shareholder support by virtue of this important stock dividend," he concluded. Through its banking subsidiary, purchases of individual loans and loan pools have become an important component of the company's growth. In this regard, USA announced that it was successful in consummating its most recent loan acquisition -- the discounted purchase of a performing $1,432,000 loan participation with NationsBank, offered through the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). . USABancShares is a community bank holding company regulated by the Federal Reserve Board; its 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. , Peoples Thrift 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. , is an FDIC insured state chartered savings bank engaged in commercial, consumer & residential lending in the Delaware Valley. CONTACT: USABancShares Inc. Kenneth L. Tepper, 215/569-4200, fax: 215/569-4214 |
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