Company Changes On-Line Identification.PHILADELPHIA--(BUSINESS WIRE)--Aug. 18, 1999-- On Monday, USABanc.com, 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) ") launched the newest version of its online banking services, which incorporated checking, savings and bill paying functions previously available on a limited scale since July 15th through Electronic Data Systems (NYSE NYSE See: New York Stock Exchange - "EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. "). In addition, the company added to its banking line a fully operational brokerage site, "USAForce". USAB had planned the launch of these services for several months, pursuant to its announcement of a third quarter rollout made in April. The April announcement also coincided with the Company's first offering of FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured deposits online, through "CDMachine", at the USABanc.com, Inc. web site. Since that time, USAB has enlarged its national presence to correspond with plans focusing upon internet banking as its core strategic priority. U.S. Bancorp  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. , Inc., a seventy seven billion dollar multi-state bank holding company, filed a lawsuit in the federal district court in Minnesota on August 11th alleging that the mark used by USABanc.com, Inc. infringes its trademark rights and is seeking to prevent USABanc.com, Inc. from providing online financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. under its corporate identity, pending determination of the lawsuit. Yesterday the court ordered a temporary order that requires USABanc.com, Inc. to cease using the "USABanc.com" identification until a full hearing is held later this month. The company intends to use USABancShares.com as it's permanent online identification. "In light of the temporary order which requires us to refrain from doing business as USABanc.com, we have reverted re·vert intr.v. re·vert·ed, re·vert·ing, re·verts 1. To return to a former condition, practice, subject, or belief. 2. Law To return to the former owner or to the former owner's heirs. our online identification to USABancShares, to preserve access to our FDIC insured products, now available at www.USABancShares.com" stated Ken Tepper, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of USABanc.com. Inc. The name reflects both banking and brokerage functions. USABancShares has been a federal trademark owned by USABanc.com, Inc. since 1995 and has never been subject of challenge. While the USABancShares trademark was not challenged in the lawsuit, U.S. Bancorp may determine to continue to litigate its usage, and if U.S. Bancorp, Inc. were to prevail, then the company would be required to change its name again and could be liable for damages. USABanc.com, Inc. will continue defending any such action. 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. |
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