USA Awarded $3,400,000 Loan Portfolio.PHILADELPHIA--(BUSINESS WIRE)--Oct. 29, 1997--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) ) Wednesday announced that it was the successful bidder to acquire a $3,400,000 loan portfolio comprised primarily of multi-family loans formerly owned by the Resolution Trust Corp. The loans were purchased through the company's banking subsidiary, and are generally secured by real estate located in and around the city of Philadelphia; 12 loans were included in the portfolio, which was purchased at a discount to book value. "With this latest acquisition, we have now purchased more than $25 million in loans ... and I'm looking forward to new acquisition opportunities in the months ahead," stated Kenneth L. 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 the company. 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 a state chartered savings bank engaged in commercial, consumer & residential lending throughout the Delaware Valley. CONTACT: USABancShares Kenneth L. Tepper, 215/569-4200 |
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