Strategic Direction Decided: USA Bank Seeking Partner
07 11월 2009 - 4:15AM
Marketwired
USA Bank (OTCBB: USBK) announced today that it has completed the
previously announced review of its financial position and strategic
options, which included an assessment of current economic
conditions and their continuing impact on the Bank's commercial
real estate and construction loan portfolio.
Based on this review, the Bank has concluded that its loan
portfolio has continuing exposure to the above referenced markets,
which will be reflected in an addition to loan loss reserves when
the Bank reports its third quarter 2009 financial results in
November.
USA Bank has further concluded that it will be in the best
interests of the Bank and its shareholders to pursue a transaction
with either a strategic or financial partner to provide the capital
needed to resume taking advantage of the strong market demographics
of the communities it serves. To that end, the bank has authorized
its financial advisor, Laidlaw & Company, to commence efforts
to identify a partner for the Bank and to assist in the
consummation of such a transaction.
The Chairman of the Bank, Fred A. DeCaro III, said, "While there
is little doubt that completing a transaction will involve a new
partner assuming a controlling interest in the Bank, it is also
very clear to the Board that the fundamentals underlying the
formation of the Bank remain strong despite the current economic
environment."
About USA Bank
USA Bank began operations in 2005 as a community bank dedicated
to serving the financial needs of individuals, families and
businesses in Westchester and Fairfield Counties. USA Bank is
staffed by experienced, community-focused bankers who are dedicated
to offering the highest level of customer service and the latest
technology to meet and exceed the expectations of their clients.
The Bank's web address is www.usa-bankers.com.
"Safe Harbor" Statement under Private Securities Litigation
Reform Act of 1995
Some of the statements contained in this press release may
include forward-looking statements which reflect our current views
with respect to future events and financial performance. Statements
which include the words "expect," "intend," "plan," "believe,"
"project," "anticipate" and similar statements of future or
forward-looking nature identify forward-looking statements for
purposes of the federal securities laws or otherwise. All
forward-looking statements address matters that involve risks and
uncertainties. Accordingly, there are or will be important factors
that could cause actual results to differ materially from those
indicated in these statements or that could adversely affect the
holders of our common stock.
These factors include, but are not limited to, those outlined in
the Bank's Annual Report on Form 10-K for the year ended December
31, 2008, which was filed with the Federal Deposit Insurance
Corporation and is publicly available from the FDIC's Accounting
and Securities Disclosure Section, 550 17th Street, N.W.,
Washington, D.C. 20429 and on the Bank's website at
www.usa-bankers.com.
For more information call: Ronald J. Gentile President & CEO
914-417-3205
USA Bank NY (CE) (USOTC:USBK)
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USA Bank NY (CE) (USOTC:USBK)
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