SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report Pursuant to Section 13 or 15(d) of the Securities
Act of 1934
Date of Report (Date of earliest event reported) May 1, 1995
USBANCORP, Inc.
(exact name of registrant as specified in its charter)
Pennsylvania 0-12204 25-1424278
(State or other (commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of Incorporation)
Main and Franklin Streets, Johnstown, Pa. 15901
(address or principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 814-533-5300
N/A
(Former name or former address, if changed since last report.)
Item 5. Other Events
USBANCORP, Inc. (the "Registrant") announced on May 1, 1995,
the details of a corporate-wide restructuring plan that is being
initiated to position the $1.8 billion financial holding company
for future growth. For a more detailed description of the
restructuring plan see the press release attached as Exhibit
#99.1.
Exhibits
Exhibit 99.1 Press release dated May 1, 1995 announcing that
USBANCORP, Inc. has initiated a corporate-wide
restructuring plan to position the $1.8 billion
financial holding company for future growth.
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
USBANCORP, Inc.
By /s/Orlando B. Hanselman
Orlando B. Hanselman
Executive Vice President,
and Chief Financial Officer
of USBANCORP, Inc.
Exhibit 99.1
USBANCORP, Inc. Initiates Restructuring Program
JOHNSTOWN, Pa., May 1 -- Terry K. Dunkle, chairman,
president and CEO of USBANCORP, Inc. today announced the
details of a corporate-wide restructuring plan that is being
initiated to position the $1.8 billion financial holding
company for future growth. USBANCORP, Inc. is the holding
company for U.S. National Bank in Johnstown, PA, Three
Rivers Bank in McKeesport, PA, and Community Savings Bank in
Monroeville, PA.
One element of the plan is the reassignment of key
USBANCORP, Inc. senior managers, including:
Orlando B. Hanselman, executive vice
president, chief financial officer and
manager of corporate services was promoted to
president and chief executive officer of
U.S. National Bank, the largest bank in the
USBANCORP Network. Hanselman will continue
to serve as the
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USBANCORP Restructuring page 2
executive vice president and chief financial
officer of USBANCORP, Inc.
W. Harrison Vail, president and chief
executive officer for Three Rivers Bank, will
succeed Dennis J. Fantaski as president and
chief executive officer of Community Savings
Bank. Fantaski resigned his position on
April 28. As a result of the restructuring
plan, Vail will lead both Three Rivers Bank
and Community Savings Bank the two western
affiliate banks in the USBANCORP Network of
banks.
Louis Cynkar, the current president and
chief executive officer of U.S. National
Bank, will join the holding company to direct
the entire commercial lending and leasing
activities throughout the USBANCORP
organization. Cynkar will also direct the
operations at the holding company s mortgage
affiliate, Standard Mortgage Corporation of
Georgia.
In addition to senior management changes, the
USBANCORP, Inc. restructuring plan includes a redesigned
organizational structure. The
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company is re-tooling, according to Dunkle, to better
prepare USBANCORP for the new challenges arising from a
changing banking industry.
The banking industry is changing at a remarkable
rate, said Dunkle. Customer demands and new technologies
are driving much of the change. Our restructuring plan puts
the primary elements people and operational processes
into place that position USBANCORP to more aggressively act
upon the opportunities presented as the banking industry
changes. Our success in implementing this restructuring
plan will benefit our communities and our shareholders.
The new U.S. National Bank president and CEO, Orlando
B. Hanselman, has been with USBANCORP since 1987.
Hanselman was promoted to senior vice president,
treasurer and chief financial officer in 1989.
A 1981 cum laude graduate of Bucknell University with a
bachelor of science business administration degree in
accounting, Hanselman has also graduated in 1989 from the
Business Bank Executive Program at the Duke University Fuqua
School.
Hanselman is a member of the National American Red
Cross Biomedical Services Board of Directors (including
service on the finance committee) and is Chairman of the
Johnstown Regional Blood Services
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Board of Directors of the American Red Cross. An active
philanthropist, Hanselman was the 1994 March of Dimes top
fund raiser among Johnstown business executives. He will be
honored for his March of Dimes fund raising achievements
during a state-wide March of Dimes award ceremony in
Harrisburg on May 24. He is a member of the Conemaugh
Health Systems, Inc., Board of Directors Investment and
Finance/Operations Committees since 1994, and served as
Treasurer for the Board of Directors of the Johnstown
Symphony Orchestra from 1991 - 1995.
W. Harrison Vail, who will direct the operations for
both Three Rivers Bank and Community Savings Bank, has lead
Three Rivers Bank since 1984. Prior to 1984, Vail served as
an executive vice president for Yough Valley National Bank
in Connellsville, PA.
Vail has been in banking for more than 30 years, and
holds a bachelor of science degree in business
administration from Waynesburg College in Pennsylvania. He
has also graduated from the Bank Administration Institute
School of Banking from the University of Wisconsin.
Vail serves with several Pittsburgh community
organizations. His positions include board member on the
Greater Pittsburgh Council, Boy Scouts of America; director
on the Housing Opportunities, Inc. board; and Executive
Committee member for the Pennsylvania Banking Association.
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Cynkar has more than 30 years of banking experience, 24
of which were spent with the former Equibank of Pittsburgh
where he rose through the ranks to become senior vice
president in commercial lending. He joined
U.S. Bank in 1986 as senior vice president, commercial
lending. In 1991, he was promoted to senior vice president
and head of both the commercial and retail banking groups at
U.S. Bank. He has served as U.S. National Bank president
since July, 1993.
Active in the community, Cynkar currently serves as
finance committee chairman, Greater Johnstown YMCA; treasurer,
Johnstown Area Regional Industries; and treasurer, Johnstown
Community Concert Association. He also is active in Bishop
McCort basketball and soccer programs and is a referee for the
Hilltop American Youth Soccer Organization.
Cynkar holds a bachelor of science degree in business
management from Robert Morris College, Pittsburgh.
USBANCORP, Inc. is the holding company for U.S.
National Bank in Johnstown, Three Rivers Bank of McKeesport
and Community Savings Bank of Monroeville. USBANCORP, Inc.
operates 45 offices in western Pennsylvania. USBANCORP, Inc.
stock trades on the NASDAQ national market system under the
symbol UBAN.