SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
[ X ] Annual Report pursuant to Section 15(d) of the
Securities Exchange Act of 1934 for the fiscal year
ended December 31, 2000.
or
[ ] Transition Report pursuant to Section 15(d) of the
Securities Exchange Act of 1934 for the transition
period from ____________ to ______________.
Commission File Number: 0-11204
U S National Bank
Non-Collectively Bargained Employees 401(k) Plan
(Full title of the plan)
USBANCORP, Inc.
Main and Franklin Streets
Johnstown, PA 15901
(Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office.)
Registrant's telephone number, including
area code: (814) 533-5300
Notices and communications from the Securities and Exchange
Commission relative to this report should be forwarded to:
USBANCORP, Inc.
Main and Franklin Streets
Johnstown, PA 15901
Attention: Nicholas E. Debias, Jr.
With a copy to:
Wesley R. Kelso, Esquire
Stevens & Lee
25 North Queen Street
Suite 602
Lancaster, PA 17603
Item 1. Financial Statements and Exhibits
a. Financial Statements
1. Report of Barnes, Saly & Company.
2. Audited Statements of Net Assets Available
for Benefits as of December 31, 2000 and
1999.
3. Audited Statements of Changes in Net Assets
Available for Benefits for each of the years
in the three year period ended December 31,
2000.
4. Notes to Financial Statements.
b. Exhibits
1. Consent of Barnes, Saly & Company.
U S NATIONAL BANK NONCOLLECTIVELY-BARGAINED EMPLOYEES 401(k)
PLAN
FINANCIAL REPORT
C O N T E N T S
Page
INDEPENDENT AUDITOR'S REPORT 1
FINANCIAL STATEMENTS
Statements of net assets available for benefits -
December 31, 2000 and 1999 3
Statements of changes in net assets available for
benefits- years ended December 31, 2000, 1999 and 1998 4
Notes to financial statements 5 - 10
SUPPLEMENTARY INFORMATION
Assets held for investment - December 31, 2000 11 - 12
Assets held for investment - December 31, 1999 13 - 14
Reportable transactions - December 31, 2000 15
Reportable transactions - December 31, 1999 16
INDEPENDENT AUDITOR'S REPORT
Board of Trustees and Participants
U S National Bank Noncollectively-Bargained
Employees 401(k) Plan
Johnstown, Pennsylvania
We have audited the accompanying statements of net assets
available for benefits of U S National Bank Noncollectively-
Bargained Employees 401(k) Plan as of December 31, 2000 and
1999, and the related statements of changes in net assets
available for benefits for each of the three years ended
December 31, 2000. These financial statements are the
responsibility of the Plan's management. Our responsibility is
to express an opinion on these financial statements based on our
audits.
We conducted our audits in accordance with auditing
standards generally accepted in the United States of America.
Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for benefits of U S National Bank Noncollectively-
Bargained Employees 401(k) Plan as of December 31, 2000 and
1999, and the changes in net assets available for benefits for
each of the three years ended December 31, 2000, in conformity
with accounting principles generally accepted in the United
States of America.
Our audits were made for the purpose of forming an opinion
on the financial statements taken as a whole. The supplemental
schedules of (1) assets held for investment and (2) reportable
transactions as of or for the years ended December 31, 2000 and
1999 are presented for the purpose of additional analysis and
are not a required part of the basic financial statements, but
are supplementary information required by the Department of
Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The
supplemental schedules have been subjected to the auditing
procedures applied in the audit of the basic financial
statements and in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as
a whole.
Barnes Saly & Company
Johnstown, Pennsylvania
May 21, 2001
U S NATIONAL BANK NONCOLLECTIVELY-BARGAINED
EMPLOYEES 401(k) PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2000 and 1999
Participant Directed
2000 1999
ASSETS
Investments at fair value (Notes 1, 2 and 3):
Investments in securities of participating
employers (Note 4)
USBANCORP, Inc. common stock $ 119,081 $ 279,086
Investments in securities of unaffiliated
issuers and others
Shares of registered investment companies:
SEI Short Duration Government 86,907 93,820
Federated Income Trust 16,292 10,008
Columbia Fixed Income Securities 29,283 23,706
Goldman Sachs Global Income 99 0
Fidelity Low Priced Stock 255,538 239,161
Vanguard Index 500 0 225,549
Vanguard Institutional Index 264,081 0
Vanguard Windsor II 83,348 136,709
Franklin Mutual Beacon 27,383 19,970
Fidelity Puritan 676,448 662,293
T. Rowe Price Equity - Income 32,496 35,016
Fidelity Magellan 1,048,328 1,060,421
White Oak Growth Stock 49,577 0
Franklin Biotechnology Discovery 18,324 0
Northern Technology 7,192 0
Vanguard US Growth 23,319 0
Templeton Foreign 67,166 96,644
Tweedy, Browne Global Value 89,902 77,174
Three Rivers Bancorp, Inc. common stock (Note 4) 78,334 0
Notes Receivable 56,486 63,976
Provident Fed Funds - Money Market 74,513 96,720
$3,104,097 $3,120,253
Receivables:
Accrued investment income $ 24,933 $ 6,281
Participant contribution 16,867 --
$ 41,800 $ 6,281
Cash $ 0 $ 8,759
Total assets $3,145,897 $3,135,293
LIABILITIES
Overdraft $ 134 $ 0
NET ASSETS AVAILABLE FOR BENEFITS $3,145,763 $3,135,293
See Notes to Financial Statements.
U S NATIONAL BANK NONCOLLECTIVELY-BARGAINED
EMPLOYEES 401(k) PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Years Ended December 31, 2000, 1999, 1998
Participant Directed
2000 1999 1998
Investment income:
Net appreciation (depreciation) in
fair value of investments
(Notes 3 and 4) $ (283,230) $ (74,726) $ 84,915
Interest 11,182 8,539 6,169
Dividends (Note 4) 193,246 209,698 186,383
$ (78,802) $ 143,511 $ 277,467
Contributions:
Participant (Note 7) $ 417,332 $ 231,324 $ 269,528
Total additions $ 338,530 $ 374,835 $ 546,995
Benefits paid to participants 328,060 262,178 163,172
Net increase $ 10,470 $ 112,657 $ 383,823
Net assets available for benefits:
Beginning of year 3,135,293 3,022,636 2,638,812
End of year $3,145,763 $3,135,293 $3,022,635
See Notes to Financial Statements.
U S NATIONAL BANK NONCOLLECTIVELY-BARGAINED
EMPLOYEES 401(k) PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2000
Note 1: Plan Description
The following description of U S National Bank
Noncollectively-Bargained Employees 401(k) Plan (the Plan)
provides only general information. Participants should refer to
the Plan agreement for a more complete description of the Plan's
provisions.
General:
The Plan is a defined contribution plan covering all management
level employees of USBANCORP, Inc. which is a multi-bank holding
company and U.S. Bank (the Bank) which is a wholly-owned
subsidiary as well as the management level employees of U.S.
Bank Mortgage Company, UBAN Associates and USNB Financial
Services, all related companies. Employees become eligible to
participate in the Plan the earlier of January 1st or July 1st
following the completion of twelve-consecutive months of service
with at least 1000 hours of service and the attainment of age
twenty-one. The Plan is subject to the provisions of the
Employee Retirement Income Security Act of 1974 (ERISA). The
Plan is not covered by the Pension Benefit Guaranty Corporation.
Contributions:
Effective January 1, 2000 the participants were
permitted to make elective deferrals in any amount from one (1)
to ten (10) percent of their compensation. Previously the
maximum contribution percentage was four (4) percent.
Participants shall be permitted to amend their salary savings
agreements to change the contribution percentage on January 1st
and July 1st each year. The Plan does not provide for any
employer contributions. The employee salary deferrals are
exempt from federal income tax until withdrawn from the Plan.
Participant Accounts:
Each participant account is credited with an
allocation of the plan earnings. A participant's share of
investment earnings and any increase or decrease in the fair
market value of the Fund, is based on the proportionate value of
all active accounts (other than accounts with segregated
investments) as of the last valuation date, less withdrawals
since the last valuation date. All contributions will be
credited with an allocation of the actual investment earnings
and gains and losses from the actual deposit of each such
contribution until the end of the plan year.
Vesting:
Participants are immediately vested in their voluntary
contributions including rollover and transfer contributions plus
actual earnings thereon.
Investment Options:
Upon enrollment in the Plan, a participant may direct
employee contributions in 5 percent increments in one or more of
the eighteen mutual funds and the USBANCORP, Inc common stock
(see Note 4 for related party details). The diversified mutual
fund investment options include a money market fund, bond and
government securities funds and various U.S. and foreign stock
funds.
The Plan also includes participants notes.
Participants may borrow from their fund accounts a minimum of
$1,000 up to a maximum equal to the lesser of $50,000 or 50
percent of their account balance. Loan transactions are treated
as a transfer to (from) the investment fund from (to) the
Participant Notes fund. Loan terms range from 1-5 years. The
loans are secured by the balance in the participant's account
and bear interest at a rate commensurate with local prevailing
rates as determined by the Plan administrator. Interest rates
range from 8.74 percent to 13.99 percent. Principal and
interest is paid ratably through semi-monthly payroll
deductions.
Certain participants have received shares of Three
Rivers Bancorp, Inc. common stock as a result of a spin-off.
This bank stock is not an investment option for additional
purchases. See note 4 for further details.
Payment of Benefits:
On termination of service, a participant with an
account may elect to receive a lump-sum amount equal to the
value of his or her account. The Plan also provides for normal
retirement benefits to be paid in the form of a Qualified Joint
and Survivor Annuity upon reaching age 65 and has provisions for
deferred, death, disability retirement benefits and hardship
withdrawals.
Administrative Expenses:
Administrative expenses incurred by the Plan were paid
directly by the Bank for the years ended December 31, 2000, 1999
and 1998.
Note 2: Significant Accounting Policies
Basis of Accounting:
The financial statements of the Plan are prepared
under the accrual method of accounting.
Investment Valuation and Income Recognition:
The Plan's investments are stated at fair value.
Shares of registered investment companies (mutual funds) are
reported at fair value based on the quoted market price of the
fund which represents the net asset value of shares held by the
Plan at year-end. The USBANCORP, Inc. (Company) common stock
and Three Rivers Bancorp, Inc. common stock are valued at quoted
market price. Participant notes receivable are valued at cost
which approximates fair value.
Purchases and sales of securities are recorded on a
trade-date basis. Interest income is recorded on the accrual
basis. Dividends are recorded on the ex-dividend date.
Estimates:
The preparation of financial statements in conformity
with generally accepted accounting principles requires the plan
administrator to make estimates and assumptions that affect
certain reported amounts and disclosures. Accordingly, actual
results may differ from those estimates.
Payment of Benefits:
Benefits are recorded when paid.
Note 3: Investments
The Plan's investments are participant directed. The
following presents investments that represent 5 percent or more
of the Plan's net assets.
December 31,
2000 1999
USBANCORP, Inc. common stock,
23,752 shares $ -- $ 279,086
Fidelity Low Priced Stock fund, 11,053
and 10,564 shares, respectively 255,538 239,161
Vanguard Index 500 fund, 1,667 shares -- 225,549
Vanguard Institutional Index,
2,188 shares 264,081 --
Fidelity Puritan fund, 35,924 and
34,803 shares, respectively 676,448 662,293
Fidelity Magellan fund, 8,787 and
7,761 shares, respectively 1,048,328 1,060,421
During 2000, 1999 and 1998, all of the Plan's investments
(including investments bought, sold and held during each year)
appreciated (depreciated) in value by $(283,230), $(74,726) and
$84,915 respectively, as follows:
2000 1999 1998
Mutual funds $(203,118) $ 119,321 $ 188,195
Three Rivers Bancorp, Inc.
common stock (31,106) - 0 - - 0 -
USBANCORP, Inc common stock (49,006) (194,047) (103,280)
$(283,230) $ (74,726) $ 84,915
Note 4: Related Party Transactions
Investment Activity:
As explained in Note 1, one of the Plan's investment
options is USBANCORP, Inc. common stock. USBANCORP, Inc. is the
holding company of U. S. Bank in Johnstown (the "Employer").
The following is a summary of the investment activity of
USBANCORP, Inc. common stock:
2000 1999
Market value at year end $119,081 $ 279,086
Number of shares held at year end 28,019 23,752
Original cost at year end $156,031 $ 283,881
Purchase price of shares in current year $ 65,368 $ 41,753
Number of shares purchased in current
year 13,300 2,652
Sale price of shares in current year $ 59,344 $ 45,242
Number of shares sold in current year 9,033 2,881
Realized gain (loss) on sales in current
year $ (6,849) $ (12,018)
Unrealized appreciation (depreciation)
during year $(42,157) $(182,029)
Dividend income $ 10,389 $ 15,579
Accrued dividends at year end $ 2,481 $ 3,530
The above include the following USBANCORP, Inc common stock
transactions that occurred in kind during the year ended
December 31, 2000:
Shares received in rollover contribution 2,264
Fair value of shares received in kind $ 8,264
Shares distributed in kind 6,729
Fair value of shares distributed in kind $39,121
Spin-Off:
On April 1, 2000 USBANCORP, Inc. successfully
completed the spin-off of its Three Rivers Bank subsidiary.
Shareholders received one share of the new Three Rivers Bancorp,
Inc. common stock for every two shares of USBANCORP common
stock. At that time Three Rivers Bank and Three Rivers Bancorp,
Inc. became separate from USBANCORP, Inc. and are therefore not
related parties. The spin-off of Three Rivers Bank resulted in
the following:
USBANCORP, Inc common stock basis allocated
to Three Rivers Bancorp, Inc. common stock $128,824
Number of Three Rivers Bancorp, Inc. common stock
shares received 11,914
Plan's Trustee:
The Plan's investments are held by a bank-administered
trust fund which is an affiliate of the Plan sponsor. USBANCORP
Trust and Financial Services Company has the authority to
purchase and sell investments in accordance with participant
direction. The cash account is used by the USBANCORP Trust and
Financial Services Company to temporarily have uninvested
monies.
Note 5: Income Tax Status
The Internal Revenue Service has determined and informed
the Plan by letter dated March 9, 1993 that the Plan and its
related trust are designed in accordance with applicable
sections of the Internal Revenue Code (IRC) and is therefore not
subject to tax under the present income tax law. The Plan has
been amended since receiving the determination letter. However,
the Plan administrator believes that the Plan is designed and is
currently being operated in compliance with the applicable
requirements of the IRC. The Administrative Committee of the
Retirement Plan is not aware of any action or event that has
occurred that might affect the Plan's status.
Note 6: Plan Termination
Although it has not expressed any intent to do so, the Bank
has the right under the Plan to terminate the Plan, at any time,
subject to the provisions of ERISA.
Note 7: Rollovers
The following participant rollovers occurred as a result of
employees transferring amounts from other qualified plans. The
rollovers are included in the applicable years employee
contributions:
2000 $40,993
1999 4,375
1998 40,993
Note 8: Reconciliation of Differences Between These Financial
Statements and the Financial Information Required on
Form 5500
2000 1999 1998
Net assets available for benefits as
presented in these financial
statements $3,145,763 $3,135,293 $3,022,635
Benefits payable to participants 24,574 31,205 4,584
Net assets available for benefits as
presented on Form 5500 $3,121,189 $3,104,088 $3,018,051
Net increase in net assets available
for benefits as presented in these
financial statements $ 10,470 $ 112,657 $ 383,824
(Increase) decrease in benefits
payable from previous year 6,631 (26,621) 713
Net increase in net assets available
for benefits as presented on
Form 5500 $ 17,101 $ 86,036 $ 384,537
Note 9: Benefits Payable
Benefits payable to persons who have withdrawn from
participation in the earnings and operations of the Plan in the
amounts of $24,574, $31,205 and $4,584 at December 31, 2000,
1999 and 1998, respectively are included in net assets available
for benefits.
Amounts allocated to withdrawing participants are recorded
on the Form 5500 for benefit claims that have been processed and
approved for payment prior to December 31, but not yet paid as
of that date.
Note 10: Amendments
Effective January 1, 2000, the Plan was amended to increase
the maximum elective deferrals to 10% from the previous 4%. The
Plan administrator does not consider the changes to be of a
nature requiring Internal Revenue Service approval therefore a
letter of determination was not processed.
Note 11: Reclassifications
Effective for plan years ending after December 15, 1999
Statement of Position (SOP) 99-3 states participant directed
programs are no longer required to disclose amounts relating to
those individual programs as a separate fund in the financial
statements. The Plan has adopted SOP 99-3 effective for the
year ended December 31, 1999, therefore a reclassification of
comparative amounts in the financial statements was required.
There was no effect on the net assets available for benefits.
U S NATIONAL BANK NONCOLLECTIVELY-BARGAINED
EMPLOYEES 401(k) PLAN
ASSETS HELD FOR INVESTMENT
December 31, 2000
Investment Type/ Original Fair
Shares Held Description Cost Value
Common stock:
28,019 shares USBANCORP, Inc. $ 156,031 $ 119,081
9,495 shares Three Rivers Bancorp, Inc. 98,619 78,334
Total Common Stocks $ 254,650 $ 197,415
Mutual Funds:
8,613 shares SEI Short Duration Government $ 85,536 $ 86,907
1,596 shares Federated Income Trust 16,203 16,292
2,258 shares Columbia Fixed Income Securities 29,484 29,283
7 shares Goldman Sachs Global Income 101 99
11,053 shares Fidelity Low Priced Stock 241,239 255,538
2,188 shares Vanguard Institutional Index 264,945 264,081
3,064 shares Vanguard Windsor II 88,014 83,348
2,047 shares Franklin Mutual Beacon 28,860 27,383
35,924 shares Fidelity Puritan 626,817 676,448
1,317 shares T. Rowe Price Equity - Income 32,540 32,496
8,787 shares Fidelity Magellan 883,522 1,048,328
786 shares White Oak Growth Stock 58,470 49,577
251 shares Franklin Biotechnology Discovery 20,557 18,324
378 shares Northern Technology 14,964 7,192
843 shares Vanguard US Growth 32,497 23,319
6,496 shares Templeton Foreign 64,920 67,166
4,500 shares Tweedy, Browne Global Value 92,889 89,902
Total Mutual Funds $2,581,558 $2,775,683
Money Market Fund:
74,513 shares Provident Fed Funds $ 74,513 $ 74,513
Notes Receivable:
Original loan $1,000 dated May 20, 1999,
11.75% interest, payable in semi-monthly
payments of $23.43, due May 31, 2001 $ 250 $ 250
Original loan $1,000 dated June 22, 1999,
11.75% interest, payable in semi-monthly
payments of $23.43 due June 30, 2001 $ 294 $ 294
Original loan $4,000 dated April 27, 2000,
12.49% interest, payable in semi-monthly
payments of $53.05 due May 15, 2004 3,533 3,533
Original loan $2,800 dated March 17, 1999,
10.70% interest, payable in semi-monthly
payments of $45.55 due March 31, 2002 1,316 1,316
Original loan $45,000 dated December 16, 1999,
8.74% interest, payable in semi-monthly
payments of $463.56 due December 31, 2004 37,824 37,824
Original loan $5,200 dated May 29, 1997,
11.50% interest, payable in semi-monthly
payments of $57.08 due June 15, 2002 1,883 1,883
Original loan $9,625 dated May 12, 1999,
10.24% interest, payable in semi-monthly
payments of $102.66 due May 15, 2004 7,090 7,090
Original loan $1,800 dated July 20, 1999,
11.45% interest, payable in semi-monthly
payments of $29.60 due July 15, 2002 1,027 1,027
Original loan $1,500 dated September 29, 2000,
13.99% interest, payable in semi-monthly
payments of $67.16 due October 15, 2001 1,264 1,264
Original loan $4,000 dated January 16, 2000,
11.50% interest, payable in semi-monthly
payments of $105.37 due October 15, 2001 2,005 2,005
Total Notes Receivable $ 56,486 $ 56,486
Total Assets Held for Investment $2,967,207 $3,104,097
See Notes to Financial Statements.
U S NATIONAL BANK NONCOLLECTIVELY-BARGAINED
EMPLOYEES 401(k) PLAN
ASSETS HELD FOR INVESTMENT
December 31, 1999
Investment Type/ Original Fair
Shares Held Description Cost Value
Common stock:
23,752 shares USBANCORP, Inc. common stock $ 283,881 $ 279,086
Mutual Funds:
9,458 shares SEI Short Duration Government $ 93,917 $ 93,820
1,014 shares Federated Income Trust 10,455 10,008
1,906 shares Columbia Fixed Income Securities 25,187 23,706
10,564 shares Fidelity Low Priced Stock 227,727 239,161
1,667 shares Vanguard Index 500 172,198 225,549
5,475 shares Vanguard Windsor II 167,145 136,709
1,443 shares Franklin Mutual Beacon 21,019 19,970
34,803 shares Fidelity Puritan 600,819 662,293
1,411 shares T. Rowe Price Equity - Income 37,209 35,016
7,761 shares Fidelity Magellan 704,686 1,060,421
8,614 shares Templeton Foreign 84,017 96,644
3,819 shares Tweedy, Browne Global Value 74,724 77,174
Total Mutual Funds $2,219,103 $2,680,471
Money Market Fund:
96,720 shares Provident Fed Funds $ 96,720 $ 96,720
Notes Receivable:
Original loan $1,000 dated May 20, 1999,
11.75% interest, payable in semi-monthly
payments of $23.43, due May 31, 2001 $ 752 $ 752
Original loan $1,000 dated June 22, 1999,
11.75% interest, payable in semi-monthly
payments of $23.43 due June 30, 2001 791 791
Original loan $2,000 dated November 16, 1999,
12.24% interest, payable in semi-monthly
payments of $88.75 due November 30, 2000 1,922 1,922
Original loan $2,800 dated March 17, 1999,
10.70% interest, payable in semi-monthly
payments of $45.55 due March 31, 2002 2,217 2,217
Original loan $45,000 dated December 16, 1999,
8.74% interest, payable in semi-monthly
payments of $463.56 due December 31, 2004 45,000 45,000
Original loan $5,200 dated May 29, 1997,
11.50% interest, payable in semi-monthly
payments of $57.08 due June 15, 2002 2,970 2,970
Original loan $9,625 dated May 12, 1999,
10.24% interest, payable in semi-monthly
payments of $102.66 due May 15, 2004 8,739 8,739
Original loan $1,800 dated July 20, 1999,
11.45% interest, payable in semi-monthly
payments of $29.60 due July 15, 2002 1,585 1,585
Total Notes Receivable $ 63,976 $ 63,976
Total Assets Held for Investment $2,663,680 $3,120,253
See Notes to Financial Statements.
U S NATIONAL BANK NONCOLLECTIVELY-BARGAINED EMPLOYEES
401(k) PLAN
REPORTABLE TRANSACTIONS
Year Ended December 31, 2000
Current
Value Net
Name of at Time Realized
Party to Asset Number of of Purchase Gain
Transaction Description Transaction Transactions Cost or Disposal (Loss)
Fidelity Magellan Mutual Fund Purchase 37 $298,458 $298,458 N/A
Fidelity Magellan Mutual Fund Sale 21 119,622 166,507 (46,885)
Vanguard Index 500 Mutual Fund Purchase 43 147,913 147,913 N/A
Vanguard Index 500 Mutual Fund Sale 15 320,111 348,711 (28,600)
Vanguard Instl. Index Mutual Fund Purchase 5 271,504 274,504 N/A
Vanguard Instl. Index Mutual Fund Sale 3 6,560 6,444 (116)
See Notes to the Financial Statements.
U S NATIONAL BANK NONCOLLECTIVELY-BARGAINED EMPLOYEES
401(k) PLAN
REPORTABLE TRANSACTIONS
Year Ended December 31, 1999
Current
Value Net
Name of at Time Realized
Party to Asset Number of of Purchase Gain
Transaction Description Transaction Transactions Cost or Disposal (Loss)
Fidelity Magellan Mutual Fund Purchase 32 $183,924 $183,924 N/A
See Notes to the Financial Statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Trustees of the U S National Bank Non-Collectively
Bargained 401(k) Plan have duly caused this annual report to be
signed on its behalf by the undersigned thereunto duly
authorized.
Dated: June 27, 2001 U S National Bank Non-Collectively
Bargained Employees 401(k) Plan
USBANCORP Trust Company, as Trustee
By /s/ Nicholas E. Debias, Jr._____
Nicholas E. Debias, Jr.,
Vice President
Exhibit Index
Exhibit
1. Consent of Barnes, Saly & Company