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Non-Tech : USAB - USABancShares.com -- Ignore unavailable to you. Want to Upgrade?

To: Tom Borst who wrote (1561)	7/17/1999 2:08:00 PM
From: Guidothecat	Respond to of 2419

Underwriter: Sander,O'Neill & Partners: from Yahoo!: 7126 of 7126 On 7/16/99 USAB filed a secondary to raise approximately $34.5 million through the sale of common stock. All of the stock being sold is coming from the company -- THERE ARE NO SELLING SHAREHOLDERS IN THIS SECONDARY. The use of the proceeds is for vBank to (1) establish the USABanc.com Website; (2)develop strategic alliances; (3) marketing; (4) expansion of lending efforts; and (5) general corporate purposes. I downloaded the filing, almost two hundred pages this morning and will sift through same and report back to the thread prior to Monday's opening. A brief review suggests that there is nothing abnormal about this offering, those of us who are in the industry expected a filing of this nature would be necessary to fund the roll-out of the Website, and that the secondary will add value to the company. In short, the stock remains a strong buy with all expectations that the offering was all but subscribed for prior to its filing. The underwriter is Sandler, O'Neill & Partners, LP. A copy of the prospectus is available from them @ 212-466-7800. They are a highly reputable company and well respected in the investment banking industry. They are well capitalized and completely capable of handling this transaction. The securities that they sell will be more than likely sold to institutional customers and as such, the shares would be considered put-a-way shares, ones that will be held for a long period of time. Posted: 07/17/1999 01:54 pm EDT as a reply to: Msg 7124 by virginplayer Related Links Quote & News Profile Insider Build from a solid base with ambition and skill USAB....Thanks Tom for your asessment. G