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Laidlaw & Company (UK) Ltd. will help the bank extensively review a broad range of options to grow its business, which may include the issuance of equity to bolster its capital structure, or a sale or merger of the Bank.
USA Bank Chairman, Fred A. DeCaro III, said, "Having received several overtures from different groups interested in acquiring the Bank or making a substantial new investment in the Bank, our Board has determined that all parties having a vested interest would benefit from a formal process to consider our future options."
In addition, Mr. DeCaro said, "It is readily apparent to the Board that we have a variety of alternatives and we look forward to working with Laidlaw to help define an optimal course of action."
Laidlaw was a financial advisor to USA Bank when it was in organization and helped to raise $20.5 million in the second round of the Bank's initial stock offering in 2006.
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.
About Laidlaw & Company (UK) Ltd.
Laidlaw & Company (www.laidlawltd.com) is a full-service investment banking and securities brokerage firm with offices in New York, London and select additional locations. Its brokerage arm provides wealth management advice for domestic and international high-net-worth and institutional clients. Its investment banking arm provides capital raising, M&A, restructuring and other financial advisory services for public and private small cap and middle market clients across a broad cross-section of industry sectors. Laidlaw is authorized by the FSA in the United Kingdom and regulated by FINRA in the United States.
"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
SOURCE: USA Bank
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