A Philadelphia bank company that has aggressively pursued on-line business is changing its name to reflect that focus.
The board of USABancShares agreed to change its name to USABanc.com. A new Web-oriented name is also being considered for its thrift subsidiary, BankPhiladelphia.
USABanc.com. said it is the first Federal Reserve-regulated banking company with a "dot com" in its name. The change reflects "our commitment to create an exciting Internet bank with national exposure," said Kenneth Tepper, president and chief executive officer.
Earlier this month the $159 million-asset company began auctioning certificates of deposit on its Web site. More than 2,500 visitors came to the site during the first week, the company claims.
Later this year, it intends to begin auctioning residential mortgage loans as well.