USABancshares.com in Philadelphia has merged its brokerage subsidiary with a Seattle-based online bond publication, according to USA's top executive. In a transaction in which no cash was exchanged, $366 million-asset USABancshares.com transferred ownership of USACapital to Bonds Online Inc. but kept a 49% stake in the combined company. By disposing of the brokerage unit, USABancshares.com will be able to refocus energy on its online banking enterprises, said Ken Tepper, USA's president and chief executive officer.

Bonds Online plans to operate its Web site under the USACapital name, said Mr. Tepper. The site will shift from one focused solely on supplying bond market information and research to one that can handle both stock and bond transactions.

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