USBancorp, Community to Merge

JOHNSTOWN, Pa. - USBancorp and Community Bancorp said they signed a letter of intent to merge.

Under the agreement, each Community Bancorp shareholder would receive $9.45 in cash and 0.2179 share of USBancorp common for each share of Community common.

If the merger does not occur by March 31, 1992, the companies said, the cash portion of the purchase price is subject to adjustment up or down for any increase or decrease in the book value of Community's common from June 30, 1991, to the last day to the month preceding the merger.

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