REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Stockholders and
Board of Directors of
We have reviewed the accompanying consolidated balance sheets of USBANCORP, Inc. (a Pennsylvania
corporation) and Subsidiaries as of March 31, 1994 and 1993, and the related consolidated statements of
income, changes in stockholders' equity and cash flows for the three-month period ended March 31, 1994 and
1993. These financial statements are the responsibility of the company's management.
We conducted our review in accordance with standards established by the American Institute of Certified Public
Accountants. A review of interim financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and accounting matters. It is substantially
less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not
express such an opinion.
Based on our review, we are not aware of any material modifications that should be made to the financial
statements referred to above for them to be in conformity with generally accepted accounting principles.
We have previously audited, in accordance with generally accepted auditing standards, the consolidated balance
sheet of USBANCORP, Inc. as of December 31, 1993, and, in our report dated January 28, 1994, we
expressed an unqualified opinion on that statement. In our opinion, the information set forth in the accompanying
consolidated balance sheet as of December 31, 1993, is fairly stated, in all material respects, in relation to the
balance sheet from which it has been derived.
ARTHUR ANDERSEN & CO.
/s/Arthur Andersen & Co.
April 25, 1994