EQUITABLE BANC <EBNC> BOSS HAS AMERITRUST STAKE
A group controlled by Equitable
Bancorp Chairman Alfred Lerner said it has acquired a 9.6 pct
stake in AmeriTrust Corp <AMTR> and may buy up to 24.9 pct if
obtains regulatory approval.
    In a filing with the Securities and Exchange Commission,
the group said it bought its stake of 2.0 mln Ameritrust common
shares, for 81.1 mln dlrs as an investment.
    But the group, acting through Clevebaco L.P., a Cleveland
partnership, also said it would seek regulatory approval to
increase its stake. Lerner owns Clevebaco Corp, which is the
general partner of Clevebaco L.P.
    The Lerner group said it filed with the Federal Reserve
Board on March 13 notice of its intent to buy more than 10 pct
of the common stock of AmeriTrust, a Cleveland bank holding
company.
    If the Fed approves, Lerner, whose Equitable Bancorp is
also in Cleveland, said he intends to buy more AmeriTrust
stock, subject to market conditions and other factors.
    Since Lerner heads a bank holding company with assets
greater than one billion dlrs, he said he is barred by law from
serving as a director or officer of AmeriTrust or of having his
representatives on its board.
    Lerner said he has no intention of influencing AmeriTrust
management or its policies.
    The group said Clevebaco L.P. bought one mln of its shares
from Bear, Stearns and Co Inc on March 9 at 41 dlrs a share.
    Lerner said he accumulated the other one mln shares through
March 3 and sold them to Clevebaco L.P., which he controls, on
March 10 for 40.10 dlrs a share.
 Reuter
