On June 8, 1977, guided by a mission to provide effective and responsive banking services to the public within the vicinity of Dapitan, Sampaloc, Dr. Jose G. Tamayo, Mr. Antonio L. Tamayo, Mr. Dionisio M. Macasieb, Atty. Primitivo A. Francisco and Ms. Leonor N. Geronimo, as incorporators, established the UNIVERSITY SAVINGS AND LOAN ASSOCIATION. Authorized by the Bangko Sentral ng Pilipinas (formerly Central Bank of the Philippines) and registered with the Securities and Exchange Commission, University Savings and Loan Association originated as a stock savings and loan association.

On September 30, 1992, the name of University Savings and Loan Association was changed to UNIVERSITY SAVINGS AND LOAN BANK or USLB, and started operating as a thrift bank offering deposit services consisting of savings and time deposits and loan services (Agricultural, Commercial, Industrial, Real Estate, Consumption and Salary Loans).

At present, USLB carries the name University Savings Bank or USBANK and is not affiliated with any existing corporation or enterprise. However, the majority stockholders of the Bank, the Tamayo family, are the owners of the Perpetual Help Group of Companies which consists of eight (8) universities located in Sampaloc (Manila), Las Pinas, Binan (Laguna), Molino (Bacoor, Cavite), Calamba (Laguna), GMA (Cavite), Malasiqui (Pangasinan) and Isabela. Included in this group are two (2) hospitals/medical centers in Las Pinas and Binan.

USBANK is an active member of the Chamber of Thrift Banks (CTB) and Philippines Deposit Insurance Corporation (PDIC).