SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported) - February 28, 1994
HUBCO, INC.
(Exact Name of Registrant as Specified in Charter)
NEW JERSEY
(State or Other Jurisdiction of Incorporation)
1-8660 22-2405746
(Commission File Number) (IRS Employer Identification No.)
3100 Bergenline Avenue, Union City, New Jersey 07087
(Address of Principal Executive Offices)
(201) 348-2300
(Registrant's Telephone Number)<PAGE>
<PAGE>
Item 5 - Other Events
On February 28, 1994, HUBCO, Inc. ("HUBCO") and Statewide
Savings Bank, S.L.A. ("Statewide"), announced that they have
received the approval of the State of New Jersey Department of
Banking for the stock conversion of Statewide and its acquisition
by HUBCO. The parties also announced that they have entered into
an agreement to extend the date at which either party may terminate
the acquisition agreement to June 30, 1994, from March 31, 1994, in
order to accommodate a delay in the review of the transaction by
the Federal Deposit Insurance Corporation (the "FDIC").
HUBCO and Statewide previously announced that they had entered
into an acquisition agreement pursuant to which HUBCO would acquire
Statewide in a merger conversion. As part of the merger
conversion, Statewide depositors would be offered the right to buy
stock in HUBCO. HUBCO stock will be offered first to depositors of
Statewide, then to HUBCO's shareholders and finally in a community
offering, if necessary. HUBCO is required to sell an amount of
stock equal to Statewide's pro forma appraised value, which is
currently estimated to be $35 million. The price of the stock to
Statewide's depositors and HUBCO's shareholders is expected to be
$18.00 per share, a discount from the current market price of HUBCO
stock.
Consummation of the merger conversion transaction is subject
to the receipt of all necessary regulatory approvals and the
approval of the depositors of Statewide at a meeting of its
members.
On February 8, 1994, the FDIC announced a new interim rule
governing stock conversions of state-chartered savings banks. The
adoption of this new rule has resulted in a delay by the FDIC in
its approval process. Because of this delay, the parties agreed to
extend the potential termination date of the acquisition agreement
to June 30, 1994. The acquisition requires the approval of the
Federal Reserve Bank of New York which is also pending.
HUBCO, Inc., with assets of $1.04 billion, is the bank holding
company for Hudson United Bank which presently operates 37 branches
in Bergen, Essex, Hudson, Middlesex, Morris and Passaic Counties.
Statewide, headquartered in Jersey City, New Jersey, is a
mutual savings and loan association with $520 million in assets and
13 offices serving Bergen, Hudson and Union Counties.
Item 7 - Exhibits
(1) Press release, dated February 28, 1994
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
HUBCO, INC.
Dated: March 3, 1994 By: Kenneth T. Neilson,
President & Chief Executive
Officer
<PAGE>
<PAGE>
Exhibit (1)
A PRESS RELEASE FROM:
HUBCO, INC, 3100 BERGENLINE AVENUE, UNION CITY, NJ 07087
FOR FURTHER INFORMATION:
AT THE COMPANY AT THE FINANCAL RELATIONS BOARD
D. Lynn Van Borkulo-Nuzzo, Kerry Thalheim
Corporate Secretary & First 675 Third Avenue
Senior Vice President New York, NY 10017
(201) 348-2326 (212) 661-8030
FOR IMMEDIATE RELEASE
February 28, 1994
HUBCO, Inc. and Statewide Approve Extension Of
Merger-Conversion Agreement
UNION CITY, NJ, February 28, 1994 -- HUBCO, Inc (NASDAQ: HUBC) and
Statewide Savings Bank, S.L.A. have announced today that they have
received the approval of the State of New Jersey, Department of
Banking for the stock conversion of Statewide Savings Bank and its
acquisition by HUBCO. The parties also announced that they have
entered into an agreement to extend the date at which either party
may terminate the contract to June 30, 1994, from March 31, 1994,
in order to accommodate a delay in the review of the transaction by
the Federal Deposit Insurance Corporation.
HUBCO and Statewide previously announced that they had entered into
an acquisition agreement pursuant to which HUBCO would acquire
Statewide in a merger conversion. As part of the merger
conversion, Statewide depositors would be offered the right to buy
stock in HUBCO. HUBCO stock will be offered first to depositors of
Statewide, then to HUBCO's shareholders and finally in a community
offering, if necessary. HUBCO is required to sell an amount of
stock equal to Statewide's proforma appraised value, which is
currently estimated to be $35 million. The price of the stock to
Statewide's depositors and HUBCO's shareholders is expected to be
$18.00 per share, a discount from the current market price of HUBCO
stock.
Consummation of the merger conversion transaction is subject to the
receipt of all necessary regulatory approvals and the approval of
the depositors of Statewide at a meeting of its members.
On February 8, 1994, the FDIC announced a new interim rule
governing stock conversions of state-chartered savings banks. The
adoption of this new rule has resulted in a delay by the FDIC in
its approval process. Because of this delay, the parties agreed to
extend the potential termination date of the acquisition agreement
to June 30, 1994. The acquisition requires the approval of the
Federal Reserve Bank of New York which is also pending.
"Our Board approved and extended this agreement because it will
enable us to enhance our ability to service our customers, presents
us with the opportunity to transfer value to our depositors, and
represents a unique opportunity to merge with a strong financial
institution that shares the same concerns for its customers and
employees as we do," added William Davidson, Chairman and Chief
Executive Officer of Statewide Savings.
"We are pleased to have a community-oriented institution like
Statewide join us and look forward to the two institutions becoming
one," stated Kenneth T. Neilson, President and Chief Executive
Officer of HUBCO.
HUBCO Inc., with assets of $1.04 billion, owns Hudson United Bank
which presently operates 37 branches in Bergen, Essex, Hudson,
Middlesex, Morris and Passaic Counties.
Statewide, headquartered in Jersey City, New Jersey, is a mutual
savings and loan association with $520 million in assets and 13
offices serving Bergen, Hudson and Union counties.
