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) - May 6, 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>
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Item 5 - Other Events
On May 6, 1994, HUBCO, Inc. ("HUBCO") announced that its
subsidiary, Hudson United Bank (the "Bank") acquired the deposits
of four branches of Polifly Federal Savings and Loan Association
("Polifly") from the Resolution Trust Corporation (the "RTC"). In
connection with the acquisition, the Bank assumed deposits of
approximately $105 million, received approximately $98 million in
cash and cash equivalents, and acquired approximately $500,000 in
passbook loans. Effective May 7, 1994, the Bank opened branches at
four locations formerly housing Polifly branches, including two
locations in Bergenfield, one in Maywood and one in Hackensack, New
Jersey. The Bank also acquired an option to buy the bank premises
formerly owned by Polifly at three of the four acquired branches at
93% of their fair market value. The Bank paid the RTC a premium of
$6,180,000 million in connection with the acquisition of the
deposits.
HUBCO presently has two acquisitions pending. In May 1993,
HUBCO agreed to acquire Statewide Savings Bank, S.L.A., a mutual
savings and loan association with approximately $500 million in
assets. In November 1993, HUBCO agreed to acquire Washington
Bancorp, Inc., the bank holding company for Washington Savings
Bank, a savings bank with approximately $280 million in assets.
HUBCO is awaiting regulatory approval for both acquisitions.
HUBCO, Inc. is the bank holding company for Hudson United Bank
which operates branches in Bergen, Essex, Hudson, Middlesex, Morris
and Passaic Counties.
Item 7 - Exhibits
(1) Press release, dated May 6, 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: May 10, 1994 By: /s/ Kenneth T. Neilson
Kenneth T. Neilson
President & Chief Executive
Officer
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Exhibit (1)
A PRESS RELEASE FROM:
HUBCO, INC, 3100 BERGENLINE AVENUE, UNION CITY, NJ 07087
FOR FURTHER INFORMATION:
AT THE COMPANY AT THE FINANCIAL 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
May 6, 1994
HUBCO, INC. CONTINUES TO EXPAND BRANCH NETWORK
WITH SEVENTH ACQUISITION
UNION CITY, NJ, May 6, 1994 -- HUBCO, Inc (NASDAQ: HUBC), the 12th
largest New Jersey based, commercial banking company, today
announced that its subsidiary, Hudson United Bank, has acquired the
deposits of four branches of Polifly Federal Savings and Loan
Association, formerly under the control of the Resolution Trust
Corporation (RTC). HUBCO acquired Polifly's two offices in
Bergenfield, the Maywood office and the Essex Street office in
Hackensack.
"We believe that our continued expansion into the Bergen County
market area will allow us to better serve these communities as a
community bank that emphasizes value added customer service,"
stated Kenneth T. Neilson, President and CEO of HUBCO, Inc. and
Hudson United Bank. As a result of this acquisition, Hudson
United's branch network will increase to 41 offices with 12 in
Bergen County.
Over the past three years HUBCO has completed seven acquisitions in
the northern part of New Jersey. HUBCO now has total assets of
$1.19 billion.
HUBCO presently has two acquisitions pending. In May 1993, HUBCO
agreed to acquire Statewide Savings Bank, S.L.A., a mutual savings
association with approximately $500 million is assets, and in
November 1993, agreed to acquire Washington Bancorp, Inc., a
savings bank with approximately $280 million in assets. HUBCO is
awaiting regulatory approval for both acquisitions.
HUBCO, Inc. is the bank holding company for Hudson United Bank
which has locations in Hudson, Bergen, Essex, Middlesex, Morris and
Passaic Counties.
