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) - July 6, 1994
HUBCO, INC.
(Exact name of registrant as specified in its Charter)
New Jersey
(State or Other Jurisdiction of Incorporation)
1-10699 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)
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Item 5 - Other Events
Hubco, Inc. ("HUBCO") announced in a press release on July 6, 1994
that it will not pursue revised applications to acquire Statewide Savings
Bank, SLA ("Statewide") in a merger conversion transaction. The
merger agreement between HUBCO and Statewide expired on June 30, 1994
and will not be extended or amended.
HUBCO has capitalized approximately $650,000 in expenses related to the
Statewide application during the eighteen month application process.
These expenses will be charged to earnings in the second quarter of 1994.
HUBCO estimates that its second quarter income will be approximately equal to
the first quarter's income after absorbing these non-recurring expenses.
HUBCO's first quarter earnings per share were up 26% from the prior year
and totalled $.58 per share. The strong earnings are attributable to
recent acquisitions, including four branches of Polifly Federal Savings
and Loan Association acquired from the Resolution Trust Corporation
during the first quarter, loan growth in the Commercial area, and the
recent increases in interest rates.
Item 7 - EXHIBITS
(1) Press release, dated July 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 July 11, 1994 By: /s/Kenneth T. Neilson
Kenneth T. Neilson, President
& Chief Executive Officer
Exhibit (1)
PRESS RELEASE FROM:
HUDSON UNITED BANK, 3100 BERGENLINE AVENUE, UNION CITY, NJ 07087
CONTACT: D. LYNN VAN BORKULO-NUZZO 201/348-2336
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PRESS RELEASE
Union City, New Jersey, July 6, 1994 - HUBCO, Inc. (NASDAQ: HUBC),
the twelfth largest commercial banking company in New Jersey, today
announced that it will not pursue revised applications to acquire
Statewide Savings Bank, SLA in a merger conversion transaction. The
merger agreement with Statewide expired on June 30, 1994 and will not be
extended or amended.
HUBCO has capitalized approximately $650,000 in expenses related to
the Statewide application during the eighteen month application process.
These expenses will be charged to earnings in the second quarter of
1994. HUBCO estimates that its second quarter income will be
approximately equal to the first quarter's income after absorbing these
non-recurring expenses. HUBCO's first quarter earnings per share were
up 26% from the prior year and totalled $.58 per share.
The strong earnings are attributable to recent acquisitions,
including four branches of Polifly Savings acquired from the R.T.C.
during the second quarter, loan growth in the commercial area, and the
recent increases in interest rates.
HUBCO's acquisition of Washington Bancorp closed July 1, 1994.
