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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) June 28, 1996
HUBCO, INC.
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(Exact name of registrant as specified in its charter)
New Jersey
(State or other jurisdiction of incorporation)
1-10699 22-2405746
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(Commission File Number) (IRS Employer Identification No.)
1000 MacArthur Boulevard, Mahwah, New Jersey 07430
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(Address of principal executive offices)
(201) 236-2640
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(Registrant's telephone number, including area code)
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Item 5. Other Events
On August 15, 1996, Lafayette American Bank And Trust Company
("Lafayette"), a Connecticut chartered bank and the wholly-owned subsidiary of
HUBCO, Inc. ("HUBCO"), entered into an agreement to acquire UST
Bank/Connecticut, subsidiary of UST Corp., in an all cash transaction. Under the
terms of the agreement, Lafayette will acquire by merger UST Bank/Connecticut
and will pay to UST Corp. cash equal to UST Bank/Connecticut's capital (less its
deferred tax asset) plus a 7% deposit premium on UST Bank/Connecticut's
deposits. The acquisition is structured as a taxable cash merger which will
allow HUBCO to deduct the deposit premium for tax purposes. UST Bank/Connecticut
is a $112 million asset commercial bank with $100 million in deposits and four
offices in Fairfield County, Connecticut. After certain of its loans are sold to
an affiliate of UST Corp. as contemplated by the merger agreement, UST
Bank/Connecticut will have $63 million in loans. Consummation of the merger is
subject to approval by Federal and Connecticut bank regulatory authorities and
other customary conditions.
On August 16, 1996, HUBCO's wholly-owned New Jersey bank subsidiary, Hudson
United Bank ("HUB"), entered into an agreement to acquire the Clifton branch of
Interchange State Bank, which has deposits totaling $13.6 million. On June 28,
1996 HUB also signed an agreement to sell its Kinnelon branch, with $11 million
in deposits, to The Ramapo Bank.
Item 7. Exhibits
99(a) Press Release dated August 16, 1996.
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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: August 22, 1996 By: /s/ D. LYNN VAN BORKULO-NUZZO
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D. Lynn Van Borkulo-Nuzzo
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INDEX TO EXHIBITS
Exhibit No. Description
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99(a) Press Release dated August 16, 1996
Exhibit 99(a)
FOR IMMEDIATE RELEASE
August 16, 1996
HUBCO, Inc. announces Fourth Connecticut Acquisition this Year
Mahwah, New Jersey, August 16, 1996 -- HUBCO, Inc. (NASDAQ:HUBC), today
announced that its Connecticut subsidiary, Lafayette American Bank and Trust
Company, has entered into an agreement to acquire UST Bank/Connecticut - a
subsidiary of UST Corp. - in an all cash transaction. Under the terms of the
agreement, Lafayette will acquire by merger UST Bank/Connecticut and UST Corp.
will be paid cash equal to UST Bank/Connecticut's capital (less the deferred tax
asset) plus a 7% deposit premium on UST Bank/Connecticut's deposits. The
acquisition is structured as a taxable cash merger which will allow HUBCO to
deduct the deposit premium for tax purposes. UST Bank/Connecticut is a $112
million asset commercial bank, with $63 million in loans and $100 million in
deposits. It has 4 offices in Fairfield County, Connecticut.
The merger of UST Bank/Connecticut into Lafayette American Bank will
increase Lafayette's branch offices to 27 and increase its asset size to
approximately $1.3 billion after all pending acquisitions are completed.
Lafayette's branches are primarily in Fairfield and New Haven counties. Hudson
United Bank, HUBCO's Northern New Jersey banking subsidiary has 59 offices and
$1.7 billion in assets.
HUBCO's Chairman and Chief Executive Officer Kenneth T. Neilson commented,
"The acquisition of UST Bank/Connecticut, our fourth acquisition in Connecticut
this year, will expand our presence in Fairfield county. The bank's market area
both expands and overlaps that of Lafayette American and Westport Bank & Trust."
He added, "We are pleased with this rapid growth of our Connecticut franchise
and the economies of scale which these acquisitions generate. The acquisitions
also enhance our ability to deliver true community banking to the residents, and
especially the small and medium sized business, in the state."
The merger is subject to approval by Federal and Connecticut bank
regulatory authorities and other customary conditions.
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HUBCO, Inc. offers a full array of products and services for the retail and
commercial market, including imaged checking accounts, 24-hour telephone
banking, loans by phone, international services, alternative investments, trust
services and a full line of deposit and loan products.
