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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) November 22, 1996
HUBCO, INC.
(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
(Address of principal executive offices)
(201) 236-2630
(Registrant's telephone number, including area code)
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Item 5. Other Events
On November 22, 1996, HUBCO, Inc.'s ("HUBCO") banking subsidiary, Hudson
United Bank, sold the deposits and certain loans from its Kinnelon branch to The
Ramapo Bank. In connection with the sale, The Ramapo Bank assumed deposits of
approximately $9.7 million, acquired approximately $31,400 in overdraft credit
lines and loans, and paid a 6% premium on the deposits acquired. Hudson United
Bank now operates 58 branches in Northern New Jersey.
On November 29, 1996, HUBCO's Connecticut subsidiary, Lafayette American
Bank and Trust Company ("Lafayette"), consummated its previously announced
acquisition of UST Bank/Connecticut ("UST Bank") from UST Corp. The merger
increases Lafayette's branch offices to 22 and increases its asset size to
approximately $1.0 billion. Lafayette's branches are located primarily in
Fairfield and New Haven Counties, Connecticut. Under the terms of the agreement,
UST Corp. was paid cash equal to UST Bank's capital (less the deferred tax
asset) plus a 7% deposit premium on UST Bank's deposits.
Item 7. Exhibits
99 Press Release dated November 29, 1996.
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: December 5, 1996 By: D. LYNN VAN BORKULO-NUZZO
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D. Lynn Van Borkulo-Nuzzo,
Executive Vice President
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INDEX TO EXHIBIT
99 Press Release dated November 29, 1996.
FOR IMMEDIATE RELEASE
HUBCO COMPLETES ACQUISITION OF UST BANK/CONNECTICUT
Mahwah, New Jersey, November 29, 1996 - HUBCO, Inc. (NASDAQ:HUBC), today
announced that its Connecticut subsidiary, Lafayette American Bank and Trust
Company, has completed its acquisition of UST Bank/Connecticut from UST Corp.
Under the terms of the agreement, UST Corp. was 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 a taxable cash
merger which allows HUBCO to deduct the deposit premium for tax purposes. UST
Bank/Connecticut was a $112 million asset commercial bank, with $69 million in
loans and $100 million in deposits. It had 4 offices in Fairfield County,
Connecticut.
The merger of UST Bank/Connecticut into Lafayette American Bank will increase
Lafayette's branch offices to 22 and increases its asset size to approximately
$1.0 billion. Lafayette's branches are primarily in Fairfield and New Haven
counties. Hudson United Bank, HUBCO's New Jersey banking subsidiary has 58
offices and $1.8 billion in assets.
HUBCO's Chairman, President and CEO Kenneth T. Neilson commented, "The
acquisition of UST Bank/Connecticut, our third acquisition in Connecticut this
year, expands our presence in Fairfield county. The market area both expands and
overlaps that of Lafayette American." He added, "We are pleased with the rapid
growth of our Connecticut franchise and the economies of scale which these
acquisitions generate. The acquisitions also enhance our ability to deliver
community banking with all the technology and conveniences of a much larger
institution."
HUBCO's merger with Westport Bancorp is scheduled for December 13, 1996, and all
necessary approvals have been received. This acquisition will expand Lafayette
to $1.3 billion in assets with 27 branches. Lafayette will rank among the 10
largest financial institutions in Connecticut.
The banking subsidiaries of HUBCO Inc. offer a full array of innovative products
and services for the retail and commercial market including Imaged checking
accounts, 24-hour telephone banking, loans by phone, alternative investments
products, Trust services and a full line of deposit and loan products.
