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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) - December 13, 1996
HUBCO, INC.
(Exact Name of Registrant as Specified in Charter)
NEW JERSEY
(State or Other Jurisdiction of Incorporation)
1-10699 22-2405746
(Commission File Number) (IRS Employer Identification No.)
1000 MacArthur Boulevard, Mahwah, New Jersey 07430
(Address of Principal Executive Offices)
(201) 236-2641
(Registrant's Telephone Number)
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Item 5. Other Events.
On December 13, 1996, HUBCO, Inc. ("HUBCO") consummated its previously
announced acquisition of Westport Bancorp, Inc. ("WBI"), and merged WBI `s
subsidiary, The Westport Bank and Trust Company, into HUBCO's Connecticut bank
subsidiary, Lafayette American Bank and Trust Company ("Lafayette").
The merger of the two Connecticut banks increases the number of
Lafayette's branch offices to 27 and its asset size to approximately $1.3
billion. Lafayette's branches are primarily in Fairfield and New Haven counties.
Lafayette now ranks among the 10 largest financial institutions in Connecticut.
Pursuant to the merger, WBI common stock was converted into .332175 of
a share of HUBCO common stock and WBI's convertible preferred stock was
converted into HUBCO Series B Convertible Preferred Stock having identical terms
including an equivalent dividend yield.
On December 16, 1996, HUBCO issued $75 million aggregate principal
amount of 8.20% Exchange Subordinated Debentures due 2006 (the "Exchange
Debentures") in exchange for a like principal amount of its outstanding 8.20%
Subordinated Debentures due 2006 (the "Original Debentures"), which were sold on
September 13, 1996. The Exchange Debentures were registered under the Securities
Act of 1933, as amended, pursuant to a Registration Rights Agreement entered
into by HUBCO in connection with the sale of the Original Debentures.
Item 7. Exhibits.
99 Press Release dated December 13, 1996
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registration has duly caused this report to be signed on its behalf by the
undersigned thereto duly authorized.
HUBCO, INC.
Dated: January 6, 1997 By: /s/ D. LYNN VAN BORKULO-NUZZO
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D. Lynn Van Borkulo-Nuzzo
Executive Vice President
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INDEX TO EXHIBITS
Exhibit No. Description
99 Press Release dated December 13, 1996
EXHIBIT 99
FOR IMMEDIATE RELEASE
HUBCO COMPLETES ACQUISITION OF WESTPORT BANK & TRUST COMPANY
Mahwah, New Jersey, December 13, 1996--HUBCO, Inc. (NASDAQ:HUBC), the 3rd
largest New Jersey based commercial banking company, announced that it has
completed its acquisition of Westport Bancorp, Inc., and has merged Westport's
subsidiary, The Westport Bank and Trust Company, into HUBCO's Connecticut bank
subsidiary, Lafayette American Bank and Trust Company.
The merger of the two Connecticut banks increases the number of Lafayette's
branch offices to 27 and its asset size to approximately $1.3 billion.
Lafayette's branches are primarily in Fairfield and New Haven counties.
Lafayette now ranks among the 10 largest financial institutions in Connecticut.
Hudson United Bank, HUBCO's New Jersey bank subsidiary, has 58 offices and $1.8
billion in assets.
Pursuant to the merger, Westport common stock has been converted into .332175 of
a share of HUBCO common stock and Westport's convertible preferred stock has
been converted into a new HUBCO preferred issue with identical terms including
an equivalent dividend yield.
HUBCO's Chairman, President and CEO Kenneth T. Neilson commented, "The
acquisition of Westport Bancorp., our fourth acquisition in Connecticut this
year, expands our presence in Fairfield county and adds substantially to our
Trust Assets. 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."
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.
