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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) November 16, 1999
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HUDSON UNITED BANCORP
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(Exact Name of Registrant as Specified in Charter)
New Jersey 1-08660 22-2405746
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(State or Other Jurisdiction (Commission File No.) (I.R.S. Employer
of Incorporation) Identification No.)
1000 MacArthur Boulevard, Mahwah, NJ 07430
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (201) 236-2600
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INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events.
On November 16, 1999, Hudson United Bancorp ("HUB") announced the
declaration of its reqularly quarterly cash dividend of $0.25 per common share
and a 3% stock dividend. Both the $0.25 per share cash dividend and the 3% stock
dividend will be payable on December 1, 1999 to holders of record as of the
close of business on November 26, 1999. However, the $0.25 cash dividend will be
paid before the stock dividend. Therefore, no cash dividend will accompany the
new shares arising from the stock dividend in December.
As a result of the 3% stock dividend the exchange ratios for three
pending HUB mergers will be changed. The exchange ratio for JeffBanks
shareholders, who approved their merger with Hudson United on November 15, 1999,
will be increased from .95 shares of Hudson for each share of JeffBanks to .9785
shares of Hudson. The exchange ratio for Southern Jersey Bancorp of Delaware,
Inc. {"Southern Jersey") shareholders, who also approved their merger with HUB
November 15, 1999, will be increased from 1.26 shares of HUB for each share of
Southern Jersey to 1.2978 shares of HUB. The exchange ratio in the merger of
equals with Dime Bancorp, Inc. ("Dime") will be increased from .585 to .60255
shares for each Dime share. Hudson holders in the merger of equals with Dime
will continue to receive one share of the surviving company for each share of
Dime.
HUB is the multi-state bank holding company for Hudson United Bank
which has 170 offices in New Jersey, New York and Connecticut. With pending
acquisitions, the company will expand its franchise into Pennsylvania and will
have total assets in excess of $9.0 billion. The company's banking subsidiaries
offer a full array of innovative products and services to retail and commercial
markets, including imaged checking accounts, 24-hour telephone banking, loans by
phone, alternative investments, insurance products, private label credit
programs, trust services and a wide variety of commercial loans and services
including international services, cash management services, asset based loans
and SBA loans.
Item 7. Exhibits.
Exhibit 99 - Press Release dated November 16, 1999.
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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.
HUDSON UNITED BANCORP
D. LYNN VAN BORKULO-NUZZO
Dated: November 24, 1999 By: ____________________________
D. Lynn Van Borkulo-Nuzzo
Executive Vice-President and Secretary
Hudson United Bancorp
1000 MacArthur Boulevard
Mahwah, NJ 07430
(NYSE:HU)
AT THE COMPANY:
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Kenneth T. Neilson, Chairman Chris McFadden, Senior Vice President
President & Chief Executive Officer & Assistant to the President
(201) 236-2631 (201) 236-6144
FOR IMMEDIATE RELEASE
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November 16, 1999
HUDSON UNITED BANCORP ANNOUNCES CASH DIVIDEND
AND 3% STOCK DIVIDEND
Mahwah, NJ, November 16, 1999 -- Hudson United Bancorp, Inc. (NYSE-HU)
today announced its regular quarterly cash dividend of $.25 (twenty-five cents)
per common share payable December 1, 1999 to stockholders of record on November
26, 1999.
Today Hudson United Bancorp, Inc. also announced a 3% stock dividend
payable December 1, 1999 to shareholders of record on November 26, 1999. To
maintain parity, this stock dividend will result in changes in the stock
exchange ratio for three pending mergers. The exchange ratio for JeffBanks
shareholders, who approved their merger with Hudson United yesterday will be
increased from .95 shares of Hudson for each share of JeffBanks to .9785 shares
of Hudson,. The exchange ratio for Southern Jersey Bancorp of Delaware, Inc.
shareholders, who also approved their merger with Hudson United yesterday will
be increased from 1.26 shares of Hudson United for each share of Southern Jersey
to 1.2978 shares of Hudson. The exchange ratio in the Merger of Equals with Dime
Bancorp, Inc. will be increased from .585 to .60255 shares for each Dime share.
Hudson holders in the Merger of Equals with Dime will continue to receive one
share of the surviving company for each share of Dime.
The $2.25 cash dividend will be paid before the stock dividend,
therefore, no cash dividend will accompany the new shares arising from the stock
dividend in December.
Hudson United Bancorp is the multi-state bank holding company for
Hudson United Bank which has 170 offices in New Jersey, New York and
Connecticut. With pending acquisitions, the company will expand its franchise
into Pennsylvania and will have total assets in excess of $9.0 billion. The
company's banking subsidiaries offer a full array of innovative products and
services to retail and commercial markets, including imaged checking accounts,
24-hour telephone banking, loans by phone, alternative investments, insurance
products, private label credit programs, trust services and a wide variety of
commercial loans and services including international services, cash management
services, asset based loans and SBA loans.
