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 2, 1994
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.)
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
June 2, 1994 that the Federal Deposit Insurance Corporation
("FDIC") on May 31, 1994 decided to issue a letter of objection to
the notice of mutual to stock conversion filed by Statewide Savings
Bank ("Statewide") in connection with the proposed acquisition of
Statewide by HUBCO. HUBCO and Statewide may petition for
reconsideration of the FDIC Board's objections once they receive
and review the formal written notice from the FDIC. Unless the
FDIC rescinds its objection, HUBCO cannot consummate its
acquisition of Statewide and the substantial expenses incurred in
connection with this acquisition, which have been capitalized,
would adversely affect HUBCO's earnings in the quarter in which the
transaction is terminated.
HUBCO has received FDIC approval of its acquisition of
Washington Savings Bank within the last few days and that
acquisition is expected to be consummated late in the second
quarter or early in the third quarter of this year.
Item 7 - Exhibits
(1) Press release, dated June 2, 1994
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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: June 2, 1994 By: /s/Kenneth T. Neilson
Kenneth T. Neilson, President
& Chief Executive Officer
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Exhibit (1)
PRESS RELEASE FROM:
HUDSON UNITED BANK, 3100 BERGENLINE AVENUE, UNION CITY, NJ 07087
CONTACT: D. LYNN VAN BORKULO-NUZZO 201/348-2326
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PRESS RELEASE
UNION CITY, NEW JERSEY, JUNE 2, 1994 -- HUBCO, Inc.
announced today that the Federal Deposit Insurance Corporation on
May 31, 1994 decided to issue a letter of objection to the notice
of mutual stock conversion filed by Statewide Savings Bank in
connection with the proposed acquisition of Statewide by HUBCO.
HUBCO and Statewide have not yet received formal written notice
from the FDIC. After a review of that written notice, HUBCO and
Statewide may file a written petition seeking reconsideration of
the Board's objections based upon proposed changes to the
transaction. Unless the FDIC rescinds its objection, HUBCO cannot
consummate its acquisition of Statewide.
HUBCO anticipates that its acquisition of Washington
Savings Bank, which has received FDIC approval within the last
several days, will be consummated late in the second quarter or
early in the third quarter of this year.
HUBCO has incurred substantial expenses for legal,
accounting and printing costs in connection with the Statewide
acquisition. If the Statewide acquisition is not consummated,
these expenses, which have been capitalized, would adversely affect
HUBCO's earnings in the quarter in which the transaction is
terminated.
