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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) September 30, 1998
UNITED NATIONAL BANCORP
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(Exact name of registrant as specified in its charter)
New Jersey
(State or other jurisdiction of incorporation)
000-16931 22-2894827
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(Commission File Number) (IRS Employer Identification No.)
1130 Route 22 East, Bridgewater, New Jersey 08807-0010
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(Address of principal executive offices)
(908) 429-2200
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(Registrant's telephone number, including area code)
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Item 5. Other events.
On September 30, 1998 United National Bancorp ("United") completed its
previously announced acquisition of State Bank of South Orange ("SBOS"). SBSO
was merged with and into United's national banking subsidiary, United National
Bank ("UNB"), pursuant to the Agreement and Plan of Merger dated as of June 25,
1998 among United, UNB and SBSO.
Each share of SBSO common stock was converted into 1.245 shares of
United Common Stock.
As of June 30, 1998, SBSO had consolidated assets of $70 million,
consolidated deposits of $64 million and consolidated stockholders' equity of $6
million.
Item 7. Exhibits.
99(a) Press Release dated September 30, 1998
99(b) Agreement and Plan of Merger dated as of June 25, 1998 among
United National Bancorp, United National Bank and State Bank
of South Orange.
* This exhibit was previously filed as an exhibit to the registrant's Form 8-K
filed with the Commission on June 29, 1998 and thus is not included in this
filing.
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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.
UNITED NATIONAL BANCORP
Dated: October 1, 1998 By: RALPH L. STRAW, JR.
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Ralph L. Straw, Jr.
Vice President and Secretary
United National Completes Acquisition
Of State Bank of South Orange
Bridgewater, NJ - September 30, 1998 - United National Bancorp (Nasdaq: UNBJ),
parent company of United National Bank, announced today that it has completed
its acquisition of State Bank of South Orange, a $75 million asset,
single-office bank.
"We are very pleased to be expanding into the South Orange area," stated Thomas
C. Gregor, chairman and chief executive officer of United National. "Our
expanded product line - which includes a full range of personal and business
banking services, trust and investment services, and personal and mortgage loans
- - is now available through the South Orange Office."
"The South Orange Office is out 28th office and represents our initial entry
into Essex County", Mr. Gregor added. "We believe South Orange and Maplewood
area residents and business will be pleased with the responsive, personalized
service we provide."
Under the terms of the agreement, each share of State Bank common stock is to be
exchanged for 1.245 shares of United National. Additional information regarding
the exchange of shares will be provided shortly to holders of State Bank shares.
United National also recently announced plans to acquire Raritan Bancorp, a $435
million asset bank holding company, whose principal subsidiary is Raritan
Savings Bank. With completion of this acquisition, conditioned on necessary
approvals, United National expects to have $1.9 billion in assets and a branch
network that spans seven counties.
United National Bancorp, headquartered in Bridgewater, New Jersey, is a $1.5
billion asset commercial bank holding company whose principal subsidiary is
United National Bank. The Bank operates 28 offices throughout Essex, Hunterdon,
Middlesex, Morris, Somerset, Union and Warren counties in New Jersey. United
National provides a complete range of personal and business banking services as
well as an array of trust and investment services. United Commercial Capital
Group, a subsidiary of United National Bank, provides timely and innovative
financing solutions for real estate and commercial transactions that do not fall
within the boundaries of traditional bank financing. Visit United National on
the World Wide Web at www.united-national.com.
Contact: media, Donald Reinhard, 908-429-2370 or investors, Donald Malwitz,
908-429-2405, both of United National.
