Hubco to buy Washington Bancorp of N.J.

UNION CITY, N.J. - Hubco Inc. has signed a definitive agreement to buy Washington Bancorp for cash and securities worth about $40 million, the companies announced.

Washington Bancorp shareholders can elect to receive cash or preferred stock in the transaction, although 51% of Washington Bancorp's shares must be converted to preferred stock and 49% converted to cash.

The companies expect the merger to be completed in the second quarter of next year.

Washington Bancorp, based in Hoboken, N.J., has assets of $284.6 million and eight branches in northern New Jersey.

As part of the merger, Washington Savings Bank, the subsidiary of Washington Bancorp, will be merged into Hudson United Bank, the subsidiary of Hubco.

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