UNION CITY, N.J. -- Hubco Inc., the parent of Hudson United Bank, said it was discontinuing efforts to acquire Statewide Savings Bank, Jersey City, in a merger-conversion transaction.
Their merger agreement expired June 30 and will not be extended or amended, Hubco said.
Hubco said it capitalized about $650,000 in expenses related to the deal, incurred over an 18-month period, which will be charged to earnings in the second quarter, it said.