Hubco Inc., Mahwah, N.J., on Monday announced it is buying 22 branches from First Union Corp. for an undisclosed price.

The company will buy 12 branches in New Jersey, eight in Connecticut, and two in New York.

Hubco will buy the real estate and deposits of the branches but not the loans, according to a spokesman for First Union.

Hubco, with $3.1 billion of assets, is the holding company for Hudson United Bank in New Jersey and Lafayette American Bank in Connecticut.

Hubco also has deals pending to acquire $884 million-asset Poughkeepsie (N.Y.) Financial Corp. and $774 million-asset MSB Bancorp, Goshen, N.Y.

The branch deal with First Union is expected to close during the third quarter.

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