UNION CITY, N.J. -- Hubco Inc. has completed its purchase of Shoppers Charge Accounts Co., of Jersey City, for about $16.3 million in cash.
Shoppers will become a division of Hubco's subsidiary, Hudson United Bank, with Shoppers chief operating officer Thomas R. Nelson becoming president of the division.
Shoppers was the 12th-largest third-party private retail credit card company in the country as of Dec. 31, 1992.
About 32% of outstanding charges on retail credit cards were charged to private-label credit cards, such as those offered by Shoppers.
The $1.4 billion-asset Hubco will now use Shoppers' credit card system to operate its own portfolio.
This is the first nonbank purchase and the ninth acquisition in the last four years for Hubco, which has 45 branches throughout northern New Jersey.
Hubco is also buying Jefferson National Bank, in Passaic, N.J.