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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.