UNION CITY, N.J. - Hubco Inc. said it has entered into an agreement to acquire Statewide Savings Bank for stock equal to Statewide's appraised value.

Statewide, a mutual savings bank, would convert to stockholder ownership and merge into Hubco. Shares would be offered to certain Statewide depositors at a price of $18 each or 95% of the market value on a set date.

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