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.
Hubco said the terms may have to be altered to conform to the Office of Thrift Supervision's preference that shares not be offered to depositors at a discount.
The pricing structure does not conflict with Federal Deposit Insurance Corp. or New Jersey banking regulations, the companies said.
Statewide, based in Jersey City, has about $500 million of assets. Hubco's Hudson United Bank had about $1 billion at yearend 1992.