HOBOKEN, N.J., -- Washington Bancorp of New Jersey said it remains in negotiations for the possible purchase of the company by Hubco Inc.

The company said its board authorized the management to pursue negotiations, but the board has yet to make a definitive decision that the company should no longer remain independent.

Washington Bancorp has eight branches in Hudson and Bergen counties and assets of $286.3 million.

As previously reported, Hubco began the negotiation process with an unsolicited offer.

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