Hubco backed away from its offer to acquire another New Jersey bank after getting a lukewarm reception from the target.

Broad National Bancorp., a $533 million-asset Newark holding company for Broad National Bank, said it received an offer from Mahwah-based Hubco on Friday for a stock transaction worth about $20 a share, or $95.5 million.

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.