Shareholders of Hubco Inc. have overwhelmingly approved the company's purchase of Bridgeport, Conn.-based Lafayette American Bank and Trust Co.
Under the agreement, Lafayette shareholders will receive 0.588 shares of Hubco stock for each of their shares. The transaction has been approved by federal regulators and is expected to close July 1.
Stockholders also approved an increase in the number of authorized shares of common stock to 50 million and the number of preferred shares to 10 million.
All three directors running for election were approved, and president and chief executive Kenneth T. Neilson was appointed chairman.