HUBCO, Inc. Creates Powerful Tristate Banking Presence Through Consolidation of Subsidiary Operations Under Unified Brand
March 30, 1999
The company has announced its intention to change its corporate holding company name to Hudson United Bancorp. The corporate name change is subject to approval by shareholders at HUBCO's annual meeting on April 21.
Brand Consolidation
The transition integrates over 85 Hudson United Bank branches in New Jersey, over 40 Lafayette American Bank branches in Connecticut, and over 30 Bank of the Hudson branches in lower New York State.
"The consolidation of our branches into a single network under one brand reflects our commitment to providing superior and highly efficient service to all Hudson United customers, while generating more visible and powerful brand presence within the tristate banking market," said Kenneth T. Neilson, Chairman, President and Chief Executive Officer. "Served by a unified banking network, our customers will enjoy even greater convenience and diversified product offerings, delivered with personal attention to their needs."
The company will formally launch the new unified Hudson United Bank brand and logo beginning March 31 with the unveiling of branch signage across the entire network. The new brand also will be introduced through an advertising campaign beginning March 31.
Franchise Development
Operating in one of the most affluent areas of the U.S., Hudson United Bank currently ranks among the top 70 U.S. banks in terms of market capitalization and is the second largest bank holding company headquartered in New Jersey.
HUBCO, Inc. was organized in New Jersey in 1982, in an exchange of Hudson United Bank's stock for the newly formed holding company's stock, with Hudson United Bank as its primary operating division. Hudson United has had a presence in the New Jersey banking market since 1890. The company has expanded its franchise and revenue base through strategic acquisitions, completing 26 transactions since 1990.
Key transactions during this period include the acquisitions of the Lafayette American Bank and Westport Bank and Trust Company in 1996 and Bank of the Hudson, MSB, Community National Bank and Interboro Savings Bank in 1998.
"We believe that as a consolidated banking network, our increased marketing muscle and efficiencies will play an integral role in increasing our organic growth and positioning us to continue generating the level of revenue and profit growth that we are committed to providing our shareholders," Mr. Neilson said.
Consolidated Organization a Strong Platform for Superior Service
Following the consolidation, retail and commercial customers will be able to access the bank's full range of products and services through any branch in the tristate network, no matter what "home branch" they frequent.
More broadly, Mr. Neilson said, the bank intends to use the consolidated network as a platform for a series of strategic initiatives. The initiatives include implementing new service standards for all areas of the bank, focusing on operations and the sales process; investments in technology that will enhance operating efficiencies for the corporation as well as help ensure seamless customer service across all branches, and innovative changes in the actual physical design and organization of branches to support rapid response and attention to customer needs.
"Hudson United is committed to building on its focus as a 'relationship' bank that offers community-based banking service distinguished by personalized attention to customer needs as well as convenience, competitive pricing and product diversity," Mr. Neilson said. "Our commitment to personal service has always been, and will continue to be, a key competitive advantage as today's banking consumers seek a middle ground between large but increasingly impersonal institutions and small independent banks with limited product and service offerings," he added. |
