Hudson United Bank Announces Strategic Alliance With The Advest Group, Inc
MAHWAH, N.J.--(BUSINESS WIRE)--May 11, 1999--Hudson United Bancorp (NYSE: HU) today announced that its subsidiary, Hudson United Bank, will enter into a two-fold strategic alliance with The Advest Group, Inc. Under the terms of a this strategic alliance agreement, Hudson United Bank will become the exclusive provider of banking products and services to the clients of Advest, Inc., The Advest Group, Inc.'s broker-dealer subsidiary. The initial term of this agreement will be for four years, subject to extension or termination under certain circumstances. Under a separate purchase and sale agreement, Hudson United Bank will acquire the loans and other financial assets, as well as assume the deposit liabilities of Advest Bank and Trust. The purchase and sale transaction is subject to regulatory approval and is expected to close in the third quarter.
Hudson United Bancorp Chairman, President and CEO, Kenneth T. Neilson commented, "We are pleased to be developing a strategic alliance with The Advest Group to provide their clients, through Advest investment executives, with custom banking products and services." He added, "This partnership with Advest, which has substantial client relationships throughout the northeast, is a natural fit with our existing franchise."
Grant Kurtz, President and Chief Executive Officer of The Advest Group, Inc. states, "Hudson United Bancorp is a high quality financial institution and we are pleased to partner with them in providing an attractive array of bank products and services to our clients." He added, "I believe our customers will be pleased with Hudson United's services and expertise in both consumer and residential mortgage lending. We plan to work closely with Hudson United after the sale to serve the needs of our customers."
The Advest Group, Inc. (NYSE: ADV) is a diversified financial service company, which through its principal subsidiary, Advest, Inc. provides brokerage, investment banking and asset management services to retail and institutional investors through 89 sales offices in 16 states and Washington, D.C. Advest Bank and Trust will retain its bank charter and will continue to provide trust and custody services to its customers.
Hudson United Bancorp is a $7 billion bank holding company operating a branch network of over 160 banking locations in New Jersey, Connecticut and New York. Hudson United Bank offers a full array of innovative financial products and services to businesses and consumers, that includes imaged checking accounts, relationship banking services, loans by phone and a wide variety of commercial loans and services including international services, cash management services, asset based loans, S.B.A. loans and much more.
|
