Hudson United Bancorp and TD Banknorth Inc. Shareholders Approve Merger; Over 98% of Votes Cast In Favor of Transaction by Hudso
January 11 2006 - 2:45PM
Business Wire
TD Banknorth Inc. (NYSE: BNK) shareholders voted at a special
meeting today to approve the acquisition of Hudson United Bancorp
(NYSE: HU). More than 99% of the votes cast were voted in favor of
the transaction. In a separate meeting held in Mahwah, New Jersey,
the shareholders of Hudson United Bancorp also voted heavily in
favor of sale to TD Banknorth. Over 98% of the votes cast by Hudson
United shareholders were in favor of the transaction. Pending
approval by the Federal Reserve, the transaction is expected to
close later in the first quarter of 2006. "This acquisition is in
keeping with our growth strategy into the mid-Atlantic region.
We're excited about expanding our franchise in both Connecticut and
eastern New York, and gaining a new presence in the fast-growing
New Jersey and Philadelphia markets," said William J. Ryan, TD
Banknorth's Chairman, President and Chief Executive Officer. "We
look forward to welcoming Hudson United into the TD Banknorth
family and to offering our new customers a broader array of
products and services." "We are excited about joining TD
Banknorth," said Kenneth Neilson, Hudson United's Chairman,
President and Chief Executive Officer. "This transaction rewards
our shareholders while maintaining our focus on local community
banking." On a pro forma basis, the transaction creates a regional
financial services company with approximately 590 branches, 751
ATMs and over $26 billion in deposits across eight northeastern
states. About TD Banknorth Inc. TD Banknorth Inc. is a leading
banking and financial services company headquartered in Portland,
Maine and a majority-owned subsidiary of TD Bank Financial Group.
At September 30, 2005, TD Banknorth had $31.8 billion of total
consolidated assets and provided financial services to over 1.3
million households in the Northeast. TD Banknorth's banking
subsidiary, TD Banknorth, N.A., operates banking divisions in
Maine, New Hampshire, Massachusetts, Connecticut, Vermont and
upstate New York. TD Banknorth and TD Banknorth, N.A. also operate
subsidiaries and divisions in insurance, wealth management,
merchant services, mortgage banking, government banking and other
financial services and offer investment products in association
with PrimeVest Financial Services, Inc. The TD Banknorth common
stock trades on the New York Stock Exchange under the symbol "BNK".
For more information, visit http://www.tdbanknorth.com. About
Hudson United Bancorp Hudson United Bancorp is the multi-state bank
holding company for Hudson United Bank, which has 204 offices in
New Jersey, New York, Connecticut and Pennsylvania. Hudson United
Bancorp's subsidiaries offer a full array of innovative products
and services to commercial and retail accounts, including imaged
checking accounts, 24-hour telephone and internet banking, loans by
phone, alternative investment products, insurance products, private
label credit programs and a wide variety of commercial loans and
services including asset based loans, SBA loans, international
services, merchant services and cash management services. Wealth
management services are also provided to individuals and
businesses. Public sector products and services are provided to
local and state governments, municipalities, educational
institutions, civic and not-for-profit organizations. Visit our
website at www.hudsonunitedbank.com Forward-looking Information
This press release contains forward-looking statements regarding TD
Banknorth's acquisition of Hudson United. Words such as "expect",
"feel", "believe", "will", "may", "anticipate", "plan", "estimate",
"intend", "should" and similar expressions are intended to identify
forward-looking statements. These forward-looking statements
involve certain risks and uncertainties. Factors that may cause
actual results to differ materially from those contemplated by such
forward-looking statements include, among others, the following
possibilities: (1) estimated cost savings from the acquisition
cannot be fully realized within the expected time frame; (2)
revenues following the acquisition are lower than expected; (3)
competitive pressure among depository institutions increases
significantly; (4) costs or difficulties related to the integration
of the businesses of TD Banknorth and Hudson United are greater
than expected; (5) changes in the interest rate environment reduce
interest margins; (6) general economic conditions, either
nationally or in the markets in which TD Banknorth will be doing
business, are less favorable than expected; (7) legislation or
changes in regulatory requirements adversely affect the businesses
in which TD Banknorth would be engaged; or (8) factors which would
result in a condition to the transaction not being met. Neither TD
Banknorth nor Hudson United undertakes any obligation to update
these forward-looking statements to reflect events or circumstances
that occur after the date on which such statements were made.
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