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Hudson United To Take $22M Charge
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Business New Haven
1/22/2001
By: BNH
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MAHWAH,N.J. - Hudson United Bancorp NYSE: HU) said it would take a fourth-quarter charge of $22 million from a failed merger deal, but its profits for the period, excluding that charge, should still be in line with its own and analysts' estimates.
Hudson, which terminated a $1.5 billion merger deal with rival bank Dime Bancorp Inc. (NYSE: DME) last April, put the charge at 29 cents a share after taxes in a statement. Dime and Hudson ended the deal after regional bank North Fork Bancorp made a $2.4 billion bid (which it consequently dropped) for rival Dime.
Hudson said it expects to report earnings, excluding the charge for the failed merger, of 45 cents per share, in line with the average estimate of analysts surveyed by First Call/Thomson Financial. The company also said it expects to meet analysts' 2001 earnings estimate of $2 a share after adjusting for a stock dividend.
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