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IRVING S & L TAKEN OVER BY HUBCO, INC./HUDSON UNITED BANK

 IRVING S & L TAKEN OVER BY HUBCO, INC./HUDSON UNITED BANK
 TRENTON, N.J., Feb. 21 /PRNewswire/ -- The previously failed and seized Irving Federal Savings and Loan Association, with eight offices in Paterson and surrounding areas, was resolved today when HUBCO, Inc. (AMEX: HCO), a bank holding company located in Union City, won a bid to acquire all of Irving's deposits.
 HUBCO will operate the five branches it plans to reopen as part of its largest banking subsidiary, Hudson United Bank, which is also based in Union City.
 "This is a good day for depositors of both Irving and Hudson United," New Jersey Banking Commissioner Jeff Connor said. "Customers of the failed Irving Savings are now part of a more viable and more expansive banking system, and customers of Hudson United Bank will now enjoy even more convenience from a substantial increase in bank locations."
 Connor explained that the successful placement of the entire Irving deposit franchise is the result of an effort launched under the Department of Banking's "Resolution Trust Corporation Savings And Loan Expedited Sales Program" (RTC S.A.L.E.S.), a program he created to help resolve failed savings and loans seized by the RTC, the federal entity created to take over and resolve troubled S & L's. "The Irving Savings resolution marks a real success in the savings and loan resolution effort because it shows what can be done when state, local and federal governments, and private industry work together toward a common goal," Connor said. "I am proud of how well the Department of Banking, the RTC and the banking industry worked together. I am especially pleased with the guidance and drive we derived from Paterson Mayor William Pascrell and his staff."
 HUBCO was the only institution to bid for the entire Irving franchise, which had its main office on Market Street in Paterson, two Paterson branches on Union and Twenty-first avenues, and one branch each in Ringwood, North Haledon, Totowa, Wanaque and Jefferson. HUBCO indicated that it will move deposit accounts at the Market Street branch to the Twenty-first Avenue branch, and the Jefferson and Wanaque branch deposits to the Ringwood branch. The Market Street, Jefferson and Wanaque branches will not be reopened. "HUBCO was the only one to bid on all of the deposits of the franchise," Connor said. "What's more, no institution made a bid on the main office on Market Street, so in light of that, we are quite pleased that all depositors will still enjoy service at other Paterson locations."
 Hudson United Bank, with total assets of $600.2 million and 15 branch locations, acquired total Irving deposits of $165.3 million. Hudson United Bank earned $4.5 million last year compared to $2.1 million in 1990. Irving was one of 30 savings and loans seized and referred to the RTC in New Jersey since the federal resolution program began in August 1989. Twenty-four of these seized institutions have been resolved with the help of the Department of Banking's RTC S.A.L.E.S. program. The six savings and loans yet to be resolved operate 35 branches throughout the state.
 Customers of Irving will be able to enjoy Hudson United Bank's full banking services during normal hours tomorrow at their regular branch locations, with the exception of the three deposit relocations noted above. Inquiries concerning the RTC process should be directed to the RTC by calling Andrea Plater at 404-225-5821.
 /delval/
 -0- 2/21/92
 /CONTACT: Christopher W. Cooney of the N.J. Department of Banking, 609-292-7001, or 609-397-4802/ CO: New Jersey Department of Banking; Irving Federal Savings and Loan
 Association; HUBCO, Inc. ST: New Jersey IN: FIN SU:


CC -- PH034 -- 1574 02/21/92 18:00 EST
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Publication:PR Newswire
Date:Feb 21, 1992
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