Hudson United Bancorp Announces FDIC Lifts Cease and Desist Order
September 12 2005 - 1:55PM
Business Wire
Hudson United Bancorp (NYSE: HU) today reported that the Federal
Deposit Insurance Corporation (FDIC) terminated the Order to Cease
& Desist issued in May 2004 related to Hudson United Bank's
compliance with BSA. This official lifting of the Order removes all
of the limitations previously imposed. "We are extremely proud of
the Hudson United Bank BSA/AML Compliance Team for improving
policies and procedures, training and implementation of a World
Class compliance program, and of our Employees for their dedication
to establishing a strong compliance culture," stated Kenneth T.
Neilson, Chairman, President & CEO. The Company is the
multi-state bank holding company for the Bank, which has 204
offices in New Jersey, New York, Connecticut and Pennsylvania. This
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such
statements are not historical facts and include expressions about
management's confidence and strategies and management's
expectations about new and existing programs and products,
relationships, opportunities, technology and market conditions.
These statements may be identified by such forward-looking
terminology as "expect", "look", "believe", "anticipate",
"consider", "may", "will", or similar statements or variations of
such terms. Such forward-looking statements involve certain risks
and uncertainties. Actual results may differ materially from the
results discussed in these forward-looking statements. Factors that
may cause actual results to differ materially from those
contemplated by such forward-looking statements include, among
others, unexpected changes in interest rates, deterioration in
economic conditions, deterioration in deposit and loan volume
trends, deterioration in loan quality, one or more changes in
business models or failure to realize expected cost savings or
revenue enhancements from changes in business models and
acquisitions, the continued existence and availability of tax
credits, especially its Section 29 credits and other tax advantaged
investments, the effects of legal, tax and regulatory provisions
applicable to the Company, and the TD Banknorth merger. The Company
assumes no obligation for updating any such forward-looking
statements at any time. Information on potential factors that could
cause the Company's financial results to differ from the
forward-looking statements also is included from time to time in
the Company's public reports filed with the SEC, including in our
Form 10-K for the year ending December 31, 2004.
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