TITLE

Hudson United Acquiring Flatiron Credit

AUTHOR(S)
Rieker, Matthias
PUB. DATE
July 2003
SOURCE
American Banker;7/28/2003, Vol. 168 Issue 143, p20
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports on the announcement by Hudson United Bancorp. that it has agreed to buy Flatiron Credit Co. Inc., a private company owned by Warburg Pincus Ventures LP of New York, for $40 million in cash. Flatiron is an insurance premium finance company that focuses on small-business customers. Hudson said it is paying a 9% premium to the Flatiron's estimated book value at closing, and a 1% premium for its estimated $275 million loan portfolio.
ACCESSION #
10370623

 

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