TD Banknorth Inc. on Tuesday said it agreed to buy Hudson United Bancorp Inc. for $1.9 billion to expand into the affluent New Jersey and Philadelphia areas and add branches in New York and Connecticut.
The terms value Hudson United at about $42.78 per share, a 14 percent premium over its Monday closing price. About 51 percent of the purchase price will be paid in TD Banknorth stock and 49 percent in cash.
