Hudson United Bancorp Agrees to Purchase Certain Transamerica Finance Corp. Credit Card Portfolios

Business Wire, March 22, 2001

Business Editors

MAHWAH, N.J.--(BUSINESS WIRE)--March 22, 2001

Hudson United Bancorp (NYSE-HU) today announced that it has contracted to purchase four credit card portfolios and retail store servicing relationships from a subsidiary of Transamerica Finance Corp. Transamerica Finance Corp. is a wholly owned subsidiary of AEGON N.V. The portfolios will be administered by Shoppers Charge Accounts Co., Hudson United Bancorp's division specializing in this service. The aggregate portfolio being purchased is approximately $85 million and closing is scheduled for later this month. Hudson United expects the transaction to be immediately accretive to earnings per share.

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as " will", "believes", "expects", and similar words or variations. Such statements are not historical facts and involve certain risks and uncertainties. Actual results may differ materially from the results discussed in these forward-looking statements. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, without limitation, the following: we may experience adverse changes in the performance of the portfolios we are acquiring; we may experience adverse changes in deposit or loan levels or in customer retention; we may fail to realize currently expected cost savings or revenue enhancements; we may experience operational problems or staffing difficulties; our outsource providers of processing services may encounter difficulties providing the services we expect of them; adverse changes in the interest rate environment may reduce our interest margins; or general economic conditions, whether nationally or in the market areas in which we conducted business, may be less favorable than we expect. Readers are cautioned not to place undue reliance on forward-looking statements which are subject to influence by the named risk factors and unanticipated future events. Actual results may differ materially from management expectations. Hudson United assumes no obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the SEC, and is included in our Form 10-K for the year ending December 31, 2000, filed with the SEC.