New York National Bank Now a Division of Hudson Valley Bank
24 Febrero 2010 - 7:21AM
PR Newswire (US)
YONKERS, N.Y., Feb. 24 /PRNewswire-FirstCall/ -- James J. Landy,
President & CEO of Hudson Valley Holding Corp., has announced
that the company has received approval from the Office of the
Comptroller of the Currency (OCC) to operate New York National Bank
as a Division of Hudson Valley Bank. Effective March 1, 2010, New
York National Bank will relinquish its banking charter and will
become a Division of Hudson Valley Bank, according to Mr. Landy. He
said, "New York National customers will see very little change."
New York National Bank has operated as a wholly owned subsidiary of
Hudson Valley Holding Corp., parent company of Hudson Valley Bank,
since 2006. "Both banks have always shared a commitment to their
customers and to the communities they serve. That will not change,"
Mr. Landy said. "The new corporate structure will not affect where
or how customers do their banking or the quality of service we
provide. As a Division of Hudson Valley Bank, New York National
will have access to additional resources to meet their customers'
banking needs," he said. "Hudson Valley Bank is a very strong,
sound and well respected bank. In these challenging economic times
for all businesses, merging New York National into Hudson Valley
will strengthen the organization by reducing costs and improving
the efficiency of our operations. " With the addition of New York
National Bank, Hudson Valley Bank now has 36 branches throughout
the Metropolitan New York area and lower Connecticut. About Hudson
Valley Holding Corp. Hudson Valley Holding Corp. (HUVL),
headquartered in Yonkers, NY, is the parent company of two
independently owned local banks, Hudson Valley Bank (HVB) and New
York National Bank (NYNB). Hudson Valley Bank is a Westchester
based bank with more than $2.5 billion in assets, serving the
metropolitan area with 33 branches located in Westchester,
Rockland, the Bronx, Manhattan, Queens and Brooklyn in New York and
Fairfield County and New Haven County, in Connecticut. HVB
specializes in providing a full range of financial services to
businesses, professional services firms, not-for-profit
organizations and individuals; and provides investment management
services through a subsidiary, A. R. Schmeidler & Co., Inc.
NYNB is a Bronx based bank with approximately $140 million in
assets serving the local communities of the Bronx and Upper
Manhattan with three branches. NYNB provides a full range of
financial services to individuals, small businesses and
not-for-profit organizations in its local markets. Hudson Valley
Holding Corp.'s common stock is traded on the NASDAQ Global Select
Market under the ticker symbol "HUVL". Additional information on
Hudson Valley Bank and NYNB Bank can be obtained on their
respective web-sites at http://www.hudsonvalleybank.com/ and
http://www.nynb.com/. This press release may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are statements that are not historical facts. These
statements relate to future events or our future financial
performance. We have attempted to identify forward-looking
statements by terminology including "anticipates," "believes,"
"can," "continue," "expects," "intends," "may," "plans,"
"potential," "predicts," "should" or "will" or the negative of
these terms or other comparable terminology. These statements
involve known and unknown risks, uncertainties and other factors
that may cause our actual results, level of activity, performance
or achievements to be materially different from our future results,
level of activity, performance or achievements expressed or implied
by these forward-looking statements. Factors that may cause actual
results to differ materially from those contemplated by such
forward-looking statements include, but are not limited to: -- a
continued or unexpected decline in the economy in the New York
Metropolitan area; -- increases in loan losses or in the level of
nonperforming loans; -- unexpected increases in our allowance for
loan losses; -- our failure to maintain required regulatory capital
levels; -- further declines in value in our investment portfolio;
-- a continued or unexpected decline in real estate values within
our market areas; -- higher than expected FDIC insurance premiums;
-- unexpected changes in interest rates; -- additional regulatory
oversight which may require us to change our business model; -- the
imposition on us of liabilities under federal or state
environmental laws; -- those risk factors identified in our SEC
filings, including our Form 10-Q for the quarter ended September
30, 2009. Forward looking statements speak only as of the date such
statements are made. The Company undertakes no duty to update any
forward-looking statement to conform the statement to actual
results or changes in the Company's expectations. DATASOURCE:
Hudson Valley Holding Corp. CONTACT: James J. Landy, President
& CEO, +1-914-771-3230, or Stephen R. Brown, Sr. EVP, CFO &
Treasurer, +1-914-771-3212 Web Site:
http://www.hudsonvalleybank.com/
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