Hudson Valley Credit Union to acquire Catskill Hudson Bank

PRNewswireJanuary 11, 20244 min

Hudson Valley Credit Union (HVCU) announced that it has entered into a definitive merger agreement with Catskill Hudson Bank and its parent company Catskill Hudson Bancorp, Inc.¬†(“Catskill Hudson”), pursuant to which Catskill Hudson Bank will merge with and into HVCU, with HVCU as the surviving institution in a series of transactions. Pursuant to the merger agreement, which was approved by the boards of directors of HVCU, Catskill Hudson and Catskill Hudson Bank, Catskill Hudson stockholders will receive¬†$40.50¬†in cash for each share of Catskill Hudson common stock held, representing aggregate consideration of approximately¬†$28.6 million.

This merger accelerates HVCU’s growth in the Capital Region and¬†Sullivan County¬†and expands its business banking offering with an additional commercial book of business. Upon completion, HVCU will have total assets of approximately¬†$7.4 billion¬†and will increase its footprint to 32 full-service branches throughout the Hudson Valley and Capital Regions, and acquire corporate offices in¬†Kingston,¬†Middletown¬†and¬†Malta.

Hudson Valley Credit Union President¬†and CEO¬†Jonathan Roberts¬†commented, “This is an important moment in our growth story.¬† Welcoming the Catskill Hudson customers and employees to the credit union will create a stronger institution than either of us were individually.¬† Together, we will advance our mission by serving members in the northern counties of our current field of membership, and expand our service to include¬†Sullivan County¬†to the west.”

“It was extremely important for us to partner with an organization that shares similar values, and we found that in Hudson Valley Credit Union. I am confident that HVCU will bring many benefits to our employees and customers for years to come,” stated¬†Mario L. Martinez, Chairman & CEO of Catskill Hudson Bank. “With Hudson Valley Credit Union’s deep breadth of financial products and services, our customers will have even more opportunities to thrive with a financial partner that puts their well-being at the forefront ‚Äď just as we have done for the past 30 years.”

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