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.”

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

PRNewswire

newOriginal-white-FinTech1-1

We are one of the world’s leading Fintech-based media publication with our content strategized and synthesized to fit right into the expanding ecosystem of Finance professionals. Be it fintech live news, finance press releases, tech articles from Fintech evangelists or interviews from top leaders from global fintech firms, we give the best slice of knowledge topped up with the aptest trends. Our sole mission is to help tech and finance professionals step up with the rapidly emerging Fintech civilization and gain better insights to emerge victorious in every possible way. We adopt a 360-degree approach in order to cater to present a holistic picture of the fintech arena.

Our Publications



FintecBuzz, 2024 © All Rights Reserved