Hudson Valley Credit Union (HVCU) announced today that it has entered into a definitive merger agreement with Catskill Hudson Bank and its parent company Catskill Hudson Bancorp, Inc.. Catskill Hudson Bank will merge with and into HVCU, with HVCU being the surviving institution in a series of transactions.
“We are pleased to have the opportunity to bring the advantages of credit union membership to the customers of Catskill Hudson Bank, as we continue to carry out our mission of People Helping People,” said Jonathan W. Roberts, President/CEO of Hudson Valley Credit Union.
The merger agreement was approved by the boards of directors of Hudson Valley Credit Union and Catskill Hudson Bank. Both organizations are overseen by the New York State Department of Financial Services. The merger is expected to be completed during the second half of 2024 after the satisfaction of customary closing conditions, including receipt of all required regulatory approvals and the approval of Catskill Hudson’s stockholders. Following completion of the transaction, the former Catskill Hudson Bank branches will operate under the Hudson Valley Credit Union name and brand and Catskill Hudson common stock will no longer be quoted on the OTC markets.
About Hudson Valley Credit Union
With $7 billion in assets, Hudson Valley Credit Union has been a community partner in the region for 60 years. The credit union currently serves consumers and businesses in Albany, Columbia, Dutchess, Greene, Orange, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Ulster, and Westchester Counties in New York State with a wide variety of financial services, including investments and insurance. Recently awarded a Great Place to Work designation, HVCU is federally insured by the NCUA and is an Equal Opportunity Lender. To learn more, visit hvcu.org.
About Catskill Hudson Bank
Established in 1993 in Sullivan County NY, Catskill Hudson Bank opened its first branch in Monticello located in the heart of the Catskill Mountain Range. The stock is traded under the symbol CSKL. The direction and goal of Catskill Hudson Bank has been to maximize growth opportunities, by expanding its market beyond Sullivan County to Orange, Ulster, Saratoga and Albany Counties. The Bank is comprised of eleven branches: nine in the Mid-Hudson Region and two in the Capital District. The Bank offers traditional, online, and mobile banking services to both consumers and businesses.
You can read more details about the announcement here.
The New York Credit Union Association has released the latest Retail Fees Report by RateWatch, which is a benefit of membership to all Association member credit unions.
The Massachusetts Share Insurance Corporation, in partnership with the New York Credit Union Association, has released the 2022 third-quarter Custom Performance Report.
