Earlier this January, Hudson Valley Credit Union (HVCU) announced its agreement to acquire Catskill Hudson Bank and its parent company Catskill Hudson Bancorp. Established in 1993, Catskill Hudson Bank was founded in Sullivan County and currently serves 7,500 customers across 14 branches and corporate offices in Sullivan, Orange, Ulster, Saratoga, and Albany Counties. This new agreement with HVCU will consequently benefit the Sullivan County-based bank and its consumers, small businesses, and employees.
The merger comes at a time when smaller community banks like Catskill Hudson face many obstacles to growth. In an increasingly competitive, heavily regulated environment, Catskill Hudson leadership recognizes that a strong financial partner like HVCU can help to ensure its future financial success. The merger is not only beneficial for bank employees, but also for customers who can enjoy a wider array of financial services under the acquisition.
View this post on Instagram
For Hudson Valley Credit Union, the acquisition of Catskill Hudson Bank will add Sullivan County to the list of counties it currently services, which includes Dutchess, Orange, Putnam, Ulster, Rockland, Westchester, Greene, Columbia, Albany, Rensselaer, Schenectady, and Saratoga. Together, the two financial institutions will be stronger than they were individually. Additionally, HVCU is committed to retaining all of Catskill Hudson’s dedicated employees.
“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,” said CEO and President of HVCU Jonathan Roberts in the press release announcing this merger.
View this post on Instagram
Roberts also affirms that the transaction is expected to close in the second half of 2024, anticipating the approval process to take six to seven months at minimum. In the meantime, HVCU remains focused on providing members with the best financial options and keeping consumers updated when new information is available as they prepare for this acquisition.
As for Catskill Hudson Bank, Chairman and CEO Mario L. Martinez states, “In our negotiations with HVCU, I was struck by the values our two institutions share. Both Catskill Hudson Bank and Hudson Valley Credit Union are deeply invested in the well-being of our employees, our customers, and the community at large. Both leadership teams strongly believe in supporting our stakeholders, and I am pleased to be working with such a committed group.”