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Hudson Valley Credit Union Agrees To Acquire Catskill Hudson Bank
The $6.9 billion-asset Hudson Valley Credit Union has agreed to acquire Catskill Hudson Bank and its parent company Catskill Hudson Bancorp, the companies said in a press release last week. At $593 million of assets, Catskill Hudson Bank is much bigger than any bank acquired by a credit union last year.
Stockholders of the Monticello, New York-based Catskill Hudson will receive $40.50 in cash for each share of the bank held, which equates to a deal value of approximately $28.6 million.
The merger is expected to be completed during the second half of 2024, according to American Banker. It is the first bank acquisition ever announced by Poughkeepsie-based Hudson Valley Credit Union.
The merger accelerates HVCU’s growth in the state’s Capital Region and Sullivan County and expands its business-banking offering by adding a commercial book of business, the credit union said in the release. Upon deal completion, HVCU will have 32 full-service branches throughout the Hudson Valley and Capital Region.
“This is an important moment in our growth story,” Hudson Valley’s President and CEO Jonathan Roberts said in the release. “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.”
Under the merger agreement, Catskill Hudson Bank’s Chairman and CEO Mario Martinez will become a senior market president for the credit union.
“I am confident that HVCU will bring many benefits to our employees and customers for years to come,” Martinez said in the press release. “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 — just as we have done for the past 30 years.”
The largest credit union deal for a bank announced in 2023 involved the $388 million-asset Western Heritage Bank in Las Cruces, New Mexico. The $4.1 billion-asset Nusenda Credit Union in Albuquerque announced the deal in June.
The Hudson Valley deal is also the first whole-bank acquisition announced by a credit union in 2024, although All In Credit Union in Daleville, Alabama, last week said it has agreed to acquire five branches from Louisville, Alabama-based 22nd State Bank.
There were 11 credit union deals for whole banks last year, down from the 16 announced in 2022 but still up from the tepid pace of deal making from five years ago.
Gov. Hochul Announces $1.8 Million In Grants to Support 27 Nonprofits Protecting Land & Recreation
Governor Kathy Hochul announced $1.8 million in grants to support 27 not-for-profit organizations that are stewards of state parks, trails, historic sites, and other public lands. The grants support public private partnerships leveraging private funds for new state park amenities, to engage in state park & historic site maintenance and beautification projects, and to provide educational programming and special events.
The focus of this round is on the 2024 New York State Park Centennial Celebration, which promotes public use of the parks.
“Our state parks, trails, forests and historic sites offer some of the best outdoor recreational and cultural opportunities found anywhere in the world,” Hochul said. “Friends Groups are crucial to helping our State Parks succeed, and these grants will help leverage their hard work to make our State Park system even better for all.”
The Park and Trail Partnership Grant program is funded through the state Environmental Protection Fund. Grants are administered by Parks & Trails New York, in partnership with the Office of Parks, Recreation, and Historic Preservation and the Department of Environmental Conservation. This ninth round of awards will be matched by over $350,000 in private funds. Recipients must raise outside funding of at least 10 percent of their total project budgets.
Awards include:
Mohonk Preserve, Inc. ($41,000) to create a capital improvement plan for the Samuel F. Pryor III Shawangunk Gateway Campground that supports the water system, drainage, septic, trash and recycling, staff housing, parking, and accessibility.
Friends of Mills Mansion ($300,000) to restore walls and ceilings of the mansion’s historic kitchen, creating a new space for programming at Staatsburgh State Historic Site.
Little Stony Point Citizens Association, Inc. ($30,593) to create safer public access to Hudson Highlands State Park Preserve at Little Stony Point by re-engineering the gateway trail at Fair Street, installing interpretative signage along the way to raise awareness of their mission and the NYS Parks Centennial, and to provide ADA access to programming at the Volunteer Center and the Park by resurfacing the parking lot and bridge ramp entryways.
Bannerman Castle Trust ($107,100) to repair the historic trails from the waterfront dock to the new section of the North Trail. The project includes replacing two floating docks, repairing steps on the staircase, installing a new outdoor classroom/multi-purpose deck, replacing the concrete sidewalk, and installing railing on the middle section of the North Trail.
Walkway Over the Hudson ($33,740) to create a strategic plan to guide the next phase of its growth by engaging the public and multiple diverse stakeholders to determine how the Walkway can be a true resource to the community.
Local Labor Leader Daniel Ortega Named to Board of Directors for Orange County Chamber of Commerce
Daniel Ortega of the Engineers Labor-Employee Cooperative (ELEC 825) has been appointed to the Board of Directors of the Orange County Chamber of Commerce, a 1,200-member business organization in the Village of Maybrook.
Ortega, who oversees community affairs outreach at ELEC 825, brings to the board vast knowledge and expertise in advancing economic development, infrastructure and construction initiatives, the Chamber said in a press release.
Through these efforts, he continues to pursue and promote ELEC’s mission to foster an environment that creates economic development and construction in the region, which includes the State of New Jersey and five counties in the Hudson Valley in New York: Delaware, Orange, Rockland, Sullivan, and Ulster.
Ortega is also a member of 17-Forward-86, a broad-based coalition of industry, trade and civic representatives advocating to improve mobility and safety in the region by adding an additional travel lane along Route 17 to convert the corridor to I-86 in Orange and Sullivan counties.
“I am thrilled to welcome Daniel Ortega to our Board of Directors,” said Heather Bell, president and CEO of the Orange County Chamber of Commerce. “Daniel’s addition to our board promises invaluable contributions, blending legislative expertise with a wealth of community development and trade industry knowledge. His multifaceted expertise is pivotal for driving our economic development success.”
“I’m delighted with the opportunity to join my distinguished colleagues on the Board of Directors of the Orange County Chamber of Commerce,” said Ortega. “I look forward to collaborating with Chamber President Heather Bell and the board to advance the Chamber’s vital mission of fostering success within the business community and improving the quality of life in our region.”
Ortega, who has served as the chair of the Chamber’s Government Affairs Committee, joins a host of business leaders of diverse expertise on the Board of Directors. A list of board members is available at orangeny.com.
