December 23, 2009 (FinancialWire) Hudson Valley Holding Corp. (NASDAQ: HUVL) said it has submitted an application for regulatory approval to operate New York National Bank as a Division of Hudson Valley Bank. Approval for the merger is expected in early 2010.
Hudson Valley Holding acquired New York National Bank in 2006. For the past four years, New York National has operated as a wholly owned subsidiary of Hudson Valley Holding, which is also the parent company of Hudson Valley Bank. If approved, New York National Bank will relinquish its banking charter and operate as a division of Hudson Valley Bank.
Yonkers, New York-based Hudson Valley Holding is the parent company of two independently owned local banks, Hudson Valley Bank and New York National Bank. Hudson Valley Bank is a Westchester based bank with 33 branches located in Westchester, Rockland, the Bronx, Manhattan, Queens and Brooklyn in New York and Fairfield County and New Haven County, in Connecticut.
NYNB is a Bronx-based bank with three branches.
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