The $3.7 billion Hudson Valley Credit Union (HVCU) in Poughkeepsie, N.Y., has completed its $28.6 million acquisition of the $525 million Catskill Hudson Bank (CHB) in Kingston, N.Y.
The deal closed on Jan. 31, and the conversion of the bank’s systems is scheduled for completion during the first weekend in March. This acquisition follows HVCU's separate agreement last September that completed the purchase of eight Berkshire Bank branches.
These acquisitions are expected to expand HVCU's market reach throughout the Hudson Valley and Capital Region in eastern New York.
The CHB deal included about 85 employees, 11 branches and 7,500 customers, who are now members of the credit union.
At the end of last year, the bank managed $448 million in deposits, $422 million in loans and $38.4 million in equity. CHB posted an income loss of $1.2 million at the end of the fourth quarter, according to the FDIC filings.
Although two New York-based credit unions, the $65.3 million Radius Federal Credit Union in Kenmore and the $13.3 billion Bethpage Federal Credit Union in Bethpage on Long Island, previously purchased bank branches in 2008 and 2014, respectively, the HVCU deal marked the first whole-bank acquisition in the Empire State.
When the acquisition of the Berkshire bank branches was announced last March, the branches collectively managed approximately $485.5 million in deposits and $60.5 million of related residential mortgage and consumer loans.
The transaction excluded the bank’s commercial banking business.
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