HUDSON VALLEY HOLDING CORP (HVB) SPO
|Company Name||HUDSON VALLEY HOLDING CORP|
|Company Address||21 SCARSDALE ROAD
YONKERS, NY 10707
|CEO||James J. Landy|
|Employees (as of 12/31/2011)||489|
|State of Inc||NY|
|Fiscal Year End||12/31|
|Exchange||New York Stock Exchange|
|Shares Over Alloted||--|
|Shareholder Shares Offered||--|
|Lockup Period (days)||180|
|Quiet Period Expiration||--|
Unless otherwise indicated in the applicable prospectus supplement, the Company expects to use the net proceeds from the sale of offered securities for working capital and general corporate purposes, which may include: • investments in Hudson Valley Bank and other subsidiaries as regulatory capital; • expansion of the business; and • investments at the holding company level. The prospectus supplement with respect to an offering of offered securities may identify different or additional uses for the proceeds of that offering. Pending the application of the net proceeds, we expect to temporarily invest the proceeds from the sale of offered securities in short-term obligations.
The banking and financial services business in our market area is highly competitive. There are approximately 166 banking institutions with 2,372 branch banking offices in our Westchester County, Rockland County, New York City, Fairfield County, Connecticut and New Haven County, Connecticut market areas. These banking institutions had deposits of approximately $777 billion as of June 30, 2011 according to FDIC data. Our branches compete with local offices of large New York City commercial banks due to their proximity to and location within New York City. Other financial institutions, such as mutual funds, finance companies, factoring companies, mortgage bankers and insurance companies, also compete with us for both loans and deposits. We are smaller in size than most of our competitors. In addition, many non-bank competitors are not subject to the same extensive federal regulations that govern bank holding companies and federally insured banks. Competition for depositors’ funds and for credit-worthy loan customers is intense. A number of larger banks are increasing their efforts to serve smaller commercial borrowers. Competition among financial institutions is based upon interest rates and other credit and service charges, the quality of service provided, the convenience of banking facilities, the products offered and, in the case of larger commercial borrowers, relative lending limits. Federal legislation permits adequately capitalized bank holding companies to expand across state lines to offer banking services. In view of this, it is possible for large organizations to enter many new markets, including our market area. Many of these competitors, by virtue of their size and resources, may enjoy efficiencies and competitive advantages over us in pricing, delivery and marketing of their products and services. In response to competition, we have focused our attention on customer service and on addressing the needs of businesses, professionals and not-for-profit organizations located in the communities in which we operate. We emphasize community relations and relationship banking. We believe that, despite the continued growth of large institutions and the potential for large out-of-area banking and financial institutions to enter our market area, there will continue to be opportunities for efficiently-operated, service-oriented, well-capitalized, community-based banking organizations to grow by serving customers that are not served well by larger institutions or do not wish to bank with such large institutions. Our strategy is to increase earnings through growth within our existing market. Our primary market area, which includes Westchester County, Rockland County and New York City in the State of New York, and Fairfield County and New Haven County in the State of Connecticut, has a high concentration of the types of customers that we desire to serve. Our long term strategy is to expand through various initiatives, which could include: opening new full-service banking facilities and loan production offices; by expanding deposit gathering and loan originations in our market area; by enhancing and expanding computerized and telephonic products; by diversifying our products and services; by acquiring other banks and related businesses and through strategic alliances and contractual relationships. During the past five years, we have focused on maintaining existing customer relationships and adding new relationships by providing products and services that meet these customers’ needs. The focus of our products and services continues to be businesses, professionals, not-for-profit organizations and municipalities. We have expanded our market to additional sections of Westchester County, Rockland County and New York City, New York, Fairfield County, Connecticut and New Haven County, Connecticut. We have opened or acquired fourteen new facilities during the past five years, four in Westchester County, New York, three in New York City, one in Rockland County, New York, five in Fairfield County, Connecticut and one in New Haven County, Connecticut. We expect to continue to open additional facilities in the future. We have invested in technology-based products and services to meet customer needs. In addition, we have expanded products and services in our deposit gathering and lending programs, and our offering of investment management and trust services. As a result, our total assets have grown nearly 20 percent during this five year period.
Hudson Valley Holding Corp., or the Company, is a New York corporation founded in 1982. The Company is registered as a bank holding company under the Bank Holding Company Act of 1956. The Company provides financial services through its wholly-owned subsidiaries, Hudson Valley Bank, N.A., or HVB,
a national banking association headquartered in Westchester County, New York which was established in 1972. HVB has 30 branch offices in 6 New York counties and 6 branch offices in Fairfield and New Haven Counties, Connecticut. The Company provides investment management services through a wholly-owned subsidiary of HVB, A.R. Schmeidler & Co., Inc., or ARS, a registered investment manager and broker-dealer, thereby generating fee income. ARS has offices at 500 Fifth Avenue in Manhattan, New York. We derive substantially all of our revenue and income from providing banking and related services to businesses, professionals, municipalities, not-for-profit organizations and individuals within our market area. Our principal customers are businesses, professionals, municipalities, not-for-profit organizations and individuals. Our strategy is to operate community-oriented banking institutions dedicated to providing personalized service to customers and focusing on products and services for selected segments of the market. We believe that our ability to attract and retain customers is due primarily to our focused approach to our markets, our personalized and professional services, our product offerings, our experienced staff, our knowledge of our local markets and our ability to provide responsive solutions to customer needs. We provide these products and services to a diverse range of customers and do not rely on a single large depositor for a significant percentage of deposits. We anticipate that we will continue to expand in our current market and surrounding area by acquiring other banks and related businesses, adding staff and continuing to open new branch offices and loan production offices. The mailing address and telephone number of our principal executive offices are: 21 Scarsdale Road Yonkers, New York 10707 (914) 961-6100
The SPO profiles may contain historical records. Please visit the latest SPOs for the most recent information.