Same bank, new name for Walden Federal
Walden Federal Savings and Loan Association announced last week that it will change its name to Hometown Bank of the Hudson Valley.
The change becomes official Sept. 12.
The parent company is Hometown Bancorp Inc., trading as HTWC.
The bank will remain the same, with no changes in ownership, management, directors or organization. Phone numbers, account numbers and mailing addresses, too, will remain the same.
Existing debit cards and checks will continue to be processed normally and will automatically be converted to the new Hometown Bank name upon reorder. Customers do not need to take any action.
“As Hometown Bank of the Hudson Valley, we”™ll be able to position ourselves as the local hometown bank that puts customer satisfaction first, offering all the financial products of a ”˜big”™ bank, but providing the kind of service that customers deserve,” said Thomas F. Gibney, president and CEO.
Provident 3Q profits down
Provident New York Bancorp reported net income of $1.9 million or $0.05 per diluted share for the third quarter that ended June 30. That is down $2.9 million from the same quarter last year when the Montebello-based bank reported net income of $4.8 million or $0.12 per diluted share.
Jack Kopnisky, appointed Provident”™s president and CEO July 6, told shareholders net earnings of $1.9 million were negatively impacted by $1.5 million in pretax costs related to the retirement of George Strayton, his predecessor, as well as $1.5 million in additional loan loss provisions. Net income for fiscal 2011 year-to-date was $12.2 million, or $0.33 per diluted share compared with $15.1 million or $0.39 per diluted share for year-to-date fiscal 2010.
The bank announced Aug. 9 that it was taking measures to reduce expenses to better position it for enhanced revenue growth. Repositioning of its expense base would save approximately $10 million over the next year with about half of the expense savings in personnel and the remainder in other expenses.
“Following these expense reductions, Provident Bank will be well-positioned for growth and improved financial performance,” Kopnisky said in a statement.
Catskill Bank receives business-lending funds
Catskill Hudson Bank, based in Sullivan County, received $9.7 million from the U.S. Treasury”™s Small Business Lending Fund. The bank, with branches in Sullivan, Orange and Ulster counties, reported total assets of slightly more than $350 million as of June, up from $308.6 million during the same quarter of 2010.
According to a statement from U.S. Rep. Maurice Hinchey, the federal Small Business Lending Fund received the money to help the bank boost lending to small businesses in the Hudson Valley and Catskills. The fund was established as part of the Small Business Jobs Act and provides capital to banks with under $10 billion in assets. Catskill Hudson Bank is headquartered in Rock Hill.
Kathy Kahn contributed to this article.
