Banking on success
What”™s in a name? Plenty if you”™re Greater Hudson Bank. Though the bank began its life in 2002 as Community Bank of Orange N.A., it wasn”™t until the fall of 2008 that it took off, with a new name to go with a new management team and board of directors.
President and CEO Eric J. Wiggins modestly attributes that success to a team effort: “My greatest accomplishment since becoming CEO has been to keep the organization moving forward according to the strategic plan we put in place during 2008 amidst a very challenging economic environment.”
Now the bank has opened its first branch in Westchester County. Recently, Wiggins took time from his busy schedule to answer a few of our questions:
1. Welcome to Westchester. With headquarters in Middletown and branches in Warwick and Bardonia, you”™re already well-established in the Hudson Valley. Why did you decide to open a branch here?
“We believe the Westchester County market provides a tremendous opportunity for us. Westchester has the demographics and affluence that make it very attractive. It is also a natural extension of our geographic presence in the Hudson Valley. Our management team and members of our board are very knowledgeable of the market and have long- term relationships with businesses located there.”Â
2. Was the physical move into this county challenging? Did Greater Hudson have to spend much time before the planning board?
“The physical move into the county wasn”™t any more challenging than expanding in our other markets. Once we selected the branch location (at 567 N. Broadway) in White Plains, the overall process went pretty smoothly. The fact that we were renovating a former bank branch for the same use likely made things a little easier. I think everyone involved could see the benefit of a company like ours joining the local business community and adding new jobs to the area.”Â
3. Your bank has done very well for itself, with total assets up 84.5 percent. Will you be sharing the wealth with local businesses in terms of more attractive loans?
“We have seen tremendous growth in assets over the last eighteen months. Deposits and loans have grown substantially during that period of time as well. We believe that we provide very attractive deposit rates when compared with our competitors; and our branch personnel are top-notch. In addition, we are one of the banks that has provided loans to creditworthy local businesses, property owners and others during this challenging economic environment.”
4. Greater Hudson was founded in the wake of the dot.com bubble burst and 9/11. Is a tough economic climate a good one in which to nurture a new venture?
“”¦It wasn”™t until the fall of 2008 when our current chairman, Kenneth Torsoe, became involved with the bank that it began to turn the corner. Chairman Torsoe led an investor group that made a capital infusion of approximately $23 million in new capital into the bank. A new management team was also put in place at that time. The timing proved to be an advantage for us given the strength of our capital position. We were able to quickly expand and provide loans to creditworthy borrowers in the markets that we serve. We also made investments in technology in order to provide similar products and services to banks much larger than us.”                Â
5. Any plans for more branches in Westchester? What about Putnam?
“With regard to additional branches, we are reviewing the entire Hudson Valley including Westchester, Orange and Rockland counties. Our next branch location will be a function of how best to service our customers. All of the markets we now serve provide attractive expansion opportunities.”