When the former Community Bank of Orange was recapitalized in 2008 by a group of investors that included key personnel from the former Union State Bank in Orangeburg, its new owners announced that they intended to reverse its fortunes. The bank had not had a profitable year since its inception in 2002. The first move was to rename it Greater Hudson Bank.
The bank recently
announced its third straight profit, with notable increases in its income from operations, loan portfolio, total assets and total deposits.
“We are proud to consider ourselves champions of local businesses and families,” said Kenneth J. Torsoe, chairman of the board of directors, in a statement. “We live in and understand the Hudson Valley communities that we serve ”“ and we are dedicated to going the extra mile for our customers.”
- Greater Hudson Bank”™s branch in Monroe will be the fifth opened since its recapitalization in 2008.
Greater Hudson has made technological enhancements to significantly upgrade its online banking services and has introduced an “easy switch kit,” to make changing banks easier for new customers.
Torsoe said he embraces the concept of one-on-one banking relationships and involvement in the community. “We intentionally keep our focus local so that we can provide exceptional service to the businesses and consumers in our key counties: Orange, Rockland, and Westchester,” said Torsoe. “We want to keep the banking experience personal and friendly ”“ neighbor to neighbor.”
Greater Hudson Bank”™s income from operations was $4.2 million in calendar year 2011, an increase of $2.4 million over 2010. The bank”™s loan portfolio increased 26.1 percent, total assets increased 16.2 percent, and total deposits rose 12.5 percent, and the bank is well-capitalized based on federal regulatory requirements.
“Our straightforward business model has met with wide acceptance as Greater Hudson continues to deliver strong results in a challenging economic environment,” said Eric J. Wiggins, president and CEO, in the statement. “Significant increases in our net interest income and pre-tax operating income ”“ year over year ”“ are a testament to the hard work of the entire Greater Hudson team. In a competitive market, we have increased our loan portfolio year after year and have been able to lend to many small- and medium size businesses.”
The bank, which began with 16 employees, now has 42. It expects to hire more this year as it prepares to open its third branch in Orange County, in Monroe, early in the second quarter. Its two other branches are in White Plains and in Bardonia.
