Yonkers-based Hudson Valley Bank, a subsidiary of Hudson Valley Holding Corp., has closed the sale of its wholly owned financial adviser and broker-dealer subsidiary.
The sale of A.R. Schmeidler & Co. Inc. to Artemis US IV LLC, a subsidiary of Pine Street Asset Management, was announced in November.
“By affiliating with Pine Street, ARS will have direct access to their platform, which will allow ARS to offer enhanced services and capabilities to better serve their customers,” said Stephen R. Brown, Hudson Valley Bank president and CEO, in a November press release announcing the sale. “Pine Street, with offices in Toronto and New York City, specializes in providing high net worth individuals and families with a comprehensive range of customized wealth management services.”
Acquired by Hudson Valley Bank in 2004, A.R. Schmeidler & Co. served as the investment management service provider to Hudson Valley Bank’s high-net-worth customers and trusts.
The bank received a $7 million cash payment at closing, subject to adjustment as provided in the sale agreement. It may receive up to $8.5 million in additional consideration over the next six years.
Hudson Valley Bank, with 17 branches in Westchester County, as well as two in Rockland County and nine in New York City, also declared a cash dividend of 8 cents per common share, payable to all shareholders of record at the close of business Feb. 6. The dividend will be paid to shareholders on Feb 23.
