Poughkeepsie-based Hudson Valley Credit Union (HVCU) announced merger agreement with Catskill Hudson Bank and its parent company Catskill Hudson Bancorp Inc. (OTCPK: CSKL).
Under the terms of the agreement, Catskill Hudson Bank will merge with and into HVCU, with HVCU as the surviving institution. Pursuant to the merger agreement, stockholders in the bank and its parent company will receive $40.50 in cash for each share of Catskill Hudson common stock held, representing aggregate consideration of approximately $28.6 million.
Upon completion, HVCU will have total assets of approximately $7.4 billion and will increase its footprint to 32 full-service branches throughout the Hudson Valley and Capital Regions, and acquire corporate offices in Kingston, Middletown and Malta. The merger is expected to be completed during the second half of 2024 and the former Catskill Hudson Bank branches will operate under the Hudson Valley Credit Union name and brand. Catskill Hudson common stock will no longer be quoted on the OTC markets.
“This is an important moment in our growth story,” said HVCU President and CEO Jonathan Roberts. “Welcoming the Catskill Hudson customers and employees to the credit union will create a stronger institution than either of us were individually. Together, we will advance our mission by serving members in the northern counties of our current field of membership and expand our service to include Sullivan County to the west.”
