SOURCE: Greater Hudson Bank

Greater Hudson Bank

June 01, 2015 10:10 ET

Greater Hudson Bank Approved for Conversion to a New York State Chartered Bank

BARDONIA, NY--(Marketwired - June 01, 2015) - Greater Hudson Bank (the "Bank") (OTCQX: GHDS), with assets of $394.4 million, announced today that its application to convert from a national banking association to a New York state-chartered commercial bank, operating under the name Greater Hudson Bank, was approved and converted on May 29, 2015 by the New York State Department of Financial Services.

"The Bank is appreciative of the New York State Department of Financial Services for their quick turnaround in the conversion process. The Bank's application was approved on May 18 and within a short period of time quickly converted. From a customer perspective, the charter conversion should be transparent. The terms and conditions of our customers' deposit accounts and loans will not be affected by the change of charter," said Edward T. Lutz, President and CEO of Greater Hudson Bank.

Effective upon the conversion date, the New York State Department of Financial Services (NYSDFS) will serve as Greater Hudson Bank's primary regulator, and it is expected that the Federal Reserve Bank of New York (FRBNY) will serve as the Bank's primary federal regulator. The Bank will continue to be a member of the Federal Deposit Insurance Corporation (FDIC). Also effective upon the conversion date, the Bank's principal office will be relocated to 715 Route 304, Bardonia, NY in Rockland County.

"Our Board of Directors has determined that the Bank's conversion to a New York state-chartered commercial bank will best position the Bank in continuing to execute our business strategy, provide needed credit opportunities and to compete in the Hudson Valley market," commented Edward T. Lutz, President and CEO of Greater Hudson Bank. "The NYSDFS has been a great partner in working us through the conversion process. Through regular communication with us, they have shown they are truly in touch with the nuances and opportunities of our local market. We look forward to benefiting from the insight and oversight of a locally focused regulator. This is an exciting new chapter for the Bank, our customers, depositors and the communities we serve because it is consistent with and promotes our community banking focus."

Greater Hudson Bank, founded in 2002, is headquartered in Bardonia, Rockland County, NY. The Bank has 5 branches which are located in Middletown, Warwick and Monroe, Orange County, New York, Bardonia, Rockland County, New York, and White Plains, Westchester County, New York. The Bank is chartered by the New York State Department of Financial Services and its deposits are insured by the Federal Deposit Insurance Corporation. Further information can be found on the Bank's website at www.GreaterHudsonBank.com.

Contact Information

  • Contact:
    Jenet Ferris
    (845) 367-4998