Poughkeepsie, New York-based Hudson Valley Credit Union has agreed to buy Catskill Hudson Bank and its parent company Hudson Bancorp, the company announced Wednesday.
Stockholders of the community bank will receive $40.50 in cash for each share of Catskill Hudson common stock held — equating the deal value at roughly $28.6 million, the statement said.
The transaction will boost HVCU’s assets to $7.4 billion and increase its footprint to 32 branches across the Hudson Valley and Capital Regions while adding a commercial book of business. The merger is expected to close by the second half of 2024 after regulatory approvals, following which Catskill Hudson Bank will operate under the HVCU name and brand.
