CATSKILL HUDSON BNCRP INC - CSKL STOCK NEWS

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CATSKILL HUDSON BNCRP INC (CSKL) is a parent company of Catskill Hudson Bank that operates in Sullivan County NY. The bank offers traditional, online, and mobile banking services to consumers and businesses. Catskill Hudson Bank was recently acquired by Hudson Valley Credit Union (HVCU) in a merger agreement valued at approximately $28.6 million. The merger accelerates HVCU's growth in the Capital Region and Sullivan County, expanding its business banking offering with an additional commercial book of business.

Upon completion of the merger, HVCU will have total assets of $7.4 billion and increase its footprint to 32 full-service branches throughout the Hudson Valley and Capital Regions. The former Catskill Hudson Bank branches will operate under the Hudson Valley Credit Union name and brand. Under the leadership of Mario L. Martinez, former Chairman & CEO of Catskill Hudson Bank, who will serve as a Senior Market President, the merger is expected to be completed in the second half of 2024 subject to customary closing conditions and regulatory approvals.

01/10/2024 08:00 AM

News

Hudson Valley Credit Union to Acquire Catskill Hudson Bank

Rhea-AI Summary

Hudson Valley Credit Union (HVCU) announced a definitive merger agreement with Catskill Hudson Bank and its parent company Catskill Hudson Bancorp, Inc. (OTCPK: CSKL). Catskill Hudson Bank will merge with and into HVCU, with HVCU as the surviving institution. Catskill Hudson stockholders will receive $40.50 in cash for each share of Catskill Hudson common stock held, representing aggregate consideration of approximately $28.6 million. The merger accelerates HVCU's growth in the Capital Region and Sullivan County, expanding its business banking offering with an additional commercial book of business. 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.

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FAQ

What is the current stock price of CATSKILL HUDSON BNCRP (cskl)?

The current stock price of CATSKILL HUDSON BNCRP (cskl) is $39 as of July 1, 2024.

What is the market cap of CATSKILL HUDSON BNCRP (cskl)?

The market cap of CATSKILL HUDSON BNCRP (cskl) is approximately 27.1M.

What does CATSKILL HUDSON BNCRP INC do?

CATSKILL HUDSON BNCRP INC is the parent company of Catskill Hudson Bank, offering traditional, online, and mobile banking services to consumers and businesses.

Who acquired CATSKILL HUDSON BNCRP INC?

Hudson Valley Credit Union (HVCU) recently acquired Catskill Hudson Bank and its parent company in a merger agreement valued at $28.6 million.

What is the expected impact of the merger on CATSKILL HUDSON BNCRP INC?

The merger will accelerate HVCU's growth in the Capital Region and Sullivan County, expanding its business banking offerings with additional commercial opportunities.

When is the merger expected to be completed?

The merger between CATSKILL HUDSON BNCRP INC and Hudson Valley Credit Union (HVCU) is expected to be completed in the second half of 2024, subject to customary closing conditions and regulatory approvals.

Who will lead CATSKILL HUDSON BNCRP INC after the merger?

Mario L. Martinez, former Chairman & CEO of Catskill Hudson Bank, will serve as a Senior Market President for the merged entity.

Where will the former Catskill Hudson Bank branches operate under the new entity?

Following the merger, the former Catskill Hudson Bank branches will operate under the Hudson Valley Credit Union name and brand.

How many branches will the new entity have after the merger?

Upon completion of the merger, the new entity will have a total of 32 full-service branches throughout the Hudson Valley and Capital Regions.

What are the financial implications of the merger for CATSKILL HUDSON BNCRP INC?

The merger will result in total assets of $7.4 billion for the new entity, enhancing its business banking offerings and expanding its market presence.

What are the benefits of the merger for the customers of CATSKILL HUDSON BNCRP INC?

Customers of CATSKILL HUDSON BNCRP INC will benefit from an expanded range of financial products and services, as well as a stronger financial partner.