Address change satisfied banking regulators
-
- August
- 25
Hudson Valley Bank has been identified as the largest locally-based bank in Westchester County, although in a narrow legal sense the claim is a little cloudier.
The commercial bank, with assets of more than $2 billion, officially moved its principal banking office late last year from 21 Scarsdale Road in Yonkers to 1055 Somer St. in Stamford, Conn. Top management continues to run the show from the bank’s familiar headquarters on Scarsdale Road; the parent company, Hudson Valley Holding Corp., is still in Yonkers as well.
Hudson Valley Bank’s offices are listed on the quarterly reports that the bank must file with the Federal Deposit Insurance Corporation as being in Stamford.
Why the distinction? The bank has targeted Fairfield County for growth. Chief Executive Officer James J. Landy said Hudson Valley Bank faced the prospect of serving two regulators, the state of Connecticut as well as the U.S. Office of the Comptroller of the Currency, as it adds branches in Fairfield.
The bank holds a national charter. New York state has reciprocal regulatory agreements with New Jersey and Pennsylvania, but not with Connecticut. Such an agreement is in the works.
Landy said the bank’s attorneys learned that they could avoid that situation if they moved the principal banking office to the new market. It’s not a loophole in the strict sense of the word; the headquarters must be near the principal banking office, even if a state boundary intersects the line between the two, Landy said.
This entry was posted
on Monday, August 25th, 2008 at 3:22 pm by Jerry Gleeson.
You can follow any responses to this entry through the RSS 2.0 feed.
Category: Banking, Regulatory agencies
Print
| 
Email
