lohud.com

Sponsored by:

Business in the Burbs

Movers, shakers and newsmakers

Archive for the 'Banking' Category

Hudson Valley Bank opens new branch in Eastchester

July
13

Hudson Valley Bank recently opened a new branch in Eastchester at 111 Brook Street between White Plains Road and the Bronx River Parkway.The branch is managed by Gloria A. Forte, who has more than 30 years of experience in banking. She previously was manager of the Bank of New York/JPMorgan Chase branch in Scarsdale for 10 years.

Posted by Jay Loomis on Monday, July 13th, 2009 at 5:01 pm |
| | Comments Off on Hudson Valley Bank opens new branch in Eastchester

Provident repurchases shares

June
2

Provident New York Bancorp said that it had repurchased 280,450 shares of its stock in the second quarter through the end of May.

The Montebello-based parent company of Provident Bank said that further share repurchases are possible with 872,150 shares of additional buybacks authorized by the board.

“As economic conditions continue to show promising signs of improvement and the company’s capital and reserve provide a buffer for potential credit losses, we expect to be opportunistic regarding our stock repurchase program,” Chief Executive Officer George Strayton said in a written statement.

Posted by Jay Loomis on Tuesday, June 2nd, 2009 at 11:34 am |
| | Comments Off on Provident repurchases shares

Hudson Valley Holding to repurchase up to 25,000 shares

May
22

Hudson Valley Holding Corp. said that it will repurchase up to 25,000 shares of the company’s stock in a program that starts June 1. The Yonkers-based parent of Hudson Valley Bank said that it will make the purchases at a price of $40 per share and limit the buybacks to 1,000 shares from each shareholder. “Our goal is to continue to provide liquidity by allowing our shareholders the opportunity to sell shares to the company,” Chairman William E. Griffin said.

Posted by Jay Loomis on Friday, May 22nd, 2009 at 10:55 am |
| | Comments Off on Hudson Valley Holding to repurchase up to 25,000 shares

Advertisement

Tompkins Financial sees higher 1Q profit

April
29

Tompkins Financial Corp. of Ithaca, the owner of Mahopac National Bank and Tompkins Trustco, said it had first-quarter net income of $7.74 million, or 79 cents a share, on net interest income of $25.9 million. For the comparable quarter a year earlier, it had net income of $7.54 million, or 77 cents a share, on net interest income of $19.7 million.
The higher numbers partially reflect Tompkins’ acquisition in May 2008 of the parent company of Sleepy Hollow Bank, which was merged into Mahopac National.

Posted by Jerry Gleeson on Wednesday, April 29th, 2009 at 2:34 pm |
| | Comments Off on Tompkins Financial sees higher 1Q profit

Bank shareholders to vote on stock

April
27

Shareholders at Hudson Valley Bank in Yonkers will vote next month on allowing the board of directors to issue up to 15 million shares of preferred stock, a move that the bank said would provide it with more flexibility in future capital decisions.

President and Chief Executive James J. Landy said yesterday there are no plans on the board’s table to issue such stock. But having the ability to do so is “good forward thinking,” he added.

Preferred stock has an edge over common stock in the distribution of a company’s profits. Preferred dividends usually are paid out before dividends are paid to owners of common stock. Preferred sharesusually do not have voting rights, but they often give their owners higher-priority claims on the assets of a corporation.

The resolution that shareholders would consider at the May 28 meeting would leave it up to the board to decide how often to issue preferred stock, and under what terms.

Some large banks have issued preferred stock for the federal government as part of their participation in the Troubled Asset Relief Program. Hudson Valley opted last year not to seek TARP funds.

Landy said the bank is well-capitalized enough that it is funding its current branch expansion in neighboring Fairfield County, Conn., with existing funds. Hudson Valley Bank has opened five branches in Fairfield since last year, and plans to open a sixth in July. A new branch is under construction in Eastchester as well.

With $2.54 billion in assets at the end of 2008, Hudson Valley Bank is Westchester’s largest locally-based bank.

Posted by Jerry Gleeson on Monday, April 27th, 2009 at 4:43 pm |
| | Comments Off on Bank shareholders to vote on stock

USA Bank posts lower 2008 losses

April
21

USA Bank of Port Chester reported a net loss of $2.7 million, or 47 cents a share, on net interest income of $5.8 million for fiscal 2008, compared to a net loss of $4.3 million, or 75 cents a share, on net interest income of $4.1 million in fiscal 2007.
The bank said it incurred a one-time expense of $554,000 to buy out its lease at 800 Westchester Ave. in Rye Brook. It said it expects to save more than $30,000 monthly over the 29 months remaining in the lease. It moved its staff to the bank’s main office in Port Chester and an office site in Greenwich, Conn.
The bank increased its loan loss reserve in the face of higher bad loans.
Non-performing loans totaled $9.7 million at the end of 2008, up from $3.6 million a year earlier. It raised its provision for loan losses from $985,000 at the end of 2007 to $1.5 million at the end of 2008.
USA Bank had assets of $209.9 million at year’s end.

Posted by Jerry Gleeson on Tuesday, April 21st, 2009 at 4:35 pm |
| | Comments Off on USA Bank posts lower 2008 losses

Advertisement

Provident Bank posts higher quarterly profits

April
21

The parent company of Provident Bank in Montebello reported higher profits and revenues in its fiscal second quarter, but also saw an increase in chargeoffs of bad loans as the economy worsened.
The parent, Provident New York Bancorp, had net income of $5.54 million, or 14 cents a share, on net interest income of $23.6 million for its quarter ending March 31. For the comparable quarter a year earlier, it had net income of $5.08 million, or 13 cents a share, on net interest income of $23.2 million.
Net chargeoffs increased to $4.3 million for the quarter, up from $1.9 million in the comparable quarter of 2008. The chargeoffs were centered in the small business loan portfolio, the bank said.
The bank increased its allowance for loan losses to $26.4 million, or 1.52 percent of loans outstanding.

Posted by Jerry Gleeson on Tuesday, April 21st, 2009 at 10:03 am |
| | Comments Off on Provident Bank posts higher quarterly profits

Krugman talk rescheduled for May 1

March
25

New York Times columnist and Nobel Prize winner Paul Krugman will speak on the national economy on Friday, May 1 at 1 p.m at Westchester Community College’s Academic Arts Building Theatre in Valhalla. The free event is rescheduled from earlier this month, when it was postponed for weather.
Krugman, who won the 2008 Nobel Prize for Economics, is a professor of Economics and International Affairs at Princeton University on Friday, May 1. For information, call 914-606-6900.

Posted by Jerry Gleeson on Wednesday, March 25th, 2009 at 8:35 am |
| | Comments Off on Krugman talk rescheduled for May 1

Provident Bank opens commercial loan office in White Plains

March
23

Provident Bank of Montebello recently opened a new commercial loan branch at 1133 Westchester Ave. in White Plains. The branch offers a full range of financing for small and mid-sized businesses, including loans and commercial lines of credit. Al Colligan, the bank’s vice president and commercial relationship center manager, will head the White Plains commercial banking team.

Posted by Jay Loomis on Monday, March 23rd, 2009 at 3:35 pm |
| | Comments Off on Provident Bank opens commercial loan office in White Plains

Advertisement

Gutner succeeds Fuller at KeyBank

March
20

KeyBank said that longtime Citibank executive Yitty Gutner will succeed Reginald C. Fuller in a key executive position in its Hudson Valley/Metro NY District headquartered in Orangeburg.
Fuller, who was market president of the district, has left to pursue other opportunities, KeyBank said. Gutner was named senior vice president and district retail leader, and will run the 63 branches in the district extending from Westchester and Rockland counties in the south to Ulster and Dutchess counties in the north.
KeyBank boosted its profile in the Hudson Valley after it acquired Union State Bank at the start of 2008.
Gutner has worked for more than 30 years at Citibank. She managed branch expansion in Manhattan, renovations and relocations, and staff recruitment. At Citibank, Gutner also prepared Israel’s first overseas bank for launch.
She lives in Monsey with her husband. They have two adult daughters.

Posted by Jerry Gleeson on Friday, March 20th, 2009 at 4:15 pm |
| | Comments Off on Gutner succeeds Fuller at KeyBank

Sloatsburg’s HSBC bank branch to close May 1

March
9

Sloatsburg’s only bank, an HSBC branch on Route 17, will close at the end of business on Friday, May 1, and its accounts will be transferred to a branch at 62 Lafayette Ave. in Suffern, four miles away, the bank said.
“The viability of each HSBC branch is reviewed regularly in an effort to identify opportunities to service our marketplaces more efficiently and at times must do this through branch consolidation,” Paul J. Lawrence, chief executive of HSBC Bank USA, wrote in a letter last month to Sloatsburg Mayor Carl Wright, who opposes the move.
The three employees at the bank will be transferred to the Suffern branch.

Posted by Jerry Gleeson on Monday, March 9th, 2009 at 4:05 pm |
| | Comments Off on Sloatsburg’s HSBC bank branch to close May 1

Capital One Bank names local president

March
5

Capital One Bank recently named Dan Callan as its market president for Westchester, Rockland and Connecticut. Callan also serves as the regional manager of branch distribution for the same area.

Posted by Jay Loomis on Thursday, March 5th, 2009 at 12:45 pm |
| | Comments Off on Capital One Bank names local president

Advertisement

2 banks to hold annual meetings on Thursday

February
17

Shareholders at Provident Bank of Montebello and Community Mutual Savings Bank of White Plains will elect directors at their annual meetings Thursday.
Five incumbents at Provident New York Bancorp, Provident’s parent company, are on the ballot at its meeting at the Holiday Inn in Montebello starting at 11 a.m.
They are Judith Hershaft, president and chief executive of Innovative Plastics Corp. in Orangeburg; Thomas F. Jauntig Jr., a retired partner at the accounting firm of Korn, Rosenbaum LLP; investment advisor Thomas G. Kahn, president of Kahn Brothers Advisors LLC in New York City; Richard A. Nozell of Montebello, owner of Richard Nozell Building Construction; and Carl J. Rosenstock, secretary-treasurer of General Sportwear Co. Inc. in Ellenville, N.Y., a manufacturer of children’s apparel.
Community Mutual’s parent company, CMS Bancorp, will hold its meeting at the Crowne Plaza in White Plains at 3 p.m. Two incumbents are seeking re-election.
They are Susan A. Massaro, executive vice president, professional services of Scivantage Inc. in Jersey City, N.J., a technology consultant to the financial services industry; and Matthew G. McCrosson, partner in charge of consulting for the accounting firm of O’Connor, Davies, Munns & Dobbins LLP, with offices in Harrison, White Plains, Stamford, Conn. and Manhattan.
Also on Community Mutual’s agenda is an amendment that would reduce the number of shares of common stock that the parent company is authorized to issue from 14 million shares to 7 million.

Posted by Jerry Gleeson on Tuesday, February 17th, 2009 at 4:21 pm |
| | Comments Off on 2 banks to hold annual meetings on Thursday

Business workshop to focus on credit and cash

February
9

The Yonkers Downtown Business Improvement District will sponsor a free program on obtaining access to credit and cash on Tuesday morning, Feb. 10 from 8-9 a.m. at the Yonkers Riverfront Library, 1 Larkin Center.
Scheduled to speak are Bruce Davison, vice president of commercial banking at Citibank, and Niall Henry, assistant vice president at Hudson Valley Bank. Peter G. Klein, vice president of Fidelco Group, will moderate.
The program is part of the Yonkers Downtown BID’s new Sunrise Seminar Series to provide local business owners with tips and guidance during the current recession. For more information, contact the BID at 914-969-6660 or Frank Pagani of Thompson & Bender at 914-762-1900, extension 24.

Posted by Jerry Gleeson on Monday, February 9th, 2009 at 11:11 am |
| | Comments Off on Business workshop to focus on credit and cash

Hudson Valley Holding said TARP not needed

January
15

Hudson Valley Holding Corp. of Yonkers said that it does not need to use the asset protection services that the U.S. government is providing to banks in the wake of the financial crisis. The assistance effort, the Treasury Department’s Capital Purchase Program, is widely known as TARP. Hudson Valley Holding Corp. is the parent company of two local banks, Hudson Valley Bank and New York National Bank.

“Hudson Valley is extremely well capitalized,” James J. Landy, president and chief executive officer, said in a written statement. “We exceed all current regulatory capital requirements to be considered in the highest category, ’well-capitalized,’ and we remain financially strong and profitable despite difficult economic times.”

Posted by Jay Loomis on Thursday, January 15th, 2009 at 3:18 pm |
| | Comments Off on Hudson Valley Holding said TARP not needed

Advertisement

Citizens Bank opens Ossining branch

January
7

Citizens Bank of Albany recently opened a branch at the Stop & Shop at 246 South Highland Ave. in Ossining. The branch includes an automated teller machine and a night depository. The bank has 10 branches in Westchester County.

Posted by Jay Loomis on Wednesday, January 7th, 2009 at 5:14 pm |
| | Comments Off on Citizens Bank opens Ossining branch

Hudson Valley Bank to open Eastchester branch

January
6

Hudson Valley Bank of Yonkers said that it has received regulatory approval to open a branch in Eastchester. The branch at 111 Brook St. between White Plains Road and the Bronx River Parkway is expected to open during the second quarter.

Posted by Jay Loomis on Tuesday, January 6th, 2009 at 3:32 pm |
| | Comments Off on Hudson Valley Bank to open Eastchester branch

Hudson Valley Holding to continue FDIC program

December
31

Hudson Valley Holding Corp., the Yonkers-based parent company of Hudson Valley Bank and New York National Bank, said that it will continue to participate in a federal program designed to strengthen public confidence in the financial system.

Under the Temporary Liquidity Guarantee Program, the government said that it will provide full insurance coverage of non-interest bearing deposit accounts, regardless of dollar amount.

The program, which covered Hudson Valley and other institutions insured by the Federal Deposit Insurance Corp., was set to expire unless individual banks opted to continue their participation.

“Although Hudson Valley is and has always been a safe, sound, and strong organization, we wanted to provide our customers with the most comprehensive deposit insurance protection offered by the U.S. government,” James J. Landy, president and chief executive officer, said in a written statement.

Posted by Jay Loomis on Wednesday, December 31st, 2008 at 3:18 pm |
| | Comments Off on Hudson Valley Holding to continue FDIC program

Advertisement

Provident Bank passes on TARP help

December
19

The parent company of Provident Bank in Montebello said it will not avail itself of the asset protection services that the U.S. Treasury is providing in the wake of the financial crisis. Provident said it is well-capitalized and does not need the assistance under the Troubled Asset Relief Program, which is helping other banks that are struggling with subprime mortgage securities on their balance sheet. Provident has no subprimes in its portfolio.
Provident did say it will join an expanded insurance program through the Federal Deposit Insurance Corp. that includes unlimited coverage of both non-interest bearing demand deposit accounts and NOW accounts paying up to 50 basis points. The bank said it would join the program through Dec. 31, 2009. The bank said that the added coverage is particularly valuable to small businesses to assure that their payroll accounts are fully insured.

Posted by Jerry Gleeson on Friday, December 19th, 2008 at 4:14 pm |
| | Comments Off on Provident Bank passes on TARP help

Northeast Community Bancorp won’t seek taxpayer funds

December
2

Northeast Community Bancorp Inc. of White Plains said that the bank will not participate in the the U.S. Treasury Department’s Capital Purchase Program that is part of Uncle Sam’s $700 billion financial rescue package for financial instititutions.

The company operates six offices in New York and a loan production office in Wellesley, Mass.

“We already are, and expect to remain for the foreseeable future, well capitalized and currently have no valid need to accept taxpayer funds,” said Kenneth A. Martinek, president and chief executive officer.

Posted by Jay Loomis on Tuesday, December 2nd, 2008 at 4:05 pm |
| | Comments Off on Northeast Community Bancorp won’t seek taxpayer funds

Advertisement
About this blog
Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

Subscribe

Get blog updates via email:




About the Authors

Categories

Other recent entries




Links

Monthly Archives