Business in the Burbs » Banking

Hudson Valley Bank opens new branch in Eastchester

Jay Loomis — Mon, 13 Jul 2009 22:01:27 +0000

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.

Provident repurchases shares

Jay Loomis — Tue, 02 Jun 2009 16:34:11 +0000

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.

Hudson Valley Holding to repurchase up to 25,000 shares

Jay Loomis — Fri, 22 May 2009 15:55:25 +0000

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.

Tompkins Financial sees higher 1Q profit

Jerry Gleeson — Wed, 29 Apr 2009 19:34:09 +0000

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.

Bank shareholders to vote on stock

Jerry Gleeson — Mon, 27 Apr 2009 21:43:25 +0000

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.

USA Bank posts lower 2008 losses

Jerry Gleeson — Tue, 21 Apr 2009 21:35:03 +0000

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.

Provident Bank posts higher quarterly profits

Jerry Gleeson — Tue, 21 Apr 2009 15:03:04 +0000

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.

Krugman talk rescheduled for May 1

Jerry Gleeson — Wed, 25 Mar 2009 13:35:24 +0000

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.

Provident Bank opens commercial loan office in White Plains

Jay Loomis — Mon, 23 Mar 2009 20:35:46 +0000

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.

Gutner succeeds Fuller at KeyBank

Jerry Gleeson — Fri, 20 Mar 2009 21:15:08 +0000

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.