YONKERS, N.Y., Dec. 31 /PRNewswire-FirstCall/ -- Hudson Valley Holding Corporation (OTC Bulletin Board: HUVL) announced today that its two subsidiaries, Hudson Valley Bank and New York National Bank, have formally elected to continue their participation in the Federal Deposit Insurance Corporation (FDIC) Temporary Liquidity Guarantee Program. The program which covered Hudson Valley, as well as all other FDIC-insured institutions for 30 days beginning October 14, 2008, was set to expire unless individual institutions elect to voluntarily continue their participation. Hudson Valley has elected to continue in the program.
Under the FDIC's Transaction Account Guarantee Program, 100 percent of deposits that are held in non-interest bearing deposit transaction accounts and negotiable order of withdrawal (NOW) accounts with interest rates of .50 percent or less at Hudson Valley Bank and New York National Bank, are now federally insured through December 31, 2009.
According to James J. Landy, President and CEO, "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."
The Temporary Liquidity Guarantee Program was designed to strengthen confidence and encourage liquidity in the banking system. Hudson Valley's participation in the program helps bring peace of mind to many businesses and not-for-profit organizations that have accounts exceeding the current $250,000 insurance limit set by the FDIC and further reinforces the safety of Hudson Valley Bank and New York National Bank as premier depository institutions.
"Our goal is to reassure customers that their deposits are safe with us," Mr. Landy said.
Hudson Valley Holding Corp. (OTC Bulletin Board: HUVL), headquartered in Yonkers, NY, is the parent company of two independently owned local banks, Hudson Valley Bank (HVB) and New York National Bank (NYNB). Hudson Valley Bank is a Westchester based bank with over $2.4 billion in assets, serving the metropolitan area with 30 branches located in Westchester, Rockland, the Bronx, Manhattan and Queens, NY and Fairfield County, CT. HVB specializes in providing a full range of financial services to businesses, professional services firms, not-for-profit organizations and individuals; and provides investment management services through a subsidiary, A. R. Schmeidler & Co., Inc. NYNB is a Bronx based bank with $140 million in assets serving the local communities of the South Bronx, Upper Manhattan and Roosevelt Island with five branches. NYNB provides a full range of financial services to individuals, small businesses and not-for-profit organizations in its local markets. Hudson Valley Holding Corp.'s stock is traded under the ticker symbol "HUVL" on the OTC Bulletin Board. Additional information on Hudson Valley Bank and NYNB Bank can be obtained on their respective web-sites at www.hudsonvalleybank.com and www.nynb.com.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements refer to future events or our future financial performance. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "expects," "intends," "may," "plans," "potential," "predicts," "should" or "will" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or the banking industry's actual results, level of activity, performance or achievements to be materially different from any future results, level of activity, performance or achievements expressed or implied by these forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to, material adverse changes in Hudson Valley Bank's operations or earnings, or a decline in the economy in the New York Metropolitan area. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
SOURCE Hudson Valley Holding Corporation
For further information: James J. Landy, President & CEO of Hudson Valley Holding Corporation, +1-914-771-3230
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