Hudson Valley Credit Union in Poughkeepsie, N.Y., has agreed to buy Catskill Hudson Bank in Kingston, N.Y.
The $7 billion-asset credit union said in a press release that it will pay about $28.6 million in cash for the $400 million-asset bank unit of Catskill Hudson Bancorp. The deal is expected to close in the second half of this year.
“This is an important moment in our growth story,” Jonathan Roberts, the credit union’s president and CEO, said in the release.
“Welcoming the Catskill Hudson customers and employees … will create a stronger institution than either of us were individually,” Roberts added. “Together, we will advance our mission by serving members in the northern counties of our current field of membership, and expand our service to include Sullivan County to the west.”
Mario Martinez, Catskill Hudson’s chairman and CEO, will join the credit union as a market president.
Honigman advised Hudson Valley Credit Union. Luse Gorman advised Catskill Hudson.