YONKERS, N.Y., July 28 /PRNewswire-FirstCall/ -- William E. Griffin, Chairman of the Board of
Hudson Valley Holding Corp. (Nasdaq: HUVL), announced the Board of
Directors declared a cash dividend of $0.10 per share payable to all common stock
shareholders of record as of the close of business August 9, 2010. The dividend will be
distributed to shareholders on or about August 20, 2010.
Mr. Griffin stated, "We have reduced our dividend in reaction to
our net loss for the second quarter and year-to-date periods.
We have retained a dividend payment as a reflection of our
continued confidence in our business plan and our anticipation of a
return to profitability in the short-term. Our core business
is performing well, our margins are strong, our expenses are
controlled. We continue to grow deposits and seek quality
loans in a difficult economic environment where loan demand has
significantly declined. We believe the actions we have
recently taken to address our problem loans, which had a negative
impact on our second quarter financial results, will facilitate a
more rapid resolution of these loans. We believe we are well
positioned to fully benefit from a recovering business
climate."
Hudson Valley Holding Corp. (HUVL), headquartered in
Yonkers, NY, is the parent company
of Hudson Valley Bank (HVB).
Hudson Valley Bank is a Westchester based bank with more than
$2.9 billion in assets, serving the
metropolitan area with 36 branches located in Westchester, Rockland, the Bronx, Manhattan, Queens and Brooklyn in New
York and Fairfield County
and New Haven County, in
Connecticut. 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. Hudson Valley Holding Corp.'s common stock is traded on
the NASDAQ Global Select Market under the ticker symbol "HUVL" and
is included in the Russell 3000® Index. Additional information on
Hudson Valley Bank can be obtained
on their web-site at
www.hudsonvalleybank.com.
This press release may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are statements that are
not historical facts. These statements relate 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 involve known and unknown risks, uncertainties and other
factors that may cause our actual results, level of activity,
performance or achievements to be materially different from our
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:
- a continued or unexpected decline in the economy in the
New York Metropolitan
area;
- increases in loan losses or in the level of nonperforming
loans;
- unexpected increases in our allowance for loan
losses;
- our failure to maintain required regulatory capital
levels;
- further declines in value in our investment
portfolio;
- a continued or unexpected decline in real estate values
within our market areas;
- higher than expected FDIC insurance premiums;
- unexpected changes in interest rates;
- additional regulatory oversight which may require us to
change our business model;
- the imposition on us of liabilities under federal or state
environmental laws;
- those risk factors identified in our SEC
filings, including our Form 10-K for the fiscal year ended
December 31, 2009.
Forward looking statements speak only as of the date such
statements are made. The Company undertakes no duty to
update any forward-looking statement to conform the statement to
actual results or changes in the Company's
expectations.
SOURCE Hudson Valley Holding Corp.