YONKERS, N.Y., Oct. 27 /PRNewswire-FirstCall/ -- Hudson Valley
Holding Corp. (Nasdaq: HUVL) announced that William J. Mulrow will resign from its board of
directors, effective November 1, in
order to focus on his full-time business interests.
"I'm very proud of the seven years I spent on Hudson Valley's
board and pleased to have had the opportunity to serve the
shareholders of a bank so dedicated to its customers and the
communities where they live and work," Mulrow said. "I look
forward to watching its continued success."
Mulrow joined the board of Hudson Valley
Bank's parent company as a non-executive director in 2003.
Since then, his full-time business interests – which include
investment banking and private equity – have grown to require an
increasing amount of his time and attention. At the same
time, the demands on the bank's directors have increased as Hudson
Valley has grown and matured as a public company, listing on the
NASDAQ Global Select Market, successfully completing a $90 million follow-on stock offering, increasing
trading volume and growing its institutional shareholder base.
Consequently, Mulrow determined that he would no longer be
able to serve on Hudson Valley's board.
"Bill contributed his considerable expertise to the board's
deliberations on our recent capital markets activity and fully
supported elevating our bank's profile as a public company, in
spite of the impact these moves would ultimately have on his
ability to continue to serving as one of our non-executive
directors," Chairman William E.
Griffin said. "In my view, this highlights Bill's
unwavering commitment to his fiduciary duty to our shareholders and
our institution. We value and appreciate his years of service
to our bank and wish him continued success."
With Mulrow's departure the board will be reduced in size to 11
directors, and the majority will continue to meet NASDAQ standards
of independence for board members.
Hudson Valley affirmed that Mulrow's resignation was not the
result of any disagreement with the company on any matter relating
to its operations, policies or practices.
About Hudson Valley Holding Corp.: 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
$2.8 billion in assets, serving the
metropolitan area with 37 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.
Hudson Valley Holding Corp. ("Hudson Valley") has made
in this press release various forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
with respect to earnings, credit quality and other financial and
business matters for periods subsequent to September 30, 2010.
These statements may be identified by such forward-looking
terminology as "expect", "may", "will", "anticipate", "continue",
"believe" or similar statements or variations of such terms. Hudson
Valley cautions that these forward-looking statements are subject
to numerous assumptions, risks and uncertainties, and that
statements relating to subsequent periods increasingly are subject
to greater uncertainty because of the increased likelihood of
changes in underlying factors and assumptions. Actual results could
differ materially from forward-looking statements.
Factors that may cause actual results to differ materially
from those contemplated by such forward-looking statements, in
addition to those risk factors disclosed in the Hudson Valley's
Annual Report on Form 10-K for the year ended December 31, 2009 and our subsequent Quarterly
Reports of Form 10-Q include, but are not limited to, statements
regarding:
- further increases in our non-performing loans and allowance
for loan losses;
- our ability to manage our commercial real estate
portfolio;
- the future performance of our investment portfolio;
- our opportunities for growth, our plans for expansion
(including opening new branches) and the competition we face in
attracting and retaining customers;
- economic conditions generally and in our market area in
particular, which may affect the ability of borrowers to repay
their loans and the value of real property or other property held
as collateral for such loans;
- demand for our products and services;
- possible impairment of our goodwill and other intangible
assets;
- our ability to manage interest rate risk;
- the regulatory environment in which we operate, our
regulatory compliance and future regulatory requirements;
- our intention and ability to maintain regulatory capital
above the levels required by the Office of the Comptroller of the
Currency, or the OCC, for Hudson Valley
Bank and the levels required for us to be
"well-capitalized", or such higher capital levels as may be
required;
- proposed legislative and regulatory action affecting us and
the financial services industry;
- legislative and regulatory actions (including the impact of
the Dodd-Frank Wall Street Reform and Consumer Protection Act and
related regulations) subject us to additional regulatory oversight
which may result in increased compliance costs and/or require us to
change our business model;
- future Federal Deposit Insurance Corporation, or FDIC,
special assessments or changes to regular assessments;
- our ability to raise additional capital in the
future;
- potential liabilities under federal and state environmental
laws; and
- limitations on dividends payable by Hudson Valley or
Hudson Valley Bank.
We assume no obligation for updating any such forward-looking
statements at any given time.
SOURCE Hudson Valley Holding Corp.
Copyright . 27 PR Newswire