Hudson Valley Holding, the parent company of Hudson Valley Bank and NYNB Bank, has announced that both banks have recently received approval from the Office of the Controller of the Currency, the Federal banking regulatory agency, to change from a state charter to a national charter.
Hudson Valley Bank, which has 22 branches throughout Westchester, Rockland, the Bronx, Manhattan and Queens, is currently planning to expand into Connecticut.
NYNB Bank, which was founded as New York National Bank in 1982 and has five branches in the Bronx and Upper Manhattan, has converted back to a national charter, which it had changed to a state charter at the time of its acquisition by Hudson Valley Holding in 2006. In conjunction with the conversion to a national charter, the Bank has changed its name back to the original New York National Bank.
James Landy, president of Hudson Valley Holding, said: A national charter will make it easier for Hudson Valley Bank to enter Connecticut and to further expand our branch network for our customers throughout the metropolitan area. Our long term business plan is one of strategic and measured growth and
expansion to help assure our continued success and independence.