Cecile D. Singer Retires as Director of Hudson Valley Holding Corp.
and Hudson Valley Bank
YONKERS, N.Y., Dec. 13, 2012 /PRNewswire/ -- Hudson Valley
Holding Corp. (NYSE: HVB) - James J.
Landy, Chairman of Hudson Valley Holding Corp, parent
company of Hudson Valley Bank, has
announced that Cecile D. Singer, a
Director of the Holding Corp. and Bank for the past 18 years, will
retire from both Boards effective January 1,
2013.
Mrs. Singer, a former New York
State Assemblywoman, was the first woman to serve as a
Director of the Company. She joined the Board in 1994 and for the
past 15 years, she served as Chair of the Board's Compensation and
Organization Committee. As an outgrowth of her work on the Board,
she spoke at national conferences on trends in corporate
compensation.
As a State Assemblywoman, Mrs. Singer served on various
committees including the Senate Legal Committee, the Committee on
Corporation Authorities and Commission and as a member of the
Corporations Committee. She has been the Principal of Cecile D.
Singer Consulting in Yonkers, NY,
a consulting firm specializing in government relations, since
1995.
Over the years, Mrs. Singer has been very active in the
community, including serving as Chairperson of the Audit Committees
of the Yonkers Industrial Development Corporation and Westchester Community College Foundation. In
addition, she is the Founder and President of the Women's
Enterprise Development Center in the Lower Hudson Valley, a
non-profit organization providing training programs and support
services to both start-up and established women businesses.
"Cecile has been one of our longest serving and most active
Directors," Mr. Landy said. "Her more than 30 years of experience
in public service was invaluable to us as we grew the bank from 11
to 36 branches during her tenure, and acquired the New York City investment management firm,
A. R. Schmeidler & Co.,
Inc."
"We are very grateful to Cecile for her many years of dedicated
service and for her beneficial guidance, counsel and contribution
to our company," added Stephen R.
Brown, President and Chief Executive Officer.
With Mrs. Singer's departure, the Holding Corp. Board and the
Bank Board will be reduced in size to nine and seven directors,
respectively.
About Hudson Valley Holding Corp. Hudson Valley
Holding Corp., headquartered in Yonkers,
NY, is the parent company of Hudson
Valley Bank.. 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 and Brooklyn in New
York and Fairfield County and New Haven County, in
Connecticut. Hudson Valley
Bank 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 NYSE under the ticker
symbol "HVB" 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 December 31, 2011. 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, 2011 include, but are not limited
to:
- our ability to comply with the formal agreement entered into
with the Office of the Comptroller of the Currency (the "OCC") and
any additional restrictions placed on us as a result of future
regulatory exams or changes in regulatory policy implemented by the
OCC or other bank regulators;
- the OCC and other bank regulators may require us to
further modify or change our mix of assets, including our
concentration in certain types of loans, or require us to take
further remedial actions;
- the results of the investigation of A.R. Schmeidler & Co., Inc. by the
Securities and Exchange Commission (the "SEC") and the Department
of Labor (the "DOL") and the possibility that our management's
attention will be diverted to the SEC and DOL investigations
and settlement discussions and we will incur further costs and
legal expenses;
- the adverse effects on the business of A.R. Schmeidler & Co., Inc. and our trust
department arising from a settlement with the SEC and DOL
investigations;
- our inability to pay quarterly cash dividends to
shareholders in light of our earnings, the current and future
economic environment, Federal Reserve Board guidance, our
Bank's capital plan and other regulatory requirements applicable to
Hudson Valley or Hudson Valley Bank
;
- the possibility that we may need to raise additional capital
in the future and our ability to raise such capital on terms that
are favorable to us;
- further increases in our non-performing loans and allowance
for loan losses;
- ineffectiveness in managing our commercial real estate
portfolio;
- lower than expected future performance of our
investment portfolio;
- a lack of opportunities for growth, plans for expansion
(including opening new branches) and increased or unexpected
competition in attracting and retaining customers;
- continued poor economic conditions generally and in our
market area in particular, which may adversely affect the ability
of borrowers to repay their loans and the value of real property or
other property held as collateral for such loans;
- lower than expected demand for our products and
services;
- possible impairment of our goodwill and other intangible
assets;
- our inability to manage interest rate risk;
- increased expense and burdens resulting from the regulatory
environment in which we operate and our inability to comply with
existing and future regulatory requirements;
- our inability to maintain regulatory capital above the
minimum levels Hudson Valley Bank
has set as its minimum capital levels in its capital plan provided
to the OCC, or such higher capital levels as may be
required;
- proposed legislative and regulatory action may adversely
affect us and the financial services industry;
- future increased Federal Deposit Insurance Corporation, or
FDIC, special assessments or changes to regular
assessments;
- potential liabilities under federal and state environmental
laws;
- regulatory 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.