Loading...
Loading...
Hudson Valley Holding Corp.,
HVB which operates a small regional bank in the New York City suburbs, is on the auction block according to unnamed sources cited by Bloomberg Friday.
Hudson traded recently up 19 percent to $22.51 a share.
The Yonkers, N.Y.-based bank holding company, with assets of about $3.23 billion and 18 branches, could get sold to Ramapo, N.Y.-based Sterling Bancorp
STL or People's United Financial Inc.
PBCT of Bridgeport, Conn., according to the news agency.
Hudson's net income for the period ended June 30 fell by about a third and both its net interest income and loan portfolio were nearly flat. The company operates its branch network in suburban Westchester County.
People's, with assets of $33.92 billion, operates about 400 branches in much of New England and New York, while Sterling has assets of about $7 billion and about two dozen branches in the New York Metropolitan area.
Hudson Valley is working with Stifel Financial Corp. and Keefe Bruyette & Woods Inc. on the sale, according to Bloomberg.
People's and Sterling were each down about 0.7 percent recently.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in