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Press Release

June 01, 2015

Contact: Matt Anderson, 212-709-1691


DFS Approves Greater Hudson Bank Headquartered in the Hudson Valley to Convert from Federal to State Charter

12 Banks Have Now Converted from Federal to State Regulation since Formation of DFS in 2011

Benjamin M. Lawsky, Superintendent of Financial Services for the State of New York, today announced that the Department of Financial Services (DFS) has approved Greater Hudson Bank to convert to a New York State charter. With today’s announcement, a total of 12 banks have converted to state regulation from federal charters since DFS’s formation in 2011.

Superintendent Lawsky said: “We continue to see a growing number of banks convert to New York charters. That option provides institutions with an opportunity to work with regulators that are deeply familiar with their local markets, which is particularly important to New York’s community banks.”

Banks are able to choose to operate under federal or state charters. The banks converting to state charters had been regulated by the Office of the Comptroller of the Currency (OCC).

Greater Hudson Bank was founded in Middletown, NY (Orange County) in October 2002. Greater Hudson Bank has five banking offices: 3 in Orange County, 1 in Westchester County, and 1 in Rockland County. For the year-ending March 31, 2015, GHB had total assets of $399 million, total deposits of $314 million and total equity capital of $43 million. The bank’s lending focus is primarily on commercial real estate and residential mortgage lending.

"Our Board of Directors has determined that the Bank's conversion to a New York state-chartered commercial bank will best position the Bank in continuing to execute our business strategy, provide needed credit opportunities and to compete in the Hudson Valley market," commented Edward T. Lutz, President and CEO of Greater Hudson Bank. "The NYSDFS has been a great partner in working with us through the conversion process. They have shown great enthusiasm to get Greater Hudson under the NYSDFS umbrella and through regular communication with us have shown they are truly in touch with the nuances and opportunities of our local market. We look forward to benefiting from the insight and oversight of two locally focused regulators. This is an exciting new chapter for the Bank, our customers, depositors and the communities we serve because it is consistent with and promotes our community banking focus."


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