Exhibit 99.1
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FOR IMMEDIATE RELEASE | CONTACT | |
Hudson Valley Holding Corp. | James J. Landy | |
21 Scarsdale Road | President & CEO | |
Yonkers, NY 10707 | (914) 771-3230 | |
Stephen R. Brown | ||
Sr. EVP, CFO & Treasurer | ||
(914) 771-3212 |
HUDSON VALLEY HOLDING CORP. ANNOUNCES PRICING OF COMMON
STOCK OFFERING
STOCK OFFERING
Yonkers, NY, October 27, 2009 ... Hudson Valley Holding Corp. (NASDAQ:HUVL), parent of Hudson Valley Bank and New York National Bank, announced today that it has priced a public offering of 3.6 million shares of common stock at $25.00 per share for total gross proceeds of $90 million. The Company expects to close the sale of the common shares on October 30, 2009, subject to customary closing conditions. Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC and Raymond James & Associates, Inc. are serving as joint book-running managers of the offering with Stifel, Nicolaus & Company, Incorporated serving as co-manager. The Company has also granted the underwriters a 30-day option to purchase from the Company up to an additional 540,000 shares of common stock to cover over-allotments.
The Company has filed a registration statement (including a prospectus) (File Nos. 333-161165 and 333-161893) with the Securities and Exchange Commission (the “SEC”) for the offering. The offering is being made only by means of a prospectus and related prospectus supplement. Prospective investors should read the prospectus in that registration statement, the related prospectus supplement and other documents that the Company has filed with the SEC for more complete information about the Company and the offering. Investors may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, a copy of the prospectus supplement may be obtained from Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC, Attn: Syndicate Department, 420 5th Avenue, 5th Floor, New York, NY 10018 (212-857-6212); or Raymond James & Associates, Inc., Attn: Andrea Borum, 880 Carillon Parkway, St. Petersburg, FL 33716 (727) 567-2108; or Stifel Nicolaus, Attn: Prospectus Department, One South Street, 15th Floor, Baltimore, MD 21202 (443-224-1988).
This news release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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About Hudson Valley Holding Corp.
Hudson Valley Holding Corp. (HUVL), headquartered in Yonkers, NY, is the parent company of two independently owned local banks, Hudson Valley Bank (HVB) and New York National Bank (NYNB). Hudson Valley Bank is a Westchester based bank with more than $2.4 billion in assets, serving the metropolitan area with 33 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. NYNB is a Bronx based bank with approximately $140 million in assets serving the local communities of the Bronx and Upper Manhattan with three branches. NYNB provides a full range of financial services to individuals, small businesses and not-for-profit organizations in its local markets. Hudson Valley Holding Corp.’s common stock is traded on the NASDAQ Global Select Market under the ticker symbol “HUVL”. Additional information on Hudson Valley Bank and NYNB Bank can be obtained on their respective web-sites at www.hudsonvalleybank.com and www.nynb.com.
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This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements refer to future events or our future financial performance. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should” or “will” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or the banking industry’s actual results, level of activity, performance or achievements to be materially different from any future results, level of activity, performance or achievements expressed or implied by these forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include those identified in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2009.