Hudson Valley Bank Terminates Agreement with Moody's Investors Service, Inc.
YONKERS, N.Y., May 25, 2012 /PRNewswire/ -- Hudson Valley Bank, the wholly-owned subsidiary of Hudson Valley Holding Corp. (NYSE: HVB), announced today that it will not re-engage Moody's Investors Service, Inc. for its rating services. "Our expectation regarding the business need for such a rating when we engaged Moody's in 2006 has not in fact been necessary," commented President and Chief Executive Officer, Stephen R. Brown.
The current Moody's rating of Hudson Valley Bank is Baa2, Watch Negative.
About Hudson Valley Holding Corp: Hudson Valley Holding Corp., headquartered in Yonkers, NY, is the parent company of Hudson Valley Bank ("Hudson Valley"). Hudson Valley Bank is a Westchester based Bank with more than $2.8 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 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.
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