MIDDLETOWN, N.Y., March 29, 2012 /PRNewswire/ -- Greater Hudson Bank, (OTCQB: GHDS) N.A. recently announced its third straight year of profitable earnings, with notable increases in the Bank's income from operations, loan portfolio, total assets, and total deposits. Greater Hudson attributes this success to its focus on highly personalized and responsive service by locally-based bankers who are closely engaged with the community.
"We are proud to consider ourselves champions of local businesses and families," says Kenneth J. Torsoe, chairman of the board of directors of Greater Hudson Bank. "We live in and understand the Hudson Valley communities that we serve—and we are dedicated to going the extra mile for our customers."
As one example of this dedication, the Bank has developed an "Easy Switch Kit", which functions almost like a concierge service to make changing banks less overwhelming for customers. In addition, Greater Hudson has made technological enhancements to significantly upgrade its online banking services.
Yet above all, it is the one-on-one banking relationships and involvement in the community that consistently define Greater Hudson Bank. "We intentionally keep our focus local so that we can provide exceptional service to the businesses and consumers in our key counties: Orange, Rockland, and Westchester," explains Mr. Torsoe. "We want to keep the banking experience personal and friendly—neighbor to neighbor."
Success by the Numbers
Recently, Greater Hudson Bank received a top five-star "superior" rating by BauerFinancial Inc., the nation's leading independent bank rating and research firm. This national recognition reaffirms Greater Hudson Bank's reputation as a sound financial institution.
In addition to recognition, the numbers prove Greater Hudson's success as a community bank. During 2011, Greater Hudson Bank's income from operations was $4.2 million, an increase of $2.4 million year over year. The Bank's loan portfolio increased 26.1 percent, total assets increased 16.2 percent, and total deposits rose 12.5 percent for the year and the Bank is exceedingly well capitalized based on Federal regulatory requirements.
According to Eric J. Wiggins, president and CEO of Greater Hudson Bank, "Our straightforward business model has met with wide acceptance as Greater Hudson continues to deliver strong results in a challenging economic environment. Significant increases in our net interest income and pre-tax operating income—year over year—are a testament to the hard work of the entire Greater Hudson team." He adds, "In a competitive market, it is noteworthy that we have increased our loan portfolio year after year. We have been able to lend to many small and medium size businesses as many of them have chosen a bank whose focus remains on the Hudson Valley."
Job Creation and Community Involvement
In addition to helping the Hudson Valley prosper by providing loans, Greater Hudson Bank has been able to create more than 25 new jobs during the past three years. Based on the Bank's continued growth plans, it expects to create additional jobs this year. The Bank currently employs 42, growing from just 16 employees in 2008. These employees, along with the bank's management, are dedicated to giving back to the local community by volunteering and contributing to charitable organizations. Many of the Bank's employees are involved with and sit on the Boards of various not-for-profit entities located in the Hudson Valley.
Highlights of their community efforts this past year include Greater Hudson Bank's third annual Block Party, which raised funds for the Warwick Valley Humane Society and Guiding Eyes for the Blind. In addition, bank employees participated in the Heart Association Walk, the Fight Against Breast Cancer Walk, and United Way events. The Bank also raised funds for the H.O.P.E for Youth Foundation and made donations to the Community Foundation of Orange and Sullivan County, the Good Samaritan Hospital Foundation, the Helen Hayes Hospital Foundation, St. Anthony's Hospital, G.E.T. – Gateway to Entrepreneurial Tomorrows, and many other worthy local organizations.
In acknowledgment of his long history of community support, Kenneth Torsoe was honored by the Hudson Valley Boy Scouts with the 2011 Rockland County Distinguished Citizen Award. His chairmanship of Greater Hudson follows a long and distinguished position on the board of directors at Union State Bank. Mr. Torsoe's prominence in banking evolved from his 50 years in the construction industry, where he shaped the Hudson Valley region by building hundreds of homes, including the Normandy Village Apartment complex. In 2008, following his tenure at Union State Bank, Mr. Torsoe led an investor group that acquired Community Bank of Orange, N.A., and shortly thereafter changed the Bank's name to Greater Hudson Bank, N.A. Mr. Torsoe's commitment to the Hudson Valley and its communities fueled his desire to create a strong locally based community bank.
Since then, Greater Hudson Bank has added branches, developed a broader customer base and provided much needed credit during a very challenging economic period. Most recently, the Bank has received approval from the Office of the Comptroller of the Currency to open its newest branch location in Monroe. This will be the Bank's fifth branch location and third branch in Orange County, NY. While the Bank plans to expand with this additional branch opening this spring, it remains dedicated to focusing on local relationships and the Hudson Valley community.
Greater Hudson Bank, N.A, founded in 2002, is headquartered in Middletown, New York. The Bank has 5 branches which are located in Middletown, Monroe and Warwick, Orange County, New York, Bardonia, Rockland County, New York, and White Plains, Westchester County, New York. The Bank is chartered by the Office of the Comptroller of the Currency and its deposits are insured by the Federal Deposit Insurance Corporation. As evidence of the Banks' financial strength, Greater Hudson Bank has been recognized with a superior rating by the country's leading independent bank rating and research firm, BauerFinancial, Inc. Further information can be found on the Bank's website at www.GreaterHudsonBank.com.
Forward-Looking Statements: This Press Release may contain certain statements which are not historical facts or which concern the Bank's future operations or economic performance and which are to be considered forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Bank cautions that all forward-looking statements involve risk and uncertainties, and that actual results may differ from those indicated in the forward-looking statements as a result of various factors, such as changing economic and competitive conditions and other risk and uncertainties. In addition, any statements in this news release regarding historical stock price performance are not indicative of or guarantees of future price performance.
Contact:
Elser & Aucone
Jon Lieb, 212-563-8025
SOURCE Greater Hudson Bank
