To our valued members:
I have more exciting news about Hudson Valley Credit Union’s future growth. We have entered into a purchase agreement to acquire eight Berkshire Bank branches in the Capital Region and Hudson Valley. Six of the branches are in the Capital Region and two are in Columbia County.
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Purchasing these additional locations provides our members in that region with convenient access to an HVCU branch. We will be able to continue serving customers from these Berkshire Bank locations, and as with our pending merger of Catskill Hudson Bank into HVCU, we have committed to retaining employment for all Berkshire staff.
We believe strongly that credit union membership is a vital tool for many to help them achieve financial freedom. With our strong, affordable products and services, as well as our competitive benefits for employees, HVCU has the opportunity to exceed expectations for both Berkshire’s staff and customers from these branches.
Unlike the earlier Catskill Hudson Bank merger announcement, this transaction could take place more quickly, with regulatory approval expected by the end of the third quarter 2024. Until then, our staff continue to focus on providing members with the highest value possible. Below are answers to some questions that you may have, so please review them and reach out to us if you have others.
This year is already proving to be a successful one for HVCU, and we are so grateful for the continued trust our members place in us.
Jonathan Roberts
President/CEO
To remain a strong, financially stable cooperative, HVCU looks to grow not only through additional member accounts and loans, but also through mergers and acquisitions like this one. HVCU will benefit with the addition of eight branches in the Capital Region and Columbia County. This is also an opportunity for us to maintain access to the same, convenient branch locations for Berkshire customers and retain impacted employees.
- Chatham – 50-52 Main Street
- Colonie – 98 Wolf Road
- Guilderland – 1704 Western Avenue
- Halfmoon – 7 Halfmoon Crossing
- Hudson – 561 Warren Street
- Malta – 2532 Route 9
- Niskayuna – 120 Mansion Square
- Rotterdam - 1925 Curry Road
HVCU has pledged to continue employment for all Berkshire employees, and there will be no changes to our own staffing.
We expect to complete the approval process by the end of the third quarter 2024. We will develop a joint plan to integrate the new branches fully into HVCU within 12-18 months following approval.
One of the benefits of our strong capital position is the ability to take on mergers and acquisitions like this without negatively affecting our pricing. Members will continue to see competitive rates on both deposit and loan products, even as we grow through mergers and acquisitions.