HAMLET OF WALLKILL – Wallkill Valley Federal Savings & Loan officially completed its $3.1 million acquisition of Hometown Bank of the Hudson Valley on Friday, after announcing the deal in December.
The combined institution, which retains the Wallkill Valley Federal Savings & Loan name, holds $320 million in assets, $268 million in gross loans and $256 million in total deposits.
It operates eight branches in Orange and Ulster counties.
The bank has 65 employees following the departure of the top three executives and one administrative employee of the former Hometown Bancorp, Inc., which had been traded over the counter under the symbol HTWC.
Before the merger, Wallkill Valley Federal Savings & Loan had offices in the hamlet of Wallkill, Milton, Highland Falls and Maybrook.
Hometown Bank had branches in Walden, Monroe, Montgomery and Otisville.
Wallkill Valley will retain all the branches and remain based in Wallkill.
The two banks finished integrating their back-end systems on Saturday.
Wallkill Valley now serves more 15,000 customers, including those using savings and checking accounts, loans and other financial products.
“The deal is going to strengthen community banking in the Hudson Valley, and provide additional branches for our neighbors and customers, so they get the financial services they need,” said Michael Horodyski, president and CEO of Wallkill Valley.
“You have two banks with long financial histories coming together, and together we’ll continue to grow and serve the Hudson Valley for years to come.”
The online banking information for all Hometown Bank customers is currently being transferred to Walkill Valley’s website, wallkill.com.
The move should be complete by this weekend.
Wallkill Valley Federal Savings & Loan agreed to pay $3.01 in cash per share for Hometown Bank’s 1 million outstanding shares, excluding stock held by the bank.
Established in 1919, Hometown Bank of the Hudson Valley was a federally chartered savings and loan association based in Walden.
It was originally founded as the Walden Building and Loan Association to promote home ownership and community reinvestment.
Wallkill Valley Federal Savings & Loan was founded in 1913 by a group of Wallkill community members committed to promoting community banking.