Hudson Valley Bank has opened a new branch to serve the Hutchinson Metro Center and its many businesses.
The bank held a ribbon cutting for its newest branch located in the office park at 1250 Waters Place, on Tuesday, May 3, its fourth in the borough.
The new 2,500-square-foot branch will be in service from 8:30 a.m. to 4:30 p.m., Monday through Friday, to service small businesses and professional organizations who form the core of the bank’s business.
In attendance were over 60 people, including Bronx Overall Economic Development Corporation president Marlene Cintron and Councilman Jimmy Vacca, as well as representatives from the management of the Hutchinson Metro Center and members of the Bronx Chamber of Commerce, who are all excited aboutthe branch.
Bank president and CEO James Landy said the bank is trying to increase its Bronx deposits. Hudson Valley Bank has been loaning money in the borough at a rate of two dollars for every dollar received in deposits.
“I think that it is important to show that we are taking local dollars in deposits and returning it to the community,” Landy said. “As a community bank, we normally do this, but in this case for every dollar we get we are loaning out two back to the community.”
The bank has received about $195 million from its Bronx bank branches, and has either already loaned or is in the process of committing $413 million to businesses and individuals in the borough, Landy said.
The new location fits well into the bank’s mission, which serves attorneys, not-for-profits, property managers, and real estate developers, many of whom are now located in the sprawling office complex off the Hutchinson River Parkway.
“We thought that it was a good small business enclave that fits in well with our approaches,” Landy said. “We are looking to continue building our customer base in the Bronx, and this is a good way to do it.”
The new branch will help the bank help businesses to better manage their money, which is one of the key things the bank does really well, said Hudson Valley vice-president Anthony Mormile.
The presence of banks in a community usually means that it is in good shape financially, said Councilman Jimmy Vacca.
“It’s always a good sign when banks come into our community because we know banks are drawn to stable neighborhoods where people are investing in their homes and their businesses,” Vacca said. “Hudson Valley Bank has been a good neighbor in Throggs Neck and Allerton for many years now, and I’m happy to see they are doubling down on their presence in the Bronx. It’s a vote of confidence.”
In addition to the Metro Center, Hudson Valley has branches at 975 Allerton Avenue, 3130 E. Tremont Avenue, and 369 E. 149th Street.
The bank branch at the Hutchinson Metro Center is managed by Thomas Berta, and can be reached at (347) 706-3315.