A popular credit union with numerous Hudson Valley locations has acquired 8 new bank branches across New York.

2024 is shaping up to be a year of massive expansion for the folks at the Hudson Valley Credit Union (HVCU) as they have just announced they have acquired eight branches from another New York bank.

Earlier this year HVCU announced they were merging with Catskill Hudson Bank and were ready to take over 11 of the bank branches in five New York counties including branches in Kingston, Ellenville, Middletown, Rock Hill, Grahamsville, Monticello, Liberty, and Callicoon, New York. That was just the beginning as HVCU is now set to acquire eight Berkshire Bank branches across the Capital Region portion of Upstate New York according to WTEN.

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Hudson Valley Credit Union Buys Bank Branches

HVCU will soon have a major imprint in the Albany, NY area as they are set to buy 8 of the 9 Berkshire Bank branches that they recently decided to sell. HVCU will be buying the Berkshire Bank branches in Chatham, Colonie, Guilderland, Halfmoon, Hudson, Malta, Niskayuna, and Rotterdam and expects the sale to be completed by the end of the third quarter of 2024. Glens Falls National Bank and Trust Company is set to buy the ninth bank location.

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Hudson Valley Credit Union President and CEO Jonathan Roberts extended a welcome message to customers and employees from these Berkshire branches saying,

"Hudson Valley Credit Union is pleased to welcome customers and employees from these Berkshire branches to our financial cooperative. We are confident that both will find exciting new ways we can help them achieve financial freedom."

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Bank Branches Will Change Names

Once the sale is complete the Berkshire Bank branches will all change their name and branding to Hudson Valley Credit Union, giving HVCU a total of 40 branches in the Capital Region and Hudson Valley regions of New York.

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All current Berkshire Bank staff members are expected to be offered positions with the HVCU when the sale is completed.

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Berkshire Bank Sell-Off

The bank sale in total will not only include the branch premises and equipment but also include about $485.5 million in deposits and $60.5 million of related residential mortgage and consumer loans. After selling 10 branches in total Berkshire Bank will now have 86 locations nationwide including 16 branches in New York.

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