Wallkill Valley Federal S&L and Highland Falls S&L announce merger
Wallkill Valley Federal Savings & Loan Association and Highland Falls Federal Savings & Loan Association have entered into a definitive merger agreement, after receiving the approval of both institutions' Board of Directors. The combined entity will operate under the name Wallkill Valley Federal Savings and Loan Association. Corporate headquarters will be located at 23 Wallkill Avenue in Wallkill, NY.
Pending receipt of all necessary regulatory and other approvals and customary closing conditions, the transaction is expected to be complete in the second quarter of 2012.
With combined assets of over $175,500,000, the newly merged entity will continue to primarily be a residential mortgage lender, but will now be able to expand and offer business accounts, loan and other credit products in the Highland Falls region. With capital reserves of over $31,000,000 combined, the combined bank will enjoy a capital ratio of 18%. This is well above the regulatory guidelines for a well-capitalized bank and is indicative of the prudent operational practices that both Wallkill Valley Federal and Highland Falls Federal have maintained over many years.
With the merger of Highland Falls Federal into Wallkill Valley Federal, the combined bank will expand its branch network into Orange County. This allows for its portfolio of mortgage products, commercial accounts and loan products to be available to residents in the Town of Highland and surrounding areas.
Founded in 1913, Wallkill Valley Federal has strong roots in Southern Ulster and Northern Orange Counties and maintains branch offices in Wallkill and Milton. President and CEO Michael Horodyski noted that, "We are excited to have found a perfect fit with Highland Falls Federal. With the merger we can further enrich the financial services landscape in the region by providing residents and businesses a hometown alternative for their banking needs." Mr. Horodyski further commented that "even though we pride ourselves on doing business the old fashioned way, we still provide our customers with the cutting edge technologies that help make banking more convenient."
Highland Falls Federal opened its doors in 1926 and operates a sole branch at 225 Main Street in Highland Falls. President of Highland Falls Federal Julie DeWitt remarked "the merger will clearly be beneficial to our customers and will enhance their banking experience. The combining of the resources of both banks means we will remain a relevant community bank in Highland Falls well into the future." She further assured her depositor and customer base by saying "we will be communicating with all our customers as the merging process moves forward. I want them to feel comfortable with this change, especially when it is this positive."
Both banks maintain a long heritage of being a responsible community partner. It will be a tradition they look forward to building upon in the future. When the merger is finalized, no job positions are expected to be eliminated. Wallkill Valley Federal will be retaining the services of Julie DeWitt and her management team in different capacities and all branch employees of Highland Falls Federal will maintain the positions and duties they currently have.
Wallkill Valley Federal is a federally chartered mutual savings association, the deposits of which are insured up to applicable limits by the by the Federal Deposit Insurance Corporation.
Highland Falls Federal is a federally chartered mutual savings association, the deposits of which are insured up to applicable limits by the Federal Deposit Insurance Corporation.
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