HUDSON VALLEY HOLDING CP 8-K 2012
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 24, 2012
HUDSON VALLEY HOLDING CORP.
(Exact Name of Registrant as Specified in Charter)
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Item 1.01. Entry into Material Definitive Agreement
As Hudson Valley Holding Corp. (the Company) indicated in its February 1, 2012 press release, the Comptroller of the Currency (the OCC) entered into a formal written agreement (the Formal Agreement) with Hudson Valley Bank N.A., the Companys subsidiary bank (Hudson Valley), on April 24, 2012.
The Formal Agreement addresses previously disclosed regulatory matters based on findings of the OCC during their routine examination of the Bank. Since completion of the most recent examination, the Board of Directors and management of the Bank have worked to address the findings of the examination and have implemented strategies or are developing action plans to comply with all requirements of the Formal Agreement.
The Formal Agreement requires the Bank to take certain actions, including the commitment to adopt best practices modeled on those of the nations larger financial institutions, to enhance Hudson Valleys procedures, systems, policies, programs, plans, training and resources. Hudson Valley expects to submit to the OCC a capital plan, containing the banks near term and long term dividend policy.
Management and the Board of Directors are committed to taking all necessary actions to promptly address the requirements of the Formal Agreement, a copy of which is filed herewith as Exhibit 10.1 and is incorporated herein by reference. The foregoing summary of the Formal Agreement is qualified in its entirety by reference to the text of the Formal Agreement.
Item 9.01. Financial Statements and Exhibits.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.