WALLKILL – Two area banks are joining forces as Wallkill Valley Federal Savings and Loan will acquire Hometown Bancorp, Inc., formerly Walden Federal Savings and Loan.
The merged bank will retain the name Wallkill Valley Federal S&L and have eight branches in Orange and Ulster counties.
In recent years, many local and regional banks have been gobbled up by larger institutions, but Wallkill Valley President Michael Horodyski said institution will remain local, serving its customers with a hometown touch.
“Not everyone has a perfect credit score or a perfect debt to income ration, but that doesn’t mean that they are not good people and very credit worthy borrowers or customers so we continue to take a very common sense approach to our underwriting and we will continue to do that,” Horodyski said. “What we will be able to do is do it on a little larger scale which will help defray some of these fixed expenses that we continue to carry.”
The combined institution is expected to be over $320 million in assets.
Horodyski said that now that both bank boards have approved the merger, he expected federal regulators to grant their okays by the second half of 2017.
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