Robert A. Sherwood, President and CEO of Kinderhook Bank Corp. (the “Company”) announced today that the Company has executed a letter of intent to acquire Valley Mortgage Company, Inc., (“Valley Mortgage”) a New York State registered mortgage brokerage firm headquartered in Hudson, New York.
Seth Rapport, President of Valley Mortgage, will continue as President of the company which works with local, regional and national lenders to offer a full range of mortgage products. Founded by Mr. Rapport in 1996, Valley Mortgage Company arranges financing for real estate located throughout New York State. The acquisition is subject to the parties
entering into a definitive purchase agreement, obtaining all regulatory approvals, and other terms and conditions. It is anticipated that the acquisition transaction will be completed in the first quarter of 2011.
“Valley Mortgage Company has grown today to become one of the most respected mortgage companies serving the Hudson Valley and Metropolitan New York areas,” stated Mr. Sherwood. “We are pleased to have Valley Mortgage become part of our company because like Kinderhook Bank, Seth is well known for his emphasis on exceptional customer service and high ethical standards,” Mr. Sherwood added.
Mr. Rapport stated, “Becoming part of Kinderhook Bank Corp. is very exciting for us as I believe this affiliation will favorably impact current and future customers as well as to expand our services and generate growth. I look forward to continuing to serve as President of Valley Mortgage Company well into the future.” Valley Mortgage Company will continue its brokerage operations and expand Kinderhook Bank’s product offering to include programs through Fannie Mae, Freddie Mac, FHA, VA and Rural Housing Services.
Kinderhook Bank Corp. is the parent company of The National Union Bank of Kinderhook, with five branch locations in Columbia and Rensselaer counties, New York and Kleeber Insurance Services, with locations in Valatie and East Greenbush, New York. Kinderhook
No comments:
Post a Comment