Hudson Valley Bank, a wholly-owned subsidiary of New York-listed Hudson Valley Holding Corp, has sold its investment advisor and broker-dealer firm AR Schmeidler & Co to Pine Street Asset Management, through their subsidiary Artemis US IV.

Hudson Valley Bank, a wholly-owned subsidiary of New York-listed Hudson Valley Holding Corp, has sold its investment advisor and broker-dealer firm AR Schmeidler & Co to Pine Street Asset Management, through their subsidiary Artemis US IV.

Acquired by HVB in 2004, ARS has served as investment management service provider to HVB's high net worth customers and trusts.

"By affiliating with Pine Street, ARS will have direct access to their platform which will allow ARS to offer enhanced services and capabilities to better serve their customers," HVB President and chief executive Stephen Brown, said.  "Pine Street, with offices in Toronto and New York City, specializes in providing high net worth individuals and families with a comprehensive range of customized wealth management services," Brown added.

The deal is expected to close in January next year. When that happens, HVB will receive a $7 million cash payment, subject to adjustment as provided in the agreement.  In addition, HVB may receive additional consideration over a period of six years following the closing based upon revenue growth as determined in accordance with the Agreement, to a maximum additional consideration of $8.5 million, a statement from Hudson Valley Holding Corp said yesterday.

Silver Lane Advisors acted as financial advisor to HVB and Day Pitney LLP served as legal counsel, the statement said.