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March 24, 2014 /PRNewswire/ -- Stephen R. Brown, President and Chief Executive Officer of
Hudson Valley Bank, the operating subsidiary of Hudson Valley Holding Corp. (NYSE: HVB), has announced that the bank has formed HVB Equipment Capital LLC.
"HVB Equipment Capital will be a nationwide lender to customers, wholesale partners and manufacturers," according to Mr. Brown. "The unit will offer equipment leasing and lending for a wide range of income-producing equipment, including manufacturing, healthcare, technology, and transportation, among others, with a focus on small and middle market transactions in the
$5 million range."
Equipment financing offers a flexible alternative to traditional commercial loans, and an estimated
$800 billion is expected to be spent on capital equipment acquisitions this year. "Financing equipment allows companies to enhance cash flow and preserve working capital," said Mr. Brown. "This financing option provides fixed monthly payments, allowing businesses to match debt service to revenue-generating equipment and better budget and forecast finances."
The new group will be based in
New York City and headed by
Steven A. Orenstein, an industry veteran with over 35 years of experience in equipment finance sales and management. Prior to joining
Hudson Valley Bank, Mr. Orenstein was a Senior Vice President of the Sterling National Bank Leasing Division. He began his career in healthcare equipment sales and finance and over the years, held a range of positions at companies including Parliament Leasing, Allied Chemical's Equilease Corporation, Telcom Leasing, and Compton Capital, which was merged with Sterling in 1994. He will be joined by a seasoned team of sales and key support personnel.
"Joining Hudson Valley presents an extraordinary opportunity for all of us on the bank's new equipment financing team," said Mr. Orenstein "With Hudson Valley's rich history as a dedicated small and middle-market commercial lender, its unrivaled local reputation for personalized service, its very well capitalized position, and the experience of our professional team, we have the tools we need to deliver attractive equipment financing solutions to our customers and make a positive impact on the marketplace."