Hudson Valley Holding Corp (NYSE:HVB) has a new CFO.

On Monday, the Yonkers, N.Y.-based bank holding company announced that Andrew J. Reinhart is stepping down. Reinhart had been holding down the fort as interim chief financial officer ever since new Chief Executive Officer Stephen Brown was "promoted out of office" as CFO last year. Reinhart will now return to his former jobs as Hudson's Controller and Assistant Treasurer as new hire Michael J. Indiveri comes aboard as CFO.

Indiveri, who most recently served as CFO for Amalgamated Bank in New York City, has more than 20 years of experience in the banking industry. CEO Brown tells investors that his new hire "is a highly regarded bank executive in Metro New York whom we've known for years, and his proven experience in strategic plan execution and financial performance enhancement is a tremendous asset to Hudson Valley."

Investors seem to agree. On a down day for the Dow, shares of Hudson Valley rallied 0.2% on news of the new CFO appointment.

Details on Indiveri's compensation package have not yet been filed with the SEC.

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