Exhibit 21. Subsidiaries of the Company

	Jurisdiction of		Names Under Which Subsidiary
Name of Subsidiary	Incorporation		Transacts Business
Hudson Valley Bank		New York	Hudson Valley Bank
HVB Leasing Corp.		New York	HVB Leasing Corp.
Hudson Valley Investment Corp.		Delaware	Hudson Valley Investment Corp.
Sprain Brook Realty Corp.		New York	Sprain Brook Realty Corp.
Grassy Sprain Real Estate Holdings, Inc.		New York	Grassy Sprain Real Estate Holdings, Inc.
HVB Employment Corp.		New York	HVB Employment Corp.
HVB Realty Corp.		New York	HVB Realty Corp.