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Rule 424 (b) (3)
Registration No. 33-48188
HUDSON CHARTERED BANCORP INC.
20 Mill Street - Rhinebeck, NY 12572 - (914) 876-7041
March 12, 1996
Dear Shareholder:
This letter supplements the information contained in the Prospectus dated
December 9, 1994, relating to the Dividend Investment and Stock Purchase Plan
("Plan") of Hudson Chartered Bancorp, Inc. (the "Company").
As described in that Prospectus, the price of shares of the Company's Common
Stock purchased with dividends under the Plan is currently 95% of market
value determined in accordance with the Plan. However, your Board of
Directors has decided, in view of the Company's capital position and in light
of general market practices, to eliminate the "discount" feature of the Plan.
Accordingly, effective with dividends paid after April 15, 1996, the price of
shares purchased through dividend reinvestment will be the same as that for
optional cash purchases; i.e. 100% of the market value of the Company's
Common Stock as determined by the Plan.
Participants will continue to benefit from the avoidance of brokerage
commissions or service charges on the stock purchases under the Plan, whether
by way of dividend reinvestment or the optional cash purchase feature.
You will receive a new Prospectus incorporating the above change in the near
future. Please direct any questions regarding the Plan to the Plan
Administrator, The First National Bank of Boston, at 1-800-730-4001.
Very truly yours,
T. Jefferson Cunningham III John C. VanWormer
Chairman President
PARENT COMPANY OF FIRST NATIONAL BANK OF THE HUDSON VALLEY
