A two-man holdup team robbed the Hudson Valley National Bank here yesterday, just hours after Yonkers Raceway made an overnight deposit that may have exceeded $1 million.

The robbers grabbed the contents of one cash box known to have $34,000 and took a number of others, police said.

A bank vice president, John Dwyer, said the bank will not know exactly how much money was taken until insurance company auditors complete an accounting.

Detective Thomas Powrie of the Yonkers Police Department said it was not known whether the harness racetrack's deposit was part of the loot.

An accountant estimated that $1.1 million was deposited after the running of Monday night's races.

Powrie said two employees entered the bank shortly after 7 a.m., opened the vault and took cash boxes to the counting room.

While one began counting the contents of one of the boxes, the other went downstairs, where he encountered the robbers, Powrie said.

The robbers wore ski masks and carried hand radios.

The bandits loosely handcuffed the two employees and emptied the contents of open cash boxes into their own bag. They also grabbed unopened boxes, Powrie said. They left after about 30 minutes, accidentally setting off the burglar alarm in departing, bringing police to the locked bank building within minutes. The manner of their getaway was not known.