Orange County Bancorp Directors Re-elected
Middletown, NY (June 1, 2016) – The shareholders of Orange County Bancorp, Inc. (the “Company”) held their annual meeting on May 24, 2016 in Middletown at the headquarters of the company’s subsidiary bank, Orange County Trust Company. Elected to serve three year terms were long-time directors and fellow shareholders William Morrison, Virginia Rizzo and David DeWilde. “I enjoy working with all the directors and I know Will, Ginny and Dave will continue their good work on behalf of the company’s shareholders,” said Lou Heimbach, Chairman of the Board of Orange County Bancorp, Inc. The Company is also the parent of Hudson Valley Investment Advisors, Inc. in Goshen, New York.
President & CEO Michael Gilfeather addressed the shareholders and provided a review of 2015 results and highlights from the first quarter of 2016. “We had a mixed result in 2015, but our investments in talent and other resources are already bearing fruit as we earned net income of $658,000 for the first quarter,” said Gilfeather.
In addition to the election of directors, the Company’s shareholders approved the authorization of three million additional shares of common stock from the current issued amount of two million shares. President & CEO Michael Gilfeather commented, “the overwhelming support of our shareholders for this measure reflects management’s position that having additional shares authorized now is simply good planning for the future. We have no current plans to issue the additional shares for any particular purpose.”
The Company has over 330 shareholders and other directors include Richard Rowley, Terry Saturno, Paul McDermott and Susan Metzger, as well as Mr. Heimbach and Mr. Gilfeather.
About Orange County Bancorp, Inc.
Orange County Bancorp, Inc. is the parent company of Orange County Trust Company and Hudson Valley Investment Advisors, Inc. Orange County Trust was founded in 1892 and adheres to conservative banking practices. A highly capitalized bank, currently with over $850 million in assets. The Bank provides a variety of products and services for individuals and businesses from nine locations in the mid-Hudson Valley region. For more information, visit www.orangecountytrust.com. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY with over $650 million in Assets Under Management. It was founded in 1996 and was acquired by the Company in 2012. For more information, visit www.hviaonline.com.