Orange County Bancorp Directors Re-elected
Middletown, NY (May 29, 2018) – The shareholders of Orange County Bancorp, Inc. (the “Company”) held their annual meeting on May 22, 2018 in Middletown at the headquarters of the company’s subsidiary bank, Orange Bank & Trust Company. Elected to serve three year terms were directors and fellow shareholders, Louis Heimbach, Gregory Holcombe, Paul McDermott and Terry Saturno. “I enjoy working with all the directors and I know Gregory, Paul and Terry will continue their outstanding 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. (HVIA) in Goshen, New York.
President and CEO Michael Gilfeather addressed the shareholders and provided a review of the Bank’s 2017 highlights. “Thanks to the significant growth in deposits, loans and trust fees our net income before taxes in 2017 grew 49% to $6.5 million,” said Gilfeather. “Our investments into Cash Management and other technologies along with our market expansion in Rockland and Westchester are large contributors to the Bank’s financial success. However, the most important investments have been in the talents of our employees—both in the traditional roles and unique ones which will keep our community bank with skill sets needed to compete for the long term.”
“HVIA also enjoyed continued momentum in 2017,” said Gus Scacco, President and Chief Investment Officer of HVIA. “Since joining HVIA four years ago we have seen firm asset growth of 44.7% with 2017 calendar year asset growth of 13.8%. In addition, we finished the 2017 calendar year with approximately $800 million in assets.”
In addition to the election of directors, the Company’s shareholders approved the authorization of 10 million additional shares of common stock for a total of 15 million authorized shares. Other directors include, Richard Rowley, Susan Metzger, William Morrison, Virginia Rizzo, David DeWilde, Jonathan Rouis, Gus Scacco as well as Michael Gilfeather.
About Orange County Bancorp, Inc.
Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent community bank beginning with a dream of 14 founders over 125 years ago and through conservative banking practices, innovation and commitment to its community, now has assets of one billion. In recent years, Orange Bank and Trust Company has added branches in Rockland and Westchester Counties. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and was acquired by the Company in 2012. For more information, visit orangebanktrust.com or www.hviaonline.com.