Orange County Bancorp, Inc. Announces Strategic Realignment of Internal Divisions to Enhance its Wealth Management Services
Rhea-AI Summary
Orange County Bancorp (Nasdaq: OBT) announced a strategic realignment of its internal divisions, unifying its wealth management services under the new brand Orange Wealth Management. The reorganization combines Hudson Valley Investment Advisors and the bank's trust and private banking offerings under one umbrella, to be led by Senior Vice President David P. Dineen as Managing Director of Wealth Management.
The initiative aims to provide comprehensive wealth management solutions, integrating investment guidance, estate planning, and personal banking services. Hudson Valley Investment Advisors, acquired by the company in 2012 with $465 million in assets under management (AUM), has grown to manage over $1.7 billion in AUM. The strategic move positions the company to capitalize on the upcoming 'Great Wealth Transfer' of more than $80 trillion in assets, particularly focusing on high-net-worth individuals and business owners.
Positive
- Assets under management grew significantly from $465M to $1.7B since 2012
- Consolidation of services expected to increase wallet share and fee-based revenue
- Strategic positioning to capture portion of $80T 'Great Wealth Transfer' opportunity
Negative
- None.
News Market Reaction – OBT
On the day this news was published, OBT gained 0.49%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Wealth and asset management offerings rebranded as Orange Wealth Management
MIDDLETOWN, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) -- Orange County Bancorp, Inc. (the “Company” - Nasdaq: OBT), parent company of Orange Bank & Trust Co. (the “Bank”) and Hudson Valley Investment Advisors, Inc., today announced a realignment of internal divisions designed to promote its wealth management services to better meet the evolving needs of its clients. The Company’s asset management arm, Hudson Valley Investment Advisors, Inc., and trust and private banking offerings will be collectively known as Orange Wealth Management.
The oversight of Orange Wealth Management will be led by Senior Vice President, David P. Dineen. Dineen is currently the head of the Bank’s wealth service sales and will now serve as the Managing Director of Wealth Management. Dineen has successfully overseen the trust and private banking divisions of the Bank since his hiring in February 2022 and has more than 30 years of banking and wealth management experience, making him uniquely qualified for this new role.
“We recognize that our entrepreneurial clients frequently prioritize business expansion, which can sometimes overshadow their personal financial needs,” said Dineen. “By unifying our core divisions, we can provide a comprehensive wealth management solution, seamlessly integrating investment guidance, estate planning, and personal banking services. This team approach truly embodies the Bank’s tagline: ‘Guiding your business, Growing your wealth’.”
Orange Wealth Management will provide clients:
- Personalized Attention: In-person and cell-phone access to a dedicated team of advisors who understand their unique financial circumstances and goals.
- Enhanced Convenience: A full suite of wealth management services that bring together old-fashioned service with cutting-edge technology.
- Seamless Integration: A cohesive experience that seamlessly integrates personal and business banking with wealth management services unlike the banking industry’s traditional siloed approach to wealth management and commercial banking.
“We are thrilled to have David lead this important initiative,” said Michael Gilfeather, President and CEO of Orange Bank & Trust Co. “His extensive experience in the wealth management industry will be invaluable as we continue to expand our offerings and provide exceptional service to our clients through Orange Wealth Management.”
He continued, “Nationwide, a significant majority of the top 10 percent built their wealth through business ownership. This fact aligns perfectly with our business, since the majority of our Private Banking clientele have also built their wealth through entrepreneurship. With the ‘Great Wealth Transfer’ underway, involving the transfer of more than
The Company purchased Hudson Valley Investment Advisors (HVIA) in 2012 with
About Orange County Bancorp, Inc
Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Co. and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Co. is an independent bank that began with the vision of 14 founders more than 125 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to approximately
Forward Looking Statements
Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, inflation, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, increased levels of loan delinquencies, problem assets and foreclosures, credit risk management, asset-liability management, cybersecurity risks, geopolitical conflicts, public health issues, the financial and securities markets and the availability of and costs associated with sources of liquidity.
The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Contact: Candice Varetoni
AVP Marketing Officer
Orange Bank & Trust Company
cvaretoni@orangebanktrust.com
FAQ
What is Orange County Bancorp's new wealth management brand called?
How much has OBT's assets under management grown since acquiring HVIA in 2012?
Who will lead Orange Wealth Management for OBT?
What is the size of the 'Great Wealth Transfer' opportunity that OBT is targeting?
What services will Orange Wealth Management provide under OBT?
