Welcome to our dedicated page for Orange County Bancorp news (Ticker: OBT), a resource for investors and traders seeking the latest updates and insights on Orange County Bancorp stock.
Orange County Bancorp, Inc. reports developments for a community bank holding company with two main businesses: Orange Bank & Trust Company and Orange Investment Advisors. Company news commonly covers quarterly and annual earnings, net interest income and margin, loan and deposit trends, credit-loss provisions, book value, cash dividends, and capital actions.
Updates also address the wealth management business, including investment advisory branding, portfolio management staffing, trust and investment advisory income, and third-party debt and deposit ratings for the holding company and bank subsidiary.
Orange Bank & Trust Company (Nasdaq: OBT) has announced the appointment of Cynthia Hand, Esq. as Vice President and Trust Officer in their Goshen location. Hand joins the Bank's Trust Services Division, bringing expertise in trusts and estate planning. She previously worked at J&G Law LLP in the Wills, Trust and Estates Department. Hand holds a Juris Doctor from Quinnipiac University School of Law and a Bachelor's degree in political science from Muhlenberg College.
Michael Gilfeather, President and CEO of Orange Bank & Trust, expressed enthusiasm about Hand's addition to the team, highlighting her skills and community involvement. The Trust Services Division, part of Orange Wealth Management, collaborates with legal counsel, accountants, and investment managers to create comprehensive plans for clients.
Orange Bank & Trust Company announced the retirement of Michael Coulter as Chief Lending Officer (CLO) effective July 1, 2024. Coulter, who has been instrumental in the bank's loan growth, will continue part-time as a Strategic Lending Relationship Officer focusing on client relationships and business development in the Mid-Hudson Valley. Coulter joined the bank in 2017 and played a significant role in its nearly $1 billion loan portfolio growth. Greg Sousa, currently EVP Deputy CLO, will assume the CLO role. Sousa, who joined the bank in 2015, has progressively taken on more responsibilities, playing a key role in the bank's development in Orange, Rockland, and Westchester markets.
Paula Fidanza, owner of C'est La Vie Spa & Salon and partner at Fidanza Family Properties, was awarded the 2024 WGW Inspiring Leader Award by Orange Bank & Trust Company and Hudson Valley Investment Advisors.
Presented at The Barn at Villa Venezia on June 4, the award recognizes Fidanza's contributions to the business community, especially in empowering women leaders. The event, part of the 'Women Guiding Women' initiative, featured a panel discussion on wealth, health, and business.
Fidanza's entrepreneurial journey, inspired by her Italian immigrant family, includes ventures in property, entertainment, and food service management across Hudson Valley and Ocean City, Maryland.
Orange Bank & Trust Company has promoted Anthony Pili to the newly created role of Chief Innovation Officer, aiming to enhance the bank's technological advancements in the financial sector. Pili, who joined the bank in 2018 and has held various leadership roles, has been instrumental in fostering a culture of innovation. Under his guidance as Director of Cash Management, the bank has become a technology leader in digital banking and payments, helping streamline finances and reduce costs for businesses, non-profits, and municipalities in New York. The promotion follows the appointment of Redwan Ahmed as Chief Information Officer earlier this year. Orange Bank & Trust, with $2.5 billion in assets and over 220 employees, continues to be a significant player in New York's finance sector.
On May 16, 2024, Orange County Bancorp, the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, declared a $0.23 cash dividend per share of common stock.
The dividend is scheduled for payment on June 14, 2024, to shareholders recorded by June 4, 2024.
Orange County Bancorp, Inc. reported a record net income of $9.3 million for the first quarter of 2024, a 187.6% increase from the same period in 2023. Total deposits grew by 5.4%, reaching $2.2 billion. Trust and investment advisory income rose by 21.6% to $2.9 million. Book value per share increased by 1.9% to $29.81.
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