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Overview
Orange County Bancorp Inc is a storied financial institution with a legacy spanning more than 125 years, rooted in the mid‐Hudson Valley region of New York. As a multifaceted financial services provider, the company offers comprehensive personal, commercial, and wealth management solutions, underscored by a commitment to local ownership and rapid, responsive service. Its integrated banking services, which include personal loans, savings products, business loans, deposit accounts, and Internet banking, are complemented by a robust wealth management division that delivers trust, investment advisory, and estate planning services.
Banking and Financial Services
At its core, Orange County Bancorp Inc focuses on providing a broad spectrum of banking products. Banking services such as personal and business loans, deposit facilities, and online banking offer convenience and reliability to local residents, small businesses, municipalities, and non‐profit organizations. The bank emphasizes the strength of its local presence with strategically located branches in key communities, thus ensuring that its clients receive timely and personalized support.
Wealth Management and Advisory Services
The company has effectively combined traditional banking with advanced wealth management and investment advisory services by integrating Hudson Valley Investment Advisors into its service framework, now operating under the Orange Wealth Management brand. This consolidation leverages decades of financial expertise to offer tailored solutions, including trust services, investment advisory, and estate planning, that meet the evolving needs of both high-net-worth individuals and business owners. Such strategic realignment underscores the emphasis on fee-based revenue streams, while enriching the overall customer experience through a more integrated advisory model.
Core Business Model
The company’s revenue generation is primarily driven by its banking segment through net interest income, complemented by fee-generating wealth management services. By focusing on a diverse mix of financial products, Orange County Bancorp Inc manages to balance traditional banking operations with the more complex, advisory-driven wealth management services. This dual approach not only supports stable revenue streams but also offers clients a wide portfolio of solutions designed to safeguard their financial well-being.
Market Position and Competitive Edge
Orange County Bancorp Inc is uniquely positioned as a regional bank with deep local roots and a strong commitment to community-based ownership. Its ability to act decisively in local markets affords it a competitive advantage, enabling efficient risk management and tailored responses to market challenges. The company’s long history of providing financial stability, along with its continuous innovation in service delivery, reinforces its reputation as a trusted partner in the financial sphere.
Commitment to Expertise and Trusted Advisory
Emphasizing deep industry knowledge and a strategic approach to wealth management, Orange County Bancorp Inc employs robust risk management practices to navigate a dynamic interest rate environment. Its advisory services are underpinned by systematic evaluations of credit quality, asset growth, and deposit management, ensuring resilience and continuity of financial strength without compromising on personalized service. This philosophy is central to its mission, which is to combine the breadth of a full-service bank with the nimbleness of a locally owned institution.
Community Integration and Service Excellence
Beyond its financial offerings, the company holds a significant place in its community. It has built enduring relationships with local businesses, municipalities, and residents by maintaining a service-oriented approach that prioritizes trust, independence, and accessibility. This integrated mix of community engagement and professional expertise makes Orange County Bancorp Inc a key correspondent in the financial services landscape, providing not just banking products but also a comprehensive trusted financial partnership.
Key Takeaways
- Comprehensive suite of banking products and wealth management services
- Strong local presence with deep community integration
- Balanced revenue model combining net interest income with fee-based advisory services
- Emphasis on agile decision-making and effective risk management
- Dedicated to delivering personalized, efficient, and secure financial solutions
Orange County Bancorp (Nasdaq: OBT) reported Q2 2024 net income of $8.2 million, or $1.46 per share, down from $9.1 million in Q2 2023. Key highlights include:
- Net interest income increased 6.7% to $24.1 million
- Net interest margin grew 29 basis points to 4.10%
- Total deposits rose 7.9% to $2.2 billion
- Book value per share increased 7.1% to $31.35
- Trust and investment advisory income rose 15.9% to $3.0 million
The decrease in earnings was primarily due to increases in provision for credit losses and non-interest expenses. The bank reported strong deposit growth and improved net interest margin, while reducing high-cost borrowings.
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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