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Orange County Bancorp, Inc. has announced an initial public offering (IPO) of 900,000 shares of common stock, priced between $32.00 and $35.00 per share. The underwriters have a 30-day option to acquire an additional 135,000 shares. Proceeds will support the growth of Orange Bank & Trust Company and Hudson Valley Investment Advisors, focusing on expansion of lending and wealth management activities, as well as potential acquisitions. The common stock will trade under the symbol OBT on the Nasdaq Capital Market.
Orange Bank & Trust Company has inaugurated a new full-service branch at 1978 Williamsbridge Road in the Bronx, NY, as part of its strategic growth plan. The branch aims to enhance business banking services and will be led by experienced professionals Anthony Mormile and Vanessa Baijnauth. The branch will operate Monday through Friday, offering a range of banking and financial services. With total assets exceeding $1.9 billion, the bank has seen significant regional expansion in recent years.
Orange County Bancorp reported record net income of $5.03 million for Q1 2021, a 103% increase from Q1 2020. Key highlights include a return on average assets of 1.1% and a return on common equity of 14.9%. Average loans, net of PPP, increased 18.5% to $1.1 billion, while average demand deposits grew 60.1% to $552.4 million. The total asset base expanded 14.6% to $1.9 billion. Significant reductions in loan loss provisions and a rise in trust business revenue were also noted.
Orange Bank & Trust Company has appointed Frank Skuthan as Senior Vice President and Director of Trust Services. He will oversee the management and strategic expansion of the Trust Division, contributing to the Orange Wealth Management strategy. Skuthan brings over 40 years of banking experience, previously managing $2.6 billion in trust accounts. His roles included COO at Hudson Valley Bank and a marketing director at Ernst & Young. The Bank has over $1.7 billion in total assets and is set to open new offices in the Bronx and Nanuet in Spring 2021.
Orange Bank & Trust Company has promoted Robert Peacock from Chief Financial Officer to Senior Executive Vice President. This decision reflects his significant contributions to the bank's strategy amid economic challenges such as low interest rates and margin compression. Since his appointment as CFO in 2018, the bank's assets have grown from $1 billion to over $1.6 billion. Peacock brings extensive experience from Spencer Savings Bank and FinPro, Inc. The bank, with over $1.5 billion in assets, also plans to expand its operations with new branches in Bronx and Nanuet in 2021.
Orange Bank & Trust Company has launched Orange Wealth Solutions, a new financial planning service aimed at helping clients achieve their personal financial goals. This offering complements existing banking services and includes Orange Wealth Navigator, an online tool for account aggregation. The service covers various planning areas including retirement, tax, education, and investment planning. The Bank, which has over $1.5 billion in total assets, aims to enhance clients' financial health through personalized strategies.
Orange County Bancorp (OTCQX:OCBI) has approved a $5 million share repurchase program aimed at enhancing shareholder value, reflecting confidence in its business model and future outlook. The program allows for open market purchases and has no expiration date. The Bank intends to finance this initiative from existing cash resources. Officials believe that the current strength of the bank makes its shares an attractive investment opportunity.
Orange County Bancorp (OTCQX:OCBI) announced the completion of a $20 million private placement of fixed-to-floating rate subordinated notes due 2030. These notes, rated A- by Egan-Jones, bear a fixed interest rate of 4.25% until 2025, after which it will reset to the current three-month SOFR plus 413 basis points. The net proceeds will support organic growth and potential stock repurchases. CEO Michael Gilfeather stated the oversubscribed offering reflects the institution's financial strength and aligns with their strategic plan to expand business banking in Orange County and beyond.
Orange Bank & Trust Company has appointed Carl Capuano as First Vice President, Senior Commercial Loan Officer. With over 35 years of experience, including his role as Chief Lending Officer at Lincoln 1st Bank, Capuano will manage complex relationships and focus on business growth in the Orange County market. This strategic move aims to strengthen the bank's position in the Hudson Valley region. The bank, with assets exceeding $1 billion, continues to expand its services following recent branches and acquisitions.
