Orange County Bancorp, Inc. Announces Stock Repurchase Program
MIDDLETOWN, N.Y., November 27, 2020 – The board of directors of Orange County Bancorp, Inc. (the “Company”) (OTCQX:OCBI ), the holding company of Orange Bank & Trust Company (the “Bank”), a New York-based community bank, and Hudson Valley Investment Advisors today announced the board of directors of the Company approved a new share repurchase program (the “Repurchase Program”) whereby the Company is authorized to repurchase its own common stock shares with an aggregate value of up to $5 million. This Repurchase Program has no expiration date.
“This Repurchase Program reflects our confidence in the Company’s business model and outlook, as well as our commitment to generating long-term value for our shareholders,” commented Michael Gilfeather, Orange Bank & Trust Company President and CEO.
The Repurchase Program permits shares to be repurchased in open market purchases, private transactions, block trades, unsolicited negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The actual timing, number, and value of shares repurchased under the Repurchase Program will depend on a number of factors, including constraints specified in any Rule 10b5-1 trading plans, price, general business and market conditions, and alternative investment opportunities and may be extended, suspended or discontinued at any time. The Company expects to finance the program from existing cash resources.
“The stock buyback program reflects our confidence in the current strength of the bank and our business going forward. As such, we believe, our shares represent an attractive investment opportunity” said Robert Peacock, CFO of Orange Bank & Trust Company.
Forward Looking Statements
Certain statements herein constitute forward-looking statements. Such statements may be identified by words such as “believes,” “will,” “expects,” “project,” “may,” “could,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, the COVID-19 pandemic, general economic conditions, changes in interest rates, regulatory considerations, competition and other risks. Should one or more of these risks materialize or should underlying beliefs or assumptions prove incorrect, the Company’s actual results could differ materially from those discussed. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Forward-looking statements speak only as of the date they are made, and the Company assumes no obligation to update any of these statements in light of new information, future events or otherwise unless required by law.
About Orange Bank & Trust Company
Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through conservative banking practices, ongoing innovation and an unwavering commitment to its community and business clientele to more than $1.5 billion in total Assets. In recent years, Orange Bank & Trust has added branches in Rockland and Westchester Counties. In the spring of 2021 the Bank will be opening new offices in the Bronx and Nanuet, Rockland County.