Orange Count Bancorp Earnings Improve
Middletown, NY (July 21, 2016) – Orange County Bancorp, Inc. (the “Company”), the parent company of Orange County Trust Company (the “Bank”) and Hudson Valley Investment Advisors, Inc. (“HVIA”), today issued its mid-year financial report in a letter to shareholders. The report showed significant improvement in key metrics over the same period in 2015. These include a 48% increase in loans outstanding, a 24% increase in deposits and a 19% growth in assets to over $900 million. “We undertook a thorough inventory of our existing businesses in 2015 and made targeted investments in people and and an expanded geograhical footprint that are just now bearing fruit,” said Michael Gilfeather, President and CEO of the Company. Earnings for the first half of 2016 were $1.4 million, up significantly over last year, reflecting traction from the Company’s efforts to improve and expand profitability.
A key component of this strategy, and the Company’s desire to remain independent, is the establishment of Bank branches in new markets, including one opened in Rockland County and three in Westchester County over the past year. “Orange County is still our home,” said Gilfeather, “but the Hudson Valley is a meaningful market with its own unique characteristics and we have to be a player throughout the region in order to succeed.”
The Company plans to open at least one additional branch in 2016 as we continue to expand our business banking, trust and asset management businesses throughout the Hudson Valley.
About Orange County Bancorp, Inc.
Orange County Bancorp, Inc. is the parent company of Orange County Trust Company and Hudson Valley Investment Advisors, Inc.
Orange County Trust was founded in 1892 and adheres to conservative banking practices. A highly capitalized bank, currently with over $900 million in assets, the Bank provides a variety of products and services for individuals and businesses from thirteen locations in the mid-Hudson Valley. For more information, visit www.orangecountytrust.com.
Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY with over $650 million in Assets Under Management. It was founded in 1996 and was acquired by the Company in 2012. For more information, visit www.hviaonline.com.