Orange County Trust Co. will change its name to Orange Bank and Trust Co., updating the 124-year-old title to reflect its increased services and broader geographical reach.
New signage and an image unveiling celebration will be held at 9 a.m. Friday, July 29, at its headquarters at 212 Dolson Ave. in Middletown.
CEO Michael Gilfeather and board chairman Louis Heimbach will discuss the bank’s plan to expand further into nearby counties and remain an independent community bank.
Headquartered in Middletown, the bank has assets of approximately $900 million.
Orange County Bancorp, Inc., parent company of both Orange Bank and Trust Co. and Hudson Valley Investment Advisors, Inc., reported a 48 percent increase in loans outstanding, a 24 percent increase in deposits and a 19 percent growth in assets to over $900 million for the first half of 2016. Earnings during that period were $1.4 million, up from the previous year.
A key component of the bank’s strategy and its desire to remain independent is the establishment of 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,” Gilfeather said following the mid-year earnings release, “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.”
Orange County Bancorp plans to open at least one additional branch in 2016.