false021-322130Orange County Bancorp, Inc. /DE/000175422600017542262023-06-262023-06-26
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 26, 2023
Orange County Bancorp, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
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001-40711
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26-1135778
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(State or Other Jurisdiction)
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(Commission File No.)
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(I.R.S. Employer
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of Incorporation)
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Identification No.)
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212 Dolson Avenue, Middletown, New York
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10940
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant's telephone number, including area code: (845) 341-5000
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $0.50
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OBT
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The Nasdaq Stock Market LLC
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or
Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has
elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On June 26, 2022, Orange County Bancorp, Inc. (the “Company”) announced that it has been added to the Russell 2000® Index.
A press release announcing the Company’s addition to the Russell 2000® Index is attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 |
Financial Statements and Exhibits
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(a)
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Financial statements of businesses acquired. None.
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(b)
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Pro forma financial information. None.
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(c)
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Shell company transactions: None.
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(d)
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Exhibits.
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104
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Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, hereunto duly authorized.
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ORANGE COUNTY BANCORP, INC.
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DATE: June 26, 2023
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By:
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/s/ Michael Lesler
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Michael Lesler
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Senior Vice President and Chief Financial Officer
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EXHIBIT 99.1
ORANGE COUNTY BANCORP, INC. ANNOUNCES INCLUSION
IN RUSSELL 2000 INDEX
Significant Milestone Reflects Bank’s Continued Growth
MIDDLETOWN, N.Y. – June 26, 2023 – Orange County
Bancorp, Inc. (the "Company") (NASDAQ:OBT), parent company of Orange Bank & Trust Co. (the "Bank") and Hudson Valley Investment Advisors, Inc. ("HVIA") announced today it has been added to the Russell 2000® Index, one of the most widely watched stock market indexes comprised of 2,000 small-cap US companies.
The recognition represents a significant milestone in the Company’s 131-year history, reflecting its continued growth and reputation as an important
contributor to New York’s Hudson Valley small business economy. The last full year ending December 31, 2022, was the Company’s most successful on record, with $24.4 million
in earnings representing a $3.1 million, or 14.4%, increase over 2021. The Bank also grew its loan portfolio $278 million, or 21.5%, during the period, to $1.6 billion, and saw total deposits reach approximately $2.0 billion both as of year end
2022.
“Earning a position in the Russell 2000 Index – one of the most closely
followed stock market indexes in the country and seen by many as a true bellweather of the economy – is a testament to our Company’s outstanding growth and the successful model we’ve built for regional business banking,” said Michael J. Gilfeather,
Company President and CEO. “The additional visibility the Russell 2000 Index provides encourages us to continue to expand the quality of service and results we seek to deliver to our clients and investors every day.”
Widely regarded as the Hudson Valley’s premier financial institution for commercial lending, business banking, and wealth management services, the Company
has more than $2.4 billion in assets and plays a vital role in spurring region-defining real estate projects, creating jobs for generations of residents, servicing regional municipalities, and maximizing investment in community-serving non-profits.
The Bank operates 15 offices across New York’s Orange, Rockland, Westchester and Bronx Counties, and employs more than 200 of the industry’s most knowledgeable and client-focused bankers.
About Orange County Bancorp, Inc
Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust
Company is an independent bank that began with the vision of 14 founders over 131 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to more than $2.4 billion in total assets. Hudson Valley
Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and acquired by the Company in 2012.
Forward Looking Statements
Certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,”
“continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the real estate and economic
environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including
regulatory fees and capital requirements, changes in prevailing interest rates, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.
The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company
wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to
future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances
after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.