Orange County Bancorp realigns divisions, launching Orange Wealth Management to enhance wealth services under David P. Dineen's leadership.
Quiver AI Summary
Orange County Bancorp, Inc. has announced a strategic reorganization to enhance its wealth management services, combining its asset management division, Hudson Valley Investment Advisors, Inc., with its trust and private banking services under the new name, Orange Wealth Management. Senior Vice President David P. Dineen, who has over 30 years of experience in banking and wealth management, will lead this initiative as the Managing Director. The new integration aims to provide clients with personalized service, enhanced convenience, and a unified approach to banking and wealth management, addressing the complex financial needs of entrepreneurial high-net-worth clients. This move positions the company to better serve clients and capitalize on the significant transfer of wealth occurring in the coming years.
Potential Positives
- The creation of Orange Wealth Management signifies a strategic realignment that aims to better serve clients’ evolving financial needs, potentially leading to increased customer satisfaction and loyalty.
- David P. Dineen's appointment as Managing Director of Wealth Management highlights the company’s commitment to experienced leadership, leveraging his extensive background in the wealth management sector to enhance service quality.
- The comprehensive approach to wealth management services, combining personal and business banking, positions the company to differentiate itself from traditional banking models, potentially attracting high-net-worth individuals and families.
- The growth of Hudson Valley Investment Advisors from $465 million to over $1.7 billion in assets under management demonstrates the company's successful investment strategy and ongoing expansion in the wealth management sector.
Potential Negatives
- Significant reliance on a major market opportunity, the "Great Wealth Transfer," implies vulnerability to external market conditions that could impact the expected growth trajectory of wealth management services.
- Potential concerns regarding the realignment of internal divisions could indicate previous inefficiencies or misalignments in strategy that needed correction, which may reflect poorly on past leadership decisions.
- The description of "old-fashioned service with cutting-edge technology" may create skepticism about the firm's ability to modernize effectively while maintaining traditional values, which could alienate tech-savvy clients.
FAQ
What is Orange Wealth Management?
Orange Wealth Management is the unified brand for wealth management services offered by Hudson Valley Investment Advisors and Orange Bank & Trust Co.
Who leads Orange Wealth Management?
David P. Dineen, Senior Vice President, is appointed as the Managing Director of Wealth Management at Orange Wealth Management.
What services does Orange Wealth Management provide?
Orange Wealth Management offers personalized financial advice, estate planning, and seamless integration of personal and business banking services.
Why was the realignment of internal divisions announced?
The realignment aims to better meet the evolving financial needs of clients, particularly high-net-worth individuals and their families.
How has Hudson Valley Investment Advisors grown since acquisition?
Since its acquisition in 2012, Hudson Valley Investment Advisors has increased its assets under management from $465 million to over $1.7 billion.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$OBT Insider Trading Activity
$OBT insiders have traded $OBT stock on the open market 8 times in the past 6 months. Of those trades, 2 have been purchases and 6 have been sales.
Here’s a breakdown of recent trading of $OBT stock by insiders over the last 6 months:
- JOSEPH A RUHL (Reg Pres, Westchester County) sold 910 shares for an estimated $52,552
- STEPHEN ROONEY (SVP, Chief Credit Officer) sold 700 shares for an estimated $40,817
- MICHAEL LISTNER (SVP and Chief Risk Officer) has made 0 purchases and 2 sales selling 589 shares for an estimated $34,986.
- MICHAEL J GILFEATHER (President and CEO) has made 2 purchases buying 525 shares for an estimated $29,226 and 0 sales.
- GREGORY SOUSA (EVP and Deputy CLO) sold 426 shares for an estimated $23,430
- MICHAEL J COULTER (EVP and CLO) sold 426 shares for an estimated $22,505
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$OBT Hedge Fund Activity
We have seen 34 institutional investors add shares of $OBT stock to their portfolio, and 15 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ALLIANCEBERNSTEIN L.P. removed 43,214 shares (-27.1%) from their portfolio in Q3 2024, for an estimated $2,606,668
- BLACKROCK, INC. added 25,168 shares (+7.7%) to their portfolio in Q3 2024, for an estimated $1,518,133
- BANC FUNDS CO LLC removed 23,718 shares (-7.6%) from their portfolio in Q3 2024, for an estimated $1,430,669
- HENNESSY ADVISORS INC added 21,000 shares (+60.0%) to their portfolio in Q4 2024, for an estimated $1,166,970
- AMERICAN CENTURY COMPANIES INC added 20,873 shares (+163.6%) to their portfolio in Q3 2024, for an estimated $1,259,059
- AMERIPRISE FINANCIAL INC added 19,164 shares (+inf%) to their portfolio in Q3 2024, for an estimated $1,155,972
- EAGLE RIDGE INVESTMENT MANAGEMENT added 14,200 shares (+100.0%) to their portfolio in Q4 2024, for an estimated $789,094
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
MIDDLETOWN, N.Y., Jan. 29, 2025 (GLOBE NEWSWIRE) -- Orange County Bancorp, Inc. (the “Company” - Nasdaq: OBT), parent company of Orange Bank & Trust Co. (the “Bank”) and Hudson Valley Investment Advisors, Inc., today announced a realignment of internal divisions designed to promote its wealth management services to better meet the evolving needs of its clients. The Company’s asset management arm, Hudson Valley Investment Advisors, Inc., and trust and private banking offerings will be collectively known as Orange Wealth Management.
The oversight of Orange Wealth Management will be led by Senior Vice President, David P. Dineen. Dineen is currently the head of the Bank’s wealth service sales and will now serve as the Managing Director of Wealth Management. Dineen has successfully overseen the trust and private banking divisions of the Bank since his hiring in February 2022 and has more than 30 years of banking and wealth management experience, making him uniquely qualified for this new role.
“We recognize that our entrepreneurial clients frequently prioritize business expansion, which can sometimes overshadow their personal financial needs,” said Dineen. “By unifying our core divisions, we can provide a comprehensive wealth management solution, seamlessly integrating investment guidance, estate planning, and personal banking services. This team approach truly embodies the Bank’s tagline: ‘Guiding your business, Growing your wealth’.”
Orange Wealth Management will provide clients:
Personalized Attention:
In-person and cell-phone access to a dedicated team of advisors who understand their unique financial circumstances and goals.
Enhanced Convenience:
A full suite of wealth management services that bring together old-fashioned service with cutting-edge technology.
Seamless Integration:
A cohesive experience that seamlessly integrates personal and business banking with wealth management services unlike the banking industry’s traditional siloed approach to wealth management and commercial banking.
“We are thrilled to have David lead this important initiative,” said Michael Gilfeather, President and CEO of Orange Bank & Trust Co. “His extensive experience in the wealth management industry will be invaluable as we continue to expand our offerings and provide exceptional service to our clients through Orange Wealth Management.”
He continued, “Nationwide, a significant majority of the top 10 percent built their wealth through business ownership. This fact aligns perfectly with our business, since the majority of our Private Banking clientele have also built their wealth through entrepreneurship. With the ‘Great Wealth Transfer’ underway, involving the transfer of more than $80 trillion in assets, this strategic realignment positions us to capitalize on this unprecedented opportunity to garner an increasing wallet share within our marketplace by serving the evolving needs of high-net-worth individuals and their families with generations in mind.”
The Company purchased Hudson Valley Investment Advisors (HVIA) in 2012 with $465 million in assets under management (AUM). Today, HVIA has more than $1.7 billion in AUM serving the owners, managers and directors of their business banking clientele as well as individual and institutional investors. This vertical provides the company with a consistent and growing fee-based revenue stream that is synergistic with its traditional commercial bank spread based income.
About Orange County Bancorp, Inc
Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Co. and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Co. is an independent bank that began with the vision of 14 founders more than 125 years ago. It has grown through innovation and an unwavering commitment to its community and business clientele to approximately $2.5 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, N.Y. 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, inflation, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, increased levels of loan delinquencies, problem assets and foreclosures, credit risk management, asset-liability management, cybersecurity risks, geopolitical conflicts, public health issues, 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.
Contact: Candice Varetoni
AVP Marketing Officer
Orange Bank & Trust Company
cvaretoni@orangebanktrust.com
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
