Orange County Bancorp, Inc. Announces Two-for-One Forward Stock Split

Orange County Bancorp announces a two-for-one stock split effective January 10, 2025, increasing shares from 5.7 million to 11.4 million.

Quiver AI Summary

Orange County Bancorp, Inc. announced a two-for-one forward stock split of its common stock, effective for record holders on January 9, 2025. Shareholders will receive an additional share after market close on January 10, with trading on a split-adjusted basis starting January 13. This stock split will increase the outstanding shares from approximately 5.7 million to 11.4 million while reducing the par value per share from $0.50 to $0.25. President and CEO Michael Gilfeather expressed that the split aims to make stock ownership more accessible and to attract new investors, aligning with the company's strategy to enhance shareholder value.

Potential Positives

• The Board of Directors declared a two-for-one forward stock split, which will increase the liquidity of the stock and potentially attract new investors.
• The stock split will increase the number of outstanding shares from approximately 5.7 million to 11.4 million, enhancing stock ownership availability for shareholders.
• Reducing the par value per share from $0.50 to $0.25 may make shares more accessible to a broader range of investors.
• The CEO expressed confidence that the stock split is in the best interest of shareholders, emphasizing the company's commitment to enhancing shareholder value.

Potential Negatives

• The announcement of a two-for-one forward stock split may signal to investors that the company's stock price is perceived as too high, which could indicate underlying issues with its valuation.
• The reduction in par value from $0.50 to $0.25 could raise concerns about the company's financial health and stability, potentially impacting investor confidence.
• The press release includes numerous cautionary statements about risks and uncertainties affecting the company's outlook, which may create doubt about future performance and strategy effectiveness.

FAQ

What is the date of the Orange County Bancorp stock split?

The stock split will occur after the market close on Friday, January 10, 2025.

How many shares will shareholders receive after the stock split?

Shareholders will receive one additional share for each share they own, resulting in a two-for-one stock split.

What will be the new par value per share after the split?

The par value per share will be reduced from $0.50 to $0.25 following the stock split.

When will trading commence on a split-adjusted basis?

Trading is expected to commence on a split-adjusted basis on Monday, January 13, 2025.

What is the purpose of the stock split according to the CEO?

The CEO believes the stock split will make shares more accessible and promote new investor interest.

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:

• STEPHEN ROONEY (SVP, Chief Credit Officer) sold 700 shares.
• JOSEPH A RUHL (Reg Pres, Westchester County) sold 910 shares.
• MICHAEL LISTNER (SVP and Chief Risk Officer) has traded it 2 times. They made 0 purchases and 2 sales, selling 589 shares.
• GREGORY SOUSA (EVP and Deputy CLO) sold 426 shares.
• MICHAEL J COULTER (EVP and CLO) sold 426 shares.
• MICHAEL J GILFEATHER (President and CEO) has traded it 2 times. They made 2 purchases, buying 525 shares and 0 sales.

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$OBT Hedge Fund Activity

We have seen 32 institutional investors add shares of $OBT stock to their portfolio, and 17 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
• BLACKROCK, INC. added 25,168 shares (+7.7%) to their portfolio in Q3 2024
• BANC FUNDS CO LLC removed 23,718 shares (-7.6%) from their portfolio in Q3 2024
• AMERICAN CENTURY COMPANIES INC added 20,873 shares (+163.6%) to their portfolio in Q3 2024
• AMERIPRISE FINANCIAL INC added 19,164 shares (+inf%) to their portfolio in Q3 2024
• FIRST TRUST ADVISORS LP removed 12,080 shares (-100.0%) from their portfolio in Q3 2024
• GOLDMAN SACHS GROUP INC added 8,991 shares (+154.6%) to their portfolio in Q3 2024

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release

MIDDLETOWN, N.Y., Dec. 26, 2024 (GLOBE NEWSWIRE) -- Orange County Bancorp, Inc. (the “Company” - Nasdaq: OBT), parent company of Orange Bank & Trust Co. and Hudson Valley Investment Advisors, Inc., today announced that its Board of Directors declared a two-for-one forward stock split (the “Stock Split”) of the Company’s common stock. Each record holder of common stock on Thursday, January 9, 2025 will receive one additional share of common stock after the market close on Friday, January 10, 2025. Trading is expected to commence on a split-adjusted basis at market open on Monday, January 13, 2025.

The Stock Split will be effectuated by the filing of an amendment to the Company’s Certificate of Incorporation and will result in a proportionate increase in the number of shares of authorized common stock. The Company anticipates that the outstanding shares of common stock after the Stock Split will increase from approximately 5.7 million shares to 11.4 million shares. The par value per share of the Company’s common stock will be reduced from $0.50 par value to $0.25 par value.

Michael Gilfeather, President and CEO, noted, “We are pleased to announce that the Board of Directors has determined that this Stock Split in in the best interest of our shareholders, as we anticipate the reduced trading price per share and the additional amount of shares outstanding will make stock ownership more available and promote new investor interest. Our strategy remains focused on the consistency of our performance and a commitment to enhancing shareholder value.”

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 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, 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, 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.

For further information:



Michael Lesler


EVP & Chief Financial Officer



mlesler@orangebanktrust.com



Phone: (845) 341-5111

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.