Orange Bank & Trust in Middletown saw significant growth in deposits, loans and trust fees last year, with net income before taxes increasing by nearly 50 percent to $6.5 million.Michael Gilfeather, the president and CEO, announced the results in a press release and attributed the growth, in part, to expansion in Rockland and Westchester counties.
Orange Bank operates 13 branches. The New City office in Rockland was added last year. Five offices have opened in Westchester since 2015, beginning with White Plains, then Mount Pleasant, Mamaroneck, Mount Vernon and, two months ago, Cortlandt Manor.
The bank had total assets of about $1 billion, according to its March 31 call report, and deposits of nearly $890 million.
The bank is a subsidiary of Orange County Bancorp, which also operates Hudson Valley Investment Advisors Inc. (HVIA) in Goshen.
HVIA assets grew by nearly 14 percent last year, the news release states, to about $800 million. Its clients include families and individuals, foundations, pension funds and businesses.
Orange County Bancorp also announced that it has authorized 10 million shares of common stock, tripling the total shares to 15 million, and the election of four directors: Louis Heimbach, Gregory Holcombe, Paul McDermott and Terry Saturno.