Orange County Bancorp announces a two-for-one forward stock split effective January 8, 2025, increasing shares to approximately 11.4 million.
Quiver AI Summary
Orange County Bancorp, Inc. announced that the record date for its two-for-one forward stock split will be January 8, 2025, due to the U.S. equity markets closing on January 9, 2025, in honor of former President Jimmy Carter. Shareholders on the record date will receive an additional share of common stock after market close on January 10, 2025, with trading on a split-adjusted basis beginning January 13, 2025. This stock split will double the number of outstanding shares from approximately 5.7 million to 11.4 million and will reduce the par value per share from $0.50 to $0.25. Orange County Bancorp, the parent company of Orange Bank & Trust and Hudson Valley Investment Advisors, has seen significant growth over its 125-year history, currently holding about $2.5 billion in assets. The release also includes caution regarding forward-looking statements related to potential risks and uncertainties affecting financial performance.
Potential Positives
- Announcement of a two-for-one forward stock split, which may enhance stock liquidity and attract more investors.
- The stock split will effectively double the number of outstanding shares from approximately 5.7 million to 11.4 million, potentially increasing overall market interest in the company’s stock.
- Reduction of par value per share from $0.50 to $0.25, which can be perceived positively in terms of stock affordability for retail investors.
Potential Negatives
- The announcement of a two-for-one forward stock split may signal that the company's stock price was not performing well enough, necessitating the split to make shares more accessible or appealing to investors.
- The forward-looking statements section highlights numerous risks and uncertainties that could negatively impact the company's financial performance, which may instill concern among investors about the company's stability and future prospects.
- The reduction in par value from $0.50 to $0.25 per share might raise red flags about the company's financial health, as it suggests a need to increase the number of shares to maintain market perception.
FAQ
What is the record date for the stock split?
The record date for Orange County Bancorp's stock split is Wednesday, January 8, 2025.
When will trading on a split-adjusted basis begin?
Trading is expected to commence on a split-adjusted basis on Monday, January 13, 2025.
How many shares will be outstanding after the stock split?
After the stock split, the outstanding shares will increase from approximately 5.7 million to 11.4 million shares.
What will the par value per share be after the split?
The par value per share will reduce from $0.50 to $0.25 after the stock split.
What is Orange County Bancorp, Inc.?
Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Co. and Hudson Valley Investment Advisors, Inc.
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 13 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., Jan. 02, 2025 (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 the record date of its previously declared two-for-one forward stock split (the “Stock Split”) of the Company’s common stock will be Wednesday, January 8, 2025 as a result of U.S. equity markets closing on January 9, 2025 to observe and honor the passing of former President Jimmy Carter. Each record holder of common stock on Wednesday, January 8, 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.
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
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.
