MIDDLETOWN, NY - Orange County Bancorp (NASDAQ:ICBK), Inc. (NASDAQ:OBT), the holding company for Orange Bank & Trust Co., announced the appointment of Jonathan Schiller to its and the Bank's Boards of Directors, set to take effect on October 1, 2024.
Schiller, with a background in pharmacy and business, is the founder and CEO of Hospicom Inc., a medical education and consulting firm catering to large pharmaceutical and biotech companies. His previous entrepreneurial ventures include the founding of the Society of Academic Medicine and Strategically Speaking Inc.
Company President and CEO Michael Gilfeather praised Schiller's unique blend of scientific and business acumen, anticipating his contribution to the company's growth and strategic direction.
Schiller, who holds a BS in Pharmacy from St. John's University and an MBA from Columbia University Business School, expressed his enthusiasm for joining the board of a bank with a strong history of success and innovation.
Orange County Bancorp, Inc., with more than $2.5 billion in assets, operates Orange Bank & Trust Company and Hudson (NYSE:HUD) Valley Investment Advisors, Inc. The bank, established over 130 years ago, has maintained a focus on community and business clients, while Hudson Valley Investment Advisors was founded in 1995 and joined the company in 2012.
The information in this article is based on a press release statement from Orange County Bancorp, Inc.
"In other recent news, Orange County Bancorp, Inc., a financial institution with a history of over 125 years, announced a cash dividend of $0.23 per share, payable to shareholders of record as of September 4, 2024. This dividend payment, declared by the Board of Directors, reflects the company's financial health and commitment to its investors. In addition to this, Orange County Bancorp has made significant changes to its director stock ownership rules. As per the recent amendments in the company's bylaws, directors are now required to hold shares of the company's capital stock with a minimum fair market value of $1,000. This is a departure from the previous requirements that mandated directors to own $125,000 of the company's common stock. However, the Stock Ownership Guidelines remain in place, working in conjunction with the requirements stipulated in the bylaws. These recent developments showcase Orange County Bancorp's commitment to aligning the interests of its directors with those of its shareholders, reinforcing good governance practices. The revised bylaws have been filed with the SEC and are now part of the company's Form 8-K exhibits."
InvestingPro Insights
Orange County Bancorp, Inc. (NASDAQ:OBT) has welcomed Jonathan Schiller to its board, an addition that coincides with the company's robust financial performance. As per InvestingPro data, Orange County Bancorp is currently trading at a P/E ratio of 9.32, suggesting a valuation that is affordable relative to its near-term earnings growth. This aligns with one of the InvestingPro Tips, highlighting that the company is trading at a low P/E ratio given its earnings outlook.
InvestingPro data also shows a notable revenue growth of 13.39% over the last twelve months as of Q2 2024, reflecting the company's ability to increase sales and potentially enhance shareholder value. Despite challenges in maintaining high gross profit margins, as indicated by another InvestingPro Tip, the bank has upheld its commitment to shareholders by maintaining dividend payments for 17 consecutive years, with a current dividend yield of 1.61%.
For investors looking for historical performance, Orange County Bancorp has demonstrated a strong return over the last three months, with a price total return of 25.72%. This performance is part of a larger pattern of success, with the company also showing a large price uptick over the last six months, yielding a 26.61% return.
For a deeper dive into the company's financial health and future prospects, there are additional InvestingPro Tips available at https://www.investing.com/pro/OBT. These insights could further guide investors in understanding the strategic moves by Orange County Bancorp, such as the recent board appointment, and how they tie into the company's financial narrative.
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