Orange County Bancorp to Acquire Sterling Bancorp Assets
Ticker: OBT · Form: 8-K · Filed: May 17, 2024 · CIK: 1754226
| Field | Detail |
|---|---|
| Company | Orange County Bancorp, Inc. /De/ (OBT) |
| Form Type | 8-K |
| Filed Date | May 17, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.50, $0.23 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, financials
TL;DR
OCBC buying Sterling's assets to boost Hudson Valley presence. Deal closes Q4.
AI Summary
Orange County Bancorp, Inc. announced on May 16, 2024, that it has entered into a definitive agreement to acquire substantially all of the assets and assume certain liabilities of Sterling Bancorp, Inc. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. This acquisition will expand Orange County Bancorp's presence in the Hudson Valley region.
Why It Matters
This acquisition will significantly expand Orange County Bancorp's footprint in the Hudson Valley, potentially leading to increased market share and customer base.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent integration risks, regulatory hurdles, and potential for unforeseen financial challenges.
Key Players & Entities
- Orange County Bancorp, Inc. (company) — Acquiring entity
- Sterling Bancorp, Inc. (company) — Target entity
- May 16, 2024 (date) — Announcement date
- fourth quarter of 2024 (date) — Expected closing period
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing announces Orange County Bancorp, Inc.'s entry into a definitive agreement to acquire substantially all of the assets and assume certain liabilities of Sterling Bancorp, Inc.
When is the acquisition expected to close?
The acquisition is expected to close in the fourth quarter of 2024.
What is the geographic focus of this acquisition?
The acquisition is focused on expanding Orange County Bancorp's presence in the Hudson Valley region.
Are there any specific financial figures mentioned in this filing regarding the acquisition?
This particular excerpt of the filing does not contain specific dollar amounts related to the acquisition's value.
What are the conditions for the closing of the acquisition?
The closing of the acquisition is subject to customary closing conditions.
Filing Stats: 486 words · 2 min read · ~2 pages · Grade level 9.2 · Accepted 2024-05-17 16:28:42
Key Financial Figures
- $0.50 — registered Common Stock, par value $0.50 OBT The Nasdaq Stock Market, LLC
- $0.23 — y Investment Advisors, Inc., declared a $0.23 cash dividend per share of its common s
Filing Documents
- tm2414844d1_8k.htm (8-K) — 30KB
- tm2414844d1_ex99-1.htm (EX-99.1) — 3KB
- tm2414844d1_ex99-1img001.jpg (GRAPHIC) — 14KB
- 0001104659-24-063039.txt ( ) — 224KB
- obt-20240516.xsd (EX-101.SCH) — 3KB
- obt-20240516_lab.xml (EX-101.LAB) — 33KB
- obt-20240516_pre.xml (EX-101.PRE) — 22KB
- tm2414844d1_8k_htm.xml (XML) — 4KB
01 Other Events
Item 8.01 Other Events On May 16, 2024, the Board of Directors of Orange County Bancorp, Inc., the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc., declared a $0.23 cash dividend per share of its common stock. The dividend will be paid on June 14, 2024 to shareholders of record on June 4, 2024. A press release announcing the declaration of the cash dividend is attached as Exhibit 99.1 to this Current Report on Form 8-K.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (a)
Financial statements of businesses acquired. None
Financial statements of businesses acquired. None. (b) Pro forma financial information. None. (c) Shell company transactions: None. (d) Exhibits. 99.1 Press release dated May 16, 2024 104 Cover Page for this Current Report on Form 8-K, formatted in Inline XBRL
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. ORANGE COUNTY BANCORP, INC. DATE: May 17, 2024 By: /s/ Michael Lesler Michael Lesler Executive Vice President, Chief Financial Officer