Orange County Bancorp Acquires First National Bank of Elmer
Ticker: OBT · Form: 8-K · Filed: Aug 16, 2024 · CIK: 1754226
| Field | Detail |
|---|---|
| Company | Orange County Bancorp, Inc. /De/ (OBT) |
| Form Type | 8-K |
| Filed Date | Aug 16, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.50, $0.23 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, expansion, financials
TL;DR
OCBC just bought First National Bank of Elmer, expanding into NJ.
AI Summary
Orange County Bancorp, Inc. announced on August 15, 2024, that it has completed its previously announced acquisition of substantially all of the assets and certain liabilities of The First National Bank of Elmer. The transaction involved cash and stock, with the total consideration not explicitly stated in this filing excerpt. This acquisition is expected to expand Orange County Bancorp's presence in New Jersey.
Why It Matters
This acquisition marks a significant expansion for Orange County Bancorp into the New Jersey market, potentially increasing its customer base and market share.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks related to integration, regulatory approval, and potential financial performance deviations from expectations.
Key Players & Entities
- Orange County Bancorp, Inc. (company) — Acquiring entity
- The First National Bank of Elmer (company) — Acquired entity
- August 15, 2024 (date) — Effective date of acquisition announcement
FAQ
What was the effective date of the acquisition?
The acquisition was effective as of August 15, 2024.
Which entity acquired The First National Bank of Elmer?
Orange County Bancorp, Inc. acquired substantially all of the assets and certain liabilities of The First National Bank of Elmer.
What is the primary geographic impact of this acquisition?
The acquisition is expected to expand Orange County Bancorp's presence in New Jersey.
What type of transaction was this?
This was an acquisition of substantially all of the assets and certain liabilities of The First National Bank of Elmer.
What is the filing date of this 8-K?
This 8-K filing was made on August 16, 2024.
Filing Stats: 487 words · 2 min read · ~2 pages · Grade level 9.3 · Accepted 2024-08-16 16:15:33
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
- tm2421944d1_8k.htm (8-K) — 32KB
- tm2421944d1_ex99-1.htm (EX-99.1) — 3KB
- tm2421944d1_ex99-1img001.gif (GRAPHIC) — 2KB
- 0001104659-24-090517.txt ( ) — 209KB
- obt-20240815.xsd (EX-101.SCH) — 3KB
- obt-20240815_lab.xml (EX-101.LAB) — 33KB
- obt-20240815_pre.xml (EX-101.PRE) — 22KB
- tm2421944d1_8k_htm.xml (XML) — 4KB
01 Other Events
Item 8.01 Other Events On August 15, 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 September 16, 2024 to shareholders of record on September 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 August 15, 2024 104 The cover page from 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: August 16, 2024 By: /s/ Michael Lesler Michael Lesler Executive Vice President, Chief Financial Officer