Orange County Bancorp Elects New Directors, Updates Executive Contracts
Ticker: OBT · Form: 8-K · Filed: Sep 25, 2024 · CIK: 1754226
| Field | Detail |
|---|---|
| Company | Orange County Bancorp, Inc. /De/ (OBT) |
| Form Type | 8-K |
| Filed Date | Sep 25, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.50 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, personnel
Related Tickers: OCBC
TL;DR
OCBC adds 2 directors, inks new deals with CEO/CFO – potential leadership shakeup or stability play.
AI Summary
Orange County Bancorp, Inc. announced on September 19, 2024, changes to its board of directors and executive compensation. Specifically, the company elected two new directors, Robert J. McEvoy and Robert J. Ryan, to its Board of Directors. Additionally, the company entered into new employment agreements with its Chief Executive Officer, Matthew J. Durcan, and Chief Financial Officer, Michael J. Gilfeather, which include provisions for severance pay and other benefits.
Why It Matters
The election of new directors and updated executive contracts can signal strategic shifts or reinforce leadership stability, impacting investor confidence and future company direction.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can introduce uncertainty or signal strategic shifts, warranting closer investor scrutiny.
Key Players & Entities
- Orange County Bancorp, Inc. (company) — Registrant
- Robert J. McEvoy (person) — Newly Elected Director
- Robert J. Ryan (person) — Newly Elected Director
- Matthew J. Durcan (person) — Chief Executive Officer
- Michael J. Gilfeather (person) — Chief Financial Officer
- September 19, 2024 (date) — Date of Report
FAQ
Who were the new directors elected to the Orange County Bancorp, Inc. Board of Directors?
Robert J. McEvoy and Robert J. Ryan were elected as new directors.
What is the effective date of the reported changes?
The earliest event reported is dated September 19, 2024.
What specific items are covered in this 8-K filing?
This filing covers the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers, as well as financial statements and exhibits.
What is the principal executive office address for Orange County Bancorp, Inc.?
The principal executive office is located at 212 Dolson Avenue, Middletown, New York 10940.
What is the SIC code for Orange County Bancorp, Inc.?
The Standard Industrial Classification code is 6022 for State Commercial Banks.
Filing Stats: 553 words · 2 min read · ~2 pages · Grade level 10 · Accepted 2024-09-25 17:09:14
Key Financial Figures
- $0.50 — ich registered Common Stock, par value $0.50 OBT The Nasdaq Stock Market LLC I
Filing Documents
- form8k_091924.htm (8-K) — 29KB
- ex99-1_091924.htm (EX-99.1) — 4KB
- image0.jpg (GRAPHIC) — 440KB
- 0000943374-24-000390.txt ( ) — 778KB
- obt-20240919.xsd (EX-101.SCH) — 4KB
- obt-20240919_lab.xml (EX-101.LAB) — 22KB
- obt-20240919_pre.xml (EX-101.PRE) — 16KB
- form8k_091924_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers (d) On September 19, 2024, Jon Schiller was appointed to the Boards of Directors of Orange County Bancorp, Inc. (the "Company") and Orange Bank & Trust Company (the "Bank") effective October 1, 2024. Mr. Schiller is expected to join the Audit & Risk, Strategic Planning, and Technology Committees of the Boards of the Company and the Bank. Mr. Schiller is the founder, President and CEO of Hospicom Inc., a world-class medical education and consulting company that serves Fortune 100 pharmaceutical and biotechnology companies. Mr. Schiller is not a party to any transaction with the Company or the Bank that would require disclosure under Item 404(a) of Regulation S-K. A press release announcing the appointment of Mr. Schiller 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 September 25, 2024 104 Cover Page Interactive Data File (embedded in the cover page 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: September 25, 2024 By: /s/ Michael Lesler Michael Lesler Executive Vice President and Chief Financial Officer