January 09, 2013
Orange County Trust Completes Purchase of Investment Advisory Firm
-- Acquisition is a "first" for the banking organization. --
MIDDLETOWN, NY, January 09, 2013 /24-7PressRelease/ -- In completing the first acquisition in its history, the parent company of Orange County Trust Company has a new company under its wing - Hudson Valley Investment Advisors ("HVIA"). While the deal was only announced in October, Orange County Bancorp has been in negotiations with Provident Bank for over a year conducting due diligence and other business-related investigations. The deal creates an investment management enterprise - including HVIA and the trust department of Orange County Trust - that manages and administers over $550 million in client assets.
"This acquisition follows a well thought-out strategy set in motion by my fellow board members and senior management. It's a perfect fit," states Lou Heimbach, chairman of Orange County Bancorp. With few resident trust departments in the lower Hudson Valley, the added investment management capacity offered by HVIA will enhance the ability of Orange County Trust to deliver effective wealth management solutions to its clients.
Thomas Guarino will continue to head Hudson Valley Investment Advisors as its president. Hudson Valley Investment Advisors is located in Goshen, NY.
Founded in 1892, Orange County Trust has maintained a legacy of conservative banking and trust practices. A highly capitalized bank currently with over $660 million in assets, Orange County Trust has built trust within the community by remaining financially strong and independent, capable of making timely decisions here at home. From nine locations in the mid-Hudson Valley region, the Bank provides a variety of products and services for individuals and businesses. For more information, call Jane Shaw at 845-341-5024.
Securities, trusts and investments are not FDIC or Bank insured and may lose value.
# # #
Read more Press Releases from June Bisel:
- Homewood Suites Newburgh, Managed by GM Kathy Russo, Receives Hilton's "Connie Pride Hotel Award of Merit"
- Orange County Trust Names Senior Vice President and Chief Strategy Officer
- Orange County Trust To Acquire Investment Advisory Firm
- Bed Bugs Still Prevalent in New York
- Dutchess County Tourism Logo Chosen for E-book
- Dutchess County Tourism Launches New Website
- IMpres Rent A Car Expands with January 23rd Opening of Orange County Facility
- Pare Lorentz Center Offers Free Access to Multimedia History Instruction Resources
- ICBA and Empire State Bank Urge Consumers: Go Local By Banking Locally with Your Community Bank
- Panera Bread Donates to Extreme Makeover: Home Edition
Press Release Contact Information:
33 Hill Road
E-Mail: Email us Here
Website: Visit Our Website
This News Release can be viewed online at: http://www.24-7pressrelease.com