Orange County Trust Acquires Local Investment Firm 11/20/2012
In completing the first acquisition in its history, the parent company of Orange County Trust Company began the short Thanksgiving work week with a new company under its wing - Hudson Valley Investment Advisors ("HVIA"). While the deal was only announced last month, Orange County Bancorp had 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," said Lou Heimbach, chairman of Orange County Bancorp.
Did You Know?
Orange County Trust Company and General Electric were established the same year, 120 years ago in 1892.