Orange County Bancorp, Inc. Declares Accelerated Dividend
MIDDLETOWN, NY - Orange County Bancorp, Inc., the parent company of Orange County Trust Company, declared an accelerated dividend of $0.38 per share at their Board of Directors meeting held on December 14, 2012. The dividend will be payable on December 28, 2012 to its stockholders.
The Bank is accelerating the payment that would have normally been paid in April 2013, due to the potential increase next year in tax rates related to future dividends. "Orange County Trust Company is in a very strong capital position to prepay the dividend and the Board of Directors feel this action is in the best interest of our stockholders," said Louis Heimbach, Chairman of the Board.
Founded in 1892, Orange County Trust adheres to conservative banking 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.