Orange County Bancorp, Inc. Adjusts Stock Split Record Date
In a rare move that demonstrates respect and honor for the late former President Jimmy Carter, Orange County Bancorp, Inc. has made a significant adjustment to the record date of its upcoming two-for-one forward stock split. The parent company of Orange Bank & Trust Co. and Hudson Valley Investment Advisors, Inc. announced that the record date for the stock split will now be Wednesday, January 8, 2025.
Impact on Shareholders
Shareholders who are recorded as holders of common stock on January 8, 2025, will each receive an additional share of common stock after the market closes on Friday, January 10, 2025. This adjustment is due to U.S. equity markets closing on January 9, 2025, to observe a National Day of Mourning for former President Jimmy Carter’s passing.
Stock Split Details
The stock split will be executed through an amendment to Orange County Bancorp’s Certificate of Incorporation and will lead to a proportional increase in the number of authorized common shares from approximately 5.7 million shares to 11.4 million shares post-split. Additionally, the par value per share will decrease from $0.50 to $0.25.
About Orange County Bancorp
Orange County Bancorp is not only the parent company of two prominent financial entities but also a symbol of tradition and community commitment with roots dating back over a century ago when it was founded by visionary individuals. With assets totaling around $2.5 billion today, its growth has been fueled by innovation and unwavering dedication to its clients.
Forward-Looking Statements and Risks
Amid these changes lies inherent risks that come with forward-looking statements related to market conditions and economic environments where the company operates.
These include factors like competitive products and pricing strategies; government policies affecting financial institutions; interest rate fluctuations; cybersecurity threats; geopolitical tensions; public health concerns; market volatility; liquidity challenges; among others.
It’s crucial for investors not to solely rely on such forward-looking statements as they may not perfectly align with future outcomes due to unforeseen circumstances or events.
For further details or inquiries:
Michael Lesler
EVP & Chief Financial Officer
Phone: (845) 341-5111
Email: [email protected]
This rewritten content provides a comprehensive overview of Orange County Bancorp’s decision regarding its stock split in light of honoring former President Jimmy Carter while also addressing potential risks associated with forward-looking statements within the financial industry landscape.
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