Orange County Bancorp Restructures to Boost Wealth Mgmt Business

Tags: RIA

Orange County Bancorp said it is merging its investment advisory, trust, and private banking divisions into a single entity that will operate as Orange Wealth Management.

David Dineen, Orange Bank & Trust head of wealth service and sales, will oversee the new consolidated unit as managing director. In a statement, Dineen said that by unifying the two practices, the firm will be able to provide a comprehensive wealth management solution that integrates investment advisory, estate planning, and personal banking services.

In 2012, Orange County Bancorp acquired its advisory business, Hudson Valley Investment Advisors, which had $465M in assets under management at the time. HVIA now manages over $1.7B in client assets, serving business owners, individuals, and institutional investors. Like all banks, Orange County said its advisory business provides it with a consistent and growing fee-based revenue stream, complementing its traditional commercial bank spread-based income.

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Written By: Dakota