Senate Resolution No. 3743

BY: Senator BONACIC

COMMEMORATING the 125th Anniversary of Orange Bank
& Trust Company

WHEREAS, It is the sense of this Legislative Body that the quality
and character of life in this great Empire State is indelibly enriched
by the faithful efforts of those financial institutions and their
leadership who devote their purpose to promoting economic vitality and
service the public need; and

WHEREAS, Attendant to such concern, and in full accord with its
long-standing traditions, this Legislative Body is justly proud to
commemorate the 125th Anniversary of Orange Bank & Trust Company; this
momentous occasion was celebrated on Friday, September 8, 2017; and

WHEREAS, Additionally, in recognition of this auspicious milestone,
Orange Bank & Trust Company dedicated its Dolson Avenue Headquarters to
the Morrison Family; and

WHEREAS, An independent community bank beginning with a dream more
than a century ago, Orange Bank & Trust Company, through innovation and
commitment to its community, has grown tremendously to be recognized by
Bauer Financial, Inc., as one of the Nation's strongest financial
institutions with a 5-Star, Superior Bank rating; and

WHEREAS, Orange Bank & Trust Company was founded by 14
public-spirited citizens who saw a need for a bank which would feature
estate planning and trust administration, as well as traditional banking
services; and

WHEREAS, On May 2, 1892, the Bank opened its doors for business on
North Street in Middletown, New York, under the name of the Orange
County Trust and Safe Deposit Company, a name which remains etched above
the top windows of the building to this day; and

WHEREAS, The name was changed to Orange County Trust Company in
1905, and was the first commercial bank in Middletown to pay interest;
and

WHEREAS, In 1933, the Orange County Trust Company's stockholders put
up double the value of their stock in a successful effort to keep the
Bank solvent and its doors open throughout the Great Depression; and

WHEREAS, As the Middletown community grew, Orange County Trust
Company grew, and a second branch opened on RT 211 in the Town of
Wallkill in 1955; the Bank added the Dolson Avenue Office in 1969, which
was replaced in 1991 with a larger building that would become the
headquarters eight years later; and

WHEREAS, In 1995, Orange County Trust Company extended its reach
beyond the Middletown area to the Town of Montgomery, establishing
branches in Vails Gate in 2001, Chester and Goshen in 2009, Newburgh in
2010, and Fishkill in 2011; and

WHEREAS, After its parent company acquired Hudson Valley Investment
Advisors Inc. in 2012, Orange County Trust Company began blending the
Bank's Trust/Estate administrative capabilities with investment
management services; and

WHEREAS, In 2016, the Bank changed its name to Orange Bank & Trust
Company and once again expanded, adding branches in both Rockland and
Westchester Counties; and

WHEREAS, The success of Orange Bank & Trust Company is in direct
correlation to the efforts of its President and CEO, Michael J.
Gilfeather, whose involvement is, and always has been, characterized by
an impressive commitment, an unbridled enthusiasm, and an uncompromising
standard of excellence in all endeavors on behalf of the bank and the
communities it serves; and

WHEREAS, This Legislative Body looks favorably upon the strong role
which institutions such as Orange Bank & Trust Company play in
strengthening the social and economic fabric of our communities by
providing growth opportunities for citizens and businesses; now,
therefore, be it

RESOLVED, That this Legislative Body pause in its deliberations to
commemorate the 125th Anniversary of Orange Bank & Trust Company; and be
it further

RESOLVED, That a copy of this Resolution, suitably engrossed, be
transmitted to Michael J. Gilfeather, President and CEO, Orange Bank &
Trust Company.