MIDDLETOWN - In a move designed to benefit the respective strategic direction of two banks, the parent company of Orange County Trust Company recently announced it had signed a definitive agreement to acquire Hudson Valley Investment Advisors from Provident New York Bancorp.
Orange County Trust has expanded its trust and investment services in the last eighteen months while, just last month, Provident announced it was launching a revamped wealth management service that would parallel its banking focus in the lower Hudson Valley and the New York metropolitan area. This convergence of strategies resulted in a deal between the banking organizations.
Long-time investment advisor, Thomas Guarino, will continue to head Hudson Valley Investment Advisors as its president and will report to Terry Saturno, CEO of both Orange County Bancorp, Inc. and Orange County Trust. Hudson Valley Investment Advisors is located in Goshen, NY.
"Tom Guarino is one of the most respected and, yes, successful investment professionals in the business. His sense of ethics, hard work and community involvement exactly matches our corporate culture," said Saturno.
Orange County Trust maintains one of the only resident trust departments in the Hudson Valley. With the acquisition of Hudson Valley Investment Advisors, the organizations will administer over $550 million in client assets. To bolster the investment advisor team, Ken Flood, a twenty-four year Orange County Trust and investment industry veteran, will be joining Hudson Valley Investment Advisors in the Goshen office.