SOURCE: Community Bank of Orange, NA

August 12, 2008 11:52 ET

Community Bank of Orange Names Eric J. Wiggins as President and CEO

MIDDLETOWN, NY--(Marketwire - August 12, 2008) - Community Bank of Orange (PINKSHEETS: CBOG) (the "Bank") is pleased to announce the appointment of Eric J. Wiggins to the position of President and Chief Executive Officer. This appointment will be effective August 25, 2008.

Mr. Wiggins will be responsible for managing and directing the bank toward its primary objectives based on profit and return on capital; establishing current and long range goals, objectives, plans and policies for approval by the Board of Directors; and directing the policies and practices of the Bank to ensure that financial objectives and goals are met in accordance with the policies of the Board of Directors and government regulations.

Mr. Wiggins brings to the Bank 20 years of banking experience, all in the Hudson Valley region. Prior to this appointment, he served as senior vice president of commercial lending at Union State Bank (USB). Mr. Wiggins worked for USB for over 15 years and continued as a senior vice president with Key Bank which took over USB earlier this year. Prior to his employment at USB, Mr. Wiggins worked for Marine Midland Bank (which was acquired by HSBC Bank) where he completed their management-training program and quickly advanced to the position of commercial loan officer in the Hudson valley. Mr. Wiggins' appointment to the role of President and CEO at the Bank comes at a time when the Bank is poised to expand its footprint in Rockland and Westchester counties after the approval of the recapitalization agreement the Bank recently announced.

"I have devoted my entire career to serving the banking needs of clients in the Hudson Valley, and I am honored to be taking on this new and important role as CBO prepares for growth and expansion. I look forward to bringing to the Bank and its customers a commitment to creating shareholder value, to supporting our customers and community as well as conservative and consistent lending standards."

The Bank recently announced that it has entered into a Recapitalization Agreement with an investment group led by Kenneth J. Torsoe. The transaction is scheduled to close late in the third quarter or early in the fourth quarter of 2008 and will allow the Bank to continue its growth in Orange County and with the addition of the capital, will permit expansion of the Bank's footprint into Rockland and Westchester Counties.

Kenneth Torsoe, future Chairman of the Board and lead investor, said: "As a native and long time professional of the Hudson Valley area, Eric truly understands the challenges and opportunities that we have in these valuable markets. I am confident that under Eric's leadership, we will establish a team of top-notch bankers who will achieve great success. I look forward to working with him to bring the Hudson Valley a bank that will be a consistently stable investment for our shareholders, the best provider of financial products and services for our customers in the Hudson Valley; a great place to work for our employees; and one of the strongest supporters of the communities we serve."

Mr. Wiggins earned a masters degree in financial management as well as a bachelors degree in finance from Pace University in Pleasantville, NY. He also pursued post graduate studies at various industry specific programs.

The Bank, founded in 2002, is headquartered in Middletown, New York and maintains an additional branch in Warwick, New York. It is the first community bank chartered in Orange County, New York in over fifty years. It offers to its individual and business customers a variety of banking services and products, including free checking and expanded banking hours. The Bank is chartered by the OCC and its deposits are insured by the Federal Deposit Insurance Corporation. The Banks common stock is quoted on the Pink Sheets trading under the symbol "CBOG." Further information on Community Bank of Orange can be found by logging on to www.cbobank.net.

Contact Information

  • CONTACT:
    For Kenneth Torsoe:
    Edward Lutz
    Lutz Advisors
    (917) 941-7790

    Additional Contact:
    Anthony Ingrassia
    Chairman
    (845) 695-7400