SOURCE: Community Bank of Orange, NA

March 03, 2006 14:52 ET

Community Bank of Orange, N.A. Announces Approval of Warwick Branch Office and Termination of Memorandum of Understanding

MIDDLETOWN, NY -- (MARKET WIRE) -- March 3, 2006 -- Community Bank of Orange, N.A.. (OTC: CBOG) (the "Bank") announced today that the Office of the Comptroller of the Currency (the "OCC") has approved the Bank's establishment of a new full service branch office located in Warwick, New York. The Bank anticipates that the branch, at Mitchel Corners Shopping Plaza, 25 Elm St., in Warwick, will open on May 15, 2006.

Ronald J. Gentile, President and Chief Executive Officer of the Bank, said, "We are excited to be opening our first branch office in Warwick, where we have strong roots and established relationships. This is a wonderful opportunity to expand the Bank's franchise and serve the community."

The Bank also reported that the OCC has terminated the Memorandum of Understanding (the "MOU") between the Bank and the OCC dated June 2, 2004. The MOU had restricted some of the Bank's activities and imposed other supervisory conditions. In its order terminating the MOU, the OCC noted that the Bank has complied with all of the conditions of the MOU, and returned to a safe and sound condition.

Commenting on this development, Mr. Gentile said, "Our Board of Directors and management team have worked closely and diligently with our regulator, the OCC, to address the provisions of the MOU. We are gratified that our cooperative efforts have produced results and look forward to implementing our business plan, serving our customers and creating value for our shareholders."

The Bank, founded in 2002, is headquartered in Middletown, New York and 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.

Note: This press release may contain certain statements which are not historical facts or which concern the Bank's future operations or economic performance and which are considered forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Bank cautions that all forward-looking statements involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors, such as changing economic and competitive conditions and other risks and uncertainties. In addition, statements in this news release regarding historical stock price performance are not indicative of or guarantees of future price performance.

Contact Information

  • CONTACT:
    RON GENTILE
    PRESIDENT AND CEO
    845-695-7401