News Menu 12/14/04 COMMUNITY BANK OF ORANGE, N.A. COMMENCES PRIVATE PLACEMENT OF COMMON STOCK MIDDLETOWN, NY --(BUSINESS WIRE)-- Community Bank of Orange, N.A.. (CBOG.PK) (the "Bank") announced today that it is offering for sale in a private placement, between 400,000 and 1,400,000 shares of its common stock at $5.00 per share. Under the terms of the offering, investors who purchase 80,000 or more shares will receive warrants to purchase additional shares, as set forth in a Private Placement Memorandum dated as of December 7, 2004. The offering will terminate on March 15, 2005, unless the Bank extends the offering to March 31, 2005. Commenting on the offering, Ronald J. Gentile, President and Chief Executive Officer of the Bank, said "Our Board of Directors and management team is committed to serving the needs of all of our constituencies--our shareholders, depositors, borrowers and other customers. The proceeds of this offering will strengthen the Bank, and enable us to better serve our community and grow with our customers. We also expect that the new funds will help us to become profitable sooner than that projected in the plan we have filed with our regulator." 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.