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| 7/12/06 |
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Community Bank Of Orange, N.A. Announces The Filing Of A Registration Statement For Resale Of Its Common Stock |
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CONTACT: Ronald J. Gentile, President, CEO
Community Bank of Orange, N.A.
PHONE: 845-695-7400
MIDDLETOWN, NY, July 12, 2006 --(BUSINESS WIRE)-- Community Bank of Orange, N.A. (CBOG.PK) (the "Bank") announced today its recent filing with the Office of the Comptroller of the Currency ("OCC") of a Registration Statement on Form S-3 for the resale of up to an aggregate of 1,618,750 shares of the Bank’s common stock to the public by certain selling shareholders. The shares were obtained by the selling shareholders in a private offering which the Bank completed on March 1, 2005. Under the terms of a registration rights agreement in connection with that offering, the selling shareholders acquired the right to resell the stock and warrants they acquired and to receive all of the proceeds from the resale.
The resale period will not commence until the OCC approves the registration statement and the prospectus contained therein and deems it effective. Once the resale commences, the Bank will use reasonable efforts to keep the resale period effective for a certain period of time.
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.
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.
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