Gentile

Reduced debt and increased revenues will allow the one branch Community Bank of Orange to continue to grow in the future. That was the assessment of Ron Gentile, president of the bank, which has just one office right now, in the Town of Wallkill.

The third annual stockholders’ meeting was held yesterday and Gentile said plans call for three more bank branches to be established. “We have kind of isolated the Town of Newburgh, Monroe and Warwick,” he said. “We had studies done, the demographics and the amounts of deposits in those towns and the amount of business that is available in the Town of Newburgh specifically, all bode well for those three towns.”

Gentile wants to target one new branch per year starting in late 2005 or early 2006.

The bank ended 2004 with $24.4 million in total assets.