Community Bank of Orange open Warwick branch

Warwick — Community Bank of Orange will establish a new full-service branch office in Warwick. The bank anticipates that the branch, at Mitchel Corners Shopping Plaza at 25 Elm St. in Warwick, will open on May 15. “We are excited to be opening our first branch office in Warwick, where we have strong roots and established relationships,” said bank President and CEO Ronald J. Gentile. “This is a wonderful opportunity to expand the bank’s franchise and serve the community.” The Office of the Comptroller of the Currency has terminated the Memorandum of Understanding of June 2, 2004, that had restricted some of the bank’s activities and imposed other supervisory conditions. In its order of termination, the office noted that the bank had complied with all of the conditions, and returned to a safe and sound condition. Commenting on this development, Gentile said, “Our board of directors and management team have worked closely and diligently with our regulator to address the provisions of the memorandum of understanding. 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 and headquartered in Middletown, is the first community bank chartered in Orange County in more than 50 years. It offers individual and business customers a variety of banking services and products, including free checking and expanded banking hours.