MIDDLETOWN, N.Y. – Orange County Bancorp, Inc. (Nasdaq: OBT), the parent company of Orange Bank & Trust Company, has announced the pricing of a public offering of its common stock. The company is offering 1,720,430 shares at a price of $23.25 per share, according to a press release issued Monday. The deal includes a 30-day option for underwriters to purchase an additional 258,064 shares.
The offering is expected to generate approximately $40.0 million in gross proceeds, before accounting for discounts and expenses. Should the underwriters fully exercise their option, the total gross proceeds could reach roughly $46.0 million. Orange County Bancorp plans to allocate the net proceeds toward general corporate purposes. These may include strategic investments aimed at fostering continued growth for the bank, bolstering regulatory capital and liquidity, and potentially funding future acquisitions. The company currently has no specific acquisition plans in place.
The offering is scheduled to close on June 5, 2025, subject to customary closing conditions. Piper Sandler & Co. and Stephens Inc. are acting as joint book-running managers for the offering.
Before investing, investors should carefully review the preliminary prospectus supplement and accompanying prospectus filed with the Securities and Exchange Commission (SEC). These documents, along with other filings, provide comprehensive information about the company and the offering. The preliminary prospectus supplement and other related documents are available for free through the SEC website.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities. The securities have not been approved or disapproved by any regulatory authority.
About Orange County Bancorp, Inc.
Orange County Bancorp, Inc. is the holding company for Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company, established over 125 years ago, has grown to approximately $2.6 billion in total assets through innovation and a strong commitment to its customers. Hudson Valley Investment Advisors, Inc., founded in 1996, was acquired by the Company in 2012.
Forward-Looking Statements
This press release contains forward-looking statements. Actual results could differ materially from those projected due to various factors, including, but not limited to, economic conditions, competition, government regulations, interest rate fluctuations, and cybersecurity risks. The Company does not undertake any obligation to update any forward-looking statements.
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