Orange County Bancorp Prices Underwritten Public Offering Of 1.72 Mln Shares At $23.25/shr

(RTTNews) - Orange County Bancorp Inc. (OBT), parent company of Orange Bank & Trust Company, and Hudson Valley Investment Advisors, Inc., announced the pricing of an underwritten public offering of about 1.72 million shares of its common stock at a price of $23.25 per share. The Company also granted the underwriters a 30-day option to purchase up to an additional 258,064 shares of common stock.

The company expects the aggregate gross proceeds from the offering to be approximately $40.0 million before discounts and expenses.

Assuming full exercise by the underwriters of their option to purchase additional shares, the aggregate gross proceeds of the offering would be approximately $46.0 million before discounts and expenses.

The Company plans to use the net proceeds from the offering for general corporate purposes, which may include investments in the Bank supporting continued growth, augmenting regulatory capital and liquidity and providing for potential strategic acquisitions. The offering is expected to close on June 5, 2025, subject to customary closing conditions.