Orange County Bancorp, Inc. Completes Public Offering of Stock
Orange County Bancorp, Inc. Completes Public Offering of Stock
Orange County Bancorp, Inc. (NASDAQ: OBT), parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc., has successfully priced a public offering of its common stock. The offering encompasses 1,720,430 shares at a set price of $23.25 each. Alongside this, a 30-day option has been extended to underwriters for an additional 258,064 shares, providing them with a flexible opportunity to purchase more if needed.
Proceeds from the Offering
This public offering is anticipated to generate about $40 million before deducting expenses and related discounts. Should the underwriters opt for the full purchase option, total gross proceeds could reach approximately $46 million. The proceeds will primarily support general corporate purposes, facilitating potential investments to boost the Bank’s growth and enhancing regulatory capital and liquidity. Furthermore, the company envisions these funds could be pivotal for future strategic acquisitions. However, there are currently no definitive plans regarding such acquisitions.
Expert Management Team at the Helm
Piper Sandler & Co. and Stephens Inc. are the joint book-running managers steering this offering, ensuring expert oversight and management throughout the process. The closing of this offering is expected to occur shortly, subject to the usual closing conditions expected in such transactions. This execution portrays confidence in Orange County Bancorp’s market position and growth strategy.
Regulatory Compliance and Investor Information
In compliance with regulatory requirements, the company has submitted a shelf registration statement along with a preliminary prospectus to the Securities and Exchange Commission (SEC). Investors are encouraged to read the detailed offerings provided in the prospective documents for thorough insights into both the Company and the terms of the offering. The securities, being offered are duly registered under applicable securities laws, showcasing adherence to necessary regulations. Moreover, they have not received approvals from any regulatory body pending assessments of accuracy or sufficiency of the related prospectus.
The Legacy of Orange County Bancorp, Inc.
With a legacy stretching back over 125 years, Orange County Bancorp, Inc. has made its mark in the financial sector. The institution began with a vision that has matured into a steadfast commitment to the community and its myriad business clients. Now with total assets approximating $2.6 billion, the Bank continues thriving in a competitive landscape, adapting to the evolving needs of its stakeholders.
Investor Relations Contact
For any further inquiries or detailed discussions regarding investor relations, interested parties can reach out to:
Michael Lesler
EVP & Chief Financial Officer
Email: mlesler@orangebanktrust.com
Phone: (845) 341-5111
Frequently Asked Questions
What is the amount raised through the public offering?
The public offering is expected to raise about $40 million before discounts and expenses, potentially increasing to $46 million if the underwriters fully exercise their options.
Who are the management teams for this offering?
Piper Sandler & Co. and Stephens Inc. are serving as the joint book-running managers for this public offering.
What will the proceeds from the offering be used for?
The proceeds will primarily fund general corporate purposes, including expanding regulatory capital, enhancing liquidity, and supporting potential strategic acquisitions.
When is the expected closing date for the offering?
The offering is anticipated to close soon, subject to the standard closing conditions customary in this kind of transaction.
What is the significance of the shelf registration statement?
The shelf registration statement allows the company to register securities for potential sale, ensuring regulatory compliance and giving investors access to comprehensive information about the offering.
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