Orange County Bancorp Secures Funds Through Public Offering
Orange County Bancorp Secures Additional Capital
Orange County Bancorp, Inc. (NASDAQ: OBT), the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc., recently achieved a significant milestone. The company announced that its underwriters exercised the overallotment option associated with a public offering, resulting in the issuance of an additional 258,064 shares of common stock.
Details of the Stock Issuance
This recent transaction was executed at a compelling public offering price of $23.25 per share, which is significant for the company. After accounting for underwriting discounts and commissions, the expected proceeds from this stock issuance for Orange County Bancorp are approximately $5.7 million. Such an amount provides additional funds for further investments and community commitments.
Role of the Underwriters
Piper Sandler & Co. and Stephens Inc. served as the joint book-running managers for this successful offering, demonstrating their confidence in Orange County Bancorp's position in the market.
Company Overview
Orange County Bancorp, Inc. has a rich history that spans over 125 years, stemming from the vision of its founding members. With a steadfast commitment to innovation and community service, it has developed into a successful institution with assets totaling around $2.6 billion. As part of its ongoing growth, the Hudson Valley Investment Advisors, Inc., acquired in 2012, enhances the company's suite of services as a Registered Investment Advisor based in Goshen, NY.
Conclusion and Future Outlook
The recent share issuance is a strategic move for Orange County Bancorp, positioning the company for future growth and stability. As it continues to pursue various financial opportunities, stakeholders can anticipate enhanced value and further investment in the surrounding community.
Frequently Asked Questions
What is the significance of the overallotment option?
The overallotment option allowed the underwriters to sell additional shares beyond the original offering, providing Orange County Bancorp with extra capital.
How much capital did Orange County Bancorp raise?
Through this stock issuance, the company raised approximately $5.7 million after deducting related costs.
Who managed this public offering?
Piper Sandler & Co. and Stephens Inc. were the joint book-running managers for this offering.
What is the primary business of Orange County Bancorp?
Orange County Bancorp is the parent company of Orange Bank & Trust Company, providing various financial services and solutions.
How long has Orange County Bancorp been in operation?
Established over 125 years ago, the bank has grown significantly while maintaining a commitment to community service and innovation.
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