Business
Orange County Bancorp, Inc. Announces Closing of Initial Public Offering of Common Stock and Full Exercise of Underwriters' Overallotment Option
MIDDLETOWN, NY / ACCESSWIRE / August 9, 2021 / Orange County Bancorp, Inc. (Nasdaq:OBT) (the "Company"), parent company of Orange Bank & Trust Company and
About this update from Orange County Bancorp, Inc.
[{"type":"text","content":"MIDDLETOWN, NY / ACCESSWIRE / August 9, 2021 / Orange County Bancorp, Inc. (Nasdaq:OBT) (the \"Company\"), parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc., today announced the closing of its initial public offering of common stock. The Company sold 1,150,000 shares of its common stock at a public offering price of $33.50 per share, including 150,000 shares of common stock sold pursuant to the underwriters' overallotment option, which was exercised in full. The offering is expected to result in gross proceeds to the Company of approximately $38.5 million. The net proceeds to the Company, after deducting the underwriting discount and estimated offering expenses, are expected to be approximately $35.2 million.The Company's common stock now trades on the Nasdaq Capital Market under the symbol \"OBT.\"Piper Sandler & Co. and Stephens Inc. acted as joint book-running managers.A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (the \"SEC\") and was declared effective by the SEC on August 4, 2021. The offering has been made solely by means of the written prospectus forming a part of the effective registration statement. Copies of the final prospectus may be obtained from Piper Sandler & Co., 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, or by phone at 1-800-747-3924, or by email at [email protected], or Stephens Inc., 111 Center Street, Little Rock, AR 72201, or by phone at 1-800-643-9691.This press release shall not constitute an offer to sell nor the solicitation of an offer to buy, nor shall there be any sale of the common stock, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The common stock purchased in the initial public offering will not be insured by the Federal Deposit Insurance Corporation or any other governmental agency.About Orange County Bancorp, Inc.Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through ongoing innovation and an unwavering commitment to its c...