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Orange County Bancorp, Inc. Announces Successful Initial Public Offering of Common Stock

Strategic Insights

— 2 min read

Orange County Bancorp, Inc., the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc., has successfully closed its initial public offering of common stock. The offering, which was up-sized from the previously announced size of 900,000 shares to 1,000,000 shares, was priced at $33.50 per share, resulting in gross proceeds 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." The offering was made solely by means of a written prospectus, and copies of the final prospectus may be obtained from the joint book-running managers, Piper Sandler & Co. and Stephens Inc.

The Company's founder, Orange Bank & Trust Company, has grown significantly over the past 125 years, with total assets exceeding $2.0 billion. Hudson Valley Investment Advisors, Inc., a Registered Investment Advisor in Goshen, NY, was founded in 1996 and acquired by the Company in 2012.

Key Takeaways:

  • Orange County Bancorp, Inc. successfully closed its initial public offering of 1,000,000 shares of common stock at a public offering price of $33.50 per share, resulting in gross proceeds 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 of the offering.
  • The offering was done solely by means of a written prospectus, with copies available from Piper Sandler & Co. and Stephens Inc.
  • The Company's founder, Orange Bank & Trust Company, has grown significantly over the past 125 years, with total assets exceeding $2.0 billion.
  • Hudson Valley Investment Advisors, Inc., a Registered Investment Advisor in Goshen, NY, was founded in 1996 and acquired by the Company in 2012.

Statistics:

  • 1,000,000 shares of common stock were sold at a public offering price of $33.50 per share, resulting in gross proceeds 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 trades on the Nasdaq Capital Market under the symbol "OBT."
  • The offering was up-sized from the previously announced size of 900,000 shares to 1,000,000 shares.

Sources:

  • [Orange County Bancorp, Inc. Announces Pricing of Upsized Initial Public Offering of Common Stock, August 4, 2021](https://www.prnewswire.com/news-releases/orange-county-bancorp-inc-announces-pricing-of-unsized-initial-public-offering-of-common-stock-301300308.html)
  • [Orange County Bancorp, Inc. Announces Closing of Initial Public Offering of Common Stock and Full Exercise of Underwriters' Overallotment Option, August 9, 2021](https://www.prnewswire.com/news-releases/orange-county-bancorp-inc-announces-closing-of-initial-public-offering-of-common-stock-and-full-exercise-of-underwriters-overallotment-option-301350578.html)

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