Orange County Bancorp falls after $40 million stock sale

Orange County Bancorp

04/06/2025 14:04

** Community bank Orange County Bancorp's OBT.O shares fall 6.7% to $23.52 premarket

** Middletown, New York-based OBT late Tuesday sold its stock offering of 1.7 million shares at $23.25 apiece for gross proceeds of $40 million

** Offering priced at a 7.3% discount to stock's last close

** Stock closed up 1.3% at $25.09 on Tuesday

** OBT plans to use the proceeds for general purposes, which include boosting regulatory capital, investments in the bank, and potential acquisitions

**  Co had 11.38 million outstanding shares as of March 31, per SEC filing

** Piper Sandler and Stephens were the joint book-running managers for the offering

** All 3 brokerages covering the stock rate it "buy" or higher; median PT $30.50 - data compiled by LSEG

** As of last close, OBT shares were down 9.7% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))