Orange County Bancorp Inc. has closed a stock offering that raised $16.4 million.
The Middletown bank sold 566,783 shares priced at $29 per share, according to a news release, in a private placement offering to accredited investors.
The stock offering netted $16 million. The bank said it plans to use the funds for general purposes, such as more lending, trust and banking activities and improving efficiency at the branch offices.
The bank’s strategy is to increase its market share in business banking in Orange, Rockland and Westchester counties, Michael Gilfeather, president and CEO, said in the news release.
Orange County Bancorp had $1.07 billion in assets as of Sept. 30, $684 million in loans and $949.8 million in deposits. Net income in the third quarter was $2.03 million, according to unaudited financial results. That was an increase of $488,000, or 31.7 percent, from the second quarter.