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.
