Orange County Bancorp, a new York bank with 14 full-service branches across the Lower Hudson Valley, announced terms for its IPO on Thursday. The company is currently listed on the OTCQX (OCBI).
The Middletown, NY-based company plans to raise $30 million by offering 0.9 million shares at a price range of $32 to $35. At the midpoint of the proposed range, Orange County Bancorp would command a fully diluted market value of $184 million.
Orange County Bancorp is a bank holding company that operates through its wholly owned subsidiaries Orange Bank & Trust and Hudson Valley Investment Advisors. The company offers full-service commercial and consumer banking products and services and trust and wealth management services to small businesses, middle-market enterprises, local municipal governments, and affluent individuals. It also offers a variety of deposit accounts to businesses and consumers, including a full line of municipal banking accounts, through its 14 branch offices and one loan production office. As of March 31, 2021, the company had $1.9 billion in assets, $1.2 billion in loans, $1.7 billion in deposits, and $135 million in stockholders' equity.
Orange County Bancorp was founded in 1892 and booked $63 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol OBT. Piper Sandler, and Stephens Inc. are the joint bookrunners on the deal. It is expected to price during the week of August 2, 2021.
