Orange County Bancorp, Inc. (the "Company") announced completion of a private placement of $20 million in aggregate principal amount of fixed-to-floating rate subordinated notes due 2030 (the "Notes") to certain qualified institutional buyers and accredited institutional investors. The Notes have a maturity date of September 30, 2030 and bear interest, payable semi-annually, at the rate of 4.25% per annum, until September 30, 2025. Commencing on that date, the interest rate applicable to the outstanding principal amount due will reset quarterly to an interest rate per annum equal to the then current three-month secured overnight financing rate (SOFR) plus 413 basis points, payable quarterly until maturity. The Notes received an A- rating from Egan-Jones Ratings Company. The Company intends to use the net proceeds for general corporate purposes, including to support organic growth and potential stock repurchases. Piper Sandler &Co. served as sole placement agent for the offering. Luse Gorman, PC, served as legal counsel to Orange County Bancorp, Inc. and Covington &Burling LLP served as legal counsel to Piper Sandler &Co.