Orange County Bancorp, Inc. announced that it has received $20 million in funding
September 23, 2020
Share
Orange County Bancorp, Inc. (OTCPK:OCBI) announced a private placement of fixed- to floating-rate subordinated notes due 2030 for gross proceeds of $20 million on September 24, 2020. The transaction involved participation from 19 investors certain qualified institutional buyers and accredited institutional investors. The minimum investment accepted from any outsider investor is $100,000. The notes have a maturity date of September 30, 2030, and bear interest, payable semiannually, 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 plus 413 basis points, payable quarterly until maturity. The company has received funding pursuant to exemption provided under Regulation D.
Orange County Bancorp, Inc. is a bank holding company. Through its subsidiaries, Orange Bank & Trust Company, a New York state-chartered trust company (the Bank) and Hudson Valley Investment Advisors, Inc., a investment advisor (HVIA), 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 individuals in the Lower Hudson Valley region, the New York metropolitan area and nearby markets in Connecticut and New Jersey. Its segments include Banking Business and Wealth Management. The Banking Business segment involves the delivery of loan and deposit products to its customers through the Bank. The Wealth Management segment, which includes asset management and trust services to individuals and institutions through HVIA and the Bank, which provides trust and investment management fee income in its wealth management business segment.
ORANGE COUNTY BANCORP, INC. 
