N.Y. bank raises $16M to expand in adjacent markets

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Orange County Bancorp in Middletown, N.Y., has raised $16.4 million in a private placement.

The $1.1 billion-asset company said in a press release Wednesday that it sold nearly 570,000 shares of its common stock at $29 a share.

The company said it plans to use the net proceeds for general corporate purposes, including providing capital to its bank and an expansion of its lending, trust and private banking activities. The company said it could also make efficiency improvements to its branch network.

“This offering was a true community effort as we focused on company ‘friends and family’ — our customers and colleagues — for the capital raise,” Michael Gilfeather, the company’s president and CEO, said in the release.

“Completion of this offering is consistent with our strategic plan to grow business banking market share in our legacy market of Orange County, as well as our exciting new opportunities we’ve identified in Rockland County and Westchester County,” Gilfeather added.

Luse Gorman advised the company.

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