Orange County Bancorp in Middletown, N.Y., plans to raise $37.5 million through a public offering.
The $2.6 billion-asset company disclosed in a regulatory filing that it plans to sell 1.7 million shares of common stock. It could sell another 258,000 shares if there is enough demand.
The company plans to use the net proceeds for general corporate purposes, which could include investments in its bank to support growth, augment regulatory capital and liquidity, and provide for potential acquisitions. Orange County said it has no current plans tied to a specific acquisition.
Piper Sandler and Stephens are the joint book-running managers.