Orange County Bancorp falls after $40 million stock sale

Community bank Orange County Bancorp's OBT.O shares fall 6.7% to $23.52 premarket

Middletown, New York-based OBT late Tuesday sold its stock offering of 1.7 million shares at $23.25 apiece for gross proceeds of $40 million

Offering priced at a 7.3% discount to stock's last close

Stock closed up 1.3% at $25.09 on Tuesday

OBT plans to use the proceeds for general purposes, which include boosting regulatory capital, investments in the bank, and potential acquisitions

Co had 11.38 million outstanding shares as of March 31, per SEC filing

Piper Sandler and Stephens were the joint book-running managers for the offering

All 3 brokerages covering the stock rate it "buy" or higher; median PT $30.50 - data compiled by LSEG

As of last close, OBT shares were down 9.7% YTD