Orange County Bancorp issues $25M 6.50% subordinated notes due 2035

Orange County Bancorp, Inc. /DE/

Issued $25M aggregate principal of 6.50% Fixed-to-Floating Rate Subordinated Notes due 2035.
Fixed rate 6.50% for first 5 years, then floats at 3-month SOFR + 320.5 bps.
Net proceeds for general corporate purposes; may refinance existing 4.25% notes due 2030.
Notes qualify as Tier 2 capital at holding company level; unsecured and subordinated.
Interest paid semi-annually during fixed period, quarterly during floating period.

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