Community Bank of Orange, N.A. Completes Private Placement of Common Stock.MIDDLETOWN, N.Y. -- Community Bank of Orange, N.A. (Pink Sheets: CBOG) (the "Bank") announced today that it has successfully completed its sale of 1,400,000 shares of its common stock at $5.00 per share in a private placement offering to qualified investors (the "Offering"). The Offering yielded $7 million in gross proceeds to the Bank. Under the terms of the Offering, investors who purchased 80,000 or more shares will receive warrants to purchase additional shares, as set forth in an Amended and Restated Confidential Private Placement Memorandum private placement memorandum The documentation that provides information on a new security issue. It is similar to but less extensive than a prospectus. dated as of February 11, 2005. Moors & Cabot, Inc. acted as Placement Agent for the Bank in the Offering. Commenting on the Offering, Ronald J. Gentile, President and Chief Executive Officer of the Bank, said "Our Board of Directors and management team greatly appreciate the confidence investors have shown in the Bank by subscribing for the maximum amount of stock available in the Offering. We will use this infusion of new equity capital to implement the revised strategic plan we are in the process of developing in conjunction with our regulator, the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. (the "OCC OCC See: Options Clearing Corporation OCC See Options Clearing Corporation (OCC). "). This will include an increase in our lending limit, hiring additional loan officers, growing our commercial and residential mortgage, business and consumer lending operations, and expanding into other areas of Orange County via additional branch offices. This success will strengthen the Bank and enable us to better serve our community, shareholders, depositors, and borrowers." The Bank, founded in 2002, is headquartered in Middletown, New York Middletown is the name of two separate cities located in the U.S. state of New York:
Note: This press release may contain certain statements which are not historical facts or which concern the Bank's future operations or economic performance and which are considered forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Bank cautions that all forward-looking statements involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors, such as changing economic and competitive conditions and other risks and uncertainties. In addition, statements in this news release regarding historical stock price performance are not indicative of or guarantees of future price performance. |
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