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Orion Bancorp raises $25 million in private placement

Posted on: Wed, 01 Jul 2009 15:03:00 EDT

Symbols: OBCP

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Jul 01, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
OBCP | Quote | Chart | News | PowerRating -- Orion Bancorp, Inc., a US-based provider of commercial and personal banking services, has raised $25 million through a private placement of equity shares.

The securities in the offering have been sold to two investors.

Deal Value (US$ Million) 25
Deal Type                Private Placement
Sub-Category             None
Deal Status              Completed: 2009-06-30

Deal Participants

Target (Company)   Orion Bancorp, Inc. (Formerly: FirstBancorp, Inc.)
Acquirer (Company) Undisclosed Investors

Deal Rationale

Orion Bancorp intends to use the gross proceeds of the offering for payments to executive officers, directors, or promoters.

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