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INDUSTRY NOTES

Orange National Begins Marketing Corporate Debt

May 19, 1987|JAMES S. GRANELLI

Positioning itself for possible future acquisitions, Orange National Bancorp has begun marketing $3 million worth of corporate debt, convertible to common stock in 1992.

The company, parent of Orange National Bank in Orange, is offering the subordinated debentures at an 8.5% interest rate during the next 60 days. Wayne F. Miller, president of the company and the bank, said he expects that the mandatory conversion provision will provide investors five years from now with stock that will be worth more than they will pay now.

He said proceeds from the bond sale will go into the bank's capital for "acquisition opportunities." He said, however, that Orange National has "absolutely no dialogue" taking place yet with any other bank.

Orange National Bank, founded in 1979, has been one of the county's top performing banks in each of the last six years. It ended 1986 with $131 million in assets and $982,000 in net income.

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