Hopes To Raise Up To $20 Million For Continued Growth
September 2, 2020
Lori A. Maley, president, CEO and vice chairman of the Bank of Bird-in-Hand announced the bank intends to undertake a common stock offering commencing in September 2020 to further support the bank’s continuing growth. The currently expected range of the offering is anticipated to be between $15 million and $20 million in the aggregate. The offering price per share is currently expected to be $19.
Kevin J. McClarigan, chairman of the board, noted that “Since the bank opened in December 2013, we have achieved remarkable organic growth. Additional capital, specifically common stock, will provide the bank with the resources to build on that growth and plan for the long-term future of the bank, including additional loan growth and yet currently unidentified, branch locations, both fixed and mobile.”
McClarigan added, “The entire board … is excited by the community’s continued support, our past capital raises, and our unique business model. Raising additional capital will help us continue to grow and better serve the community.”
The bank anticipates raising the capital from shareholders, retail investors, and the community. Bybel Rutledge LLP, Lemoyne, Pennsylvania is serving as legal counsel to Bank of Bird-in-Hand in connection with the stock offering.
Bank of Bird-in-Hand, based in Bird-In-Hand, Pennsylvania, is a community-owned bank serving Lancaster County and Western Chester County with a strong focus on agricultural, small business, and consumer lending. As of June 30, 2020, the bank had total assets of $527.5 million, total deposits of $453.2 million, total net loans of $425.0 million, and total shareholders’ equity of $57.8 million.
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The Bottom Line
Pennsylvania Bank Flush With Cash And Looking To Spend It