BIRD-IN-HAND, Pa.--(BUSINESS WIRE)--Lori A. Maley, CPA, President, CEO and Vice Chairman of the Bank of Bird-in-Hand announced today that 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 $19.00 per share.
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.” He added, “The entire Board of Directors is very pleased and excited by the community’s continued support of the Bank, our past capital raises, and our unique business model. We are committed to our customers and residents of our community to build upon that success. 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.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE COMMON STOCK. THE OFFERING IS BEING MADE ONLY BY THE WRITTEN OFFERING CIRCULAR WHEN AVAILABLE.
About Bank of Bird-in-Hand
Bank of Bird-in-Hand is a community-owned bank serving Lancaster County and Western Chester County with a strong focus on agricultural, small business, and consumer lending. Its main branch and office is located at 309 North Ronks Road, Bird-in-Hand, PA 17505. It operates additional branches at 3540 Old Philadelphia Pike, Intercourse, PA 17534 and 3314 Lincoln Highway East, Paradise, PA 17562. The Bank also operates a mobile branch which has a schedule of hours of operation at nine locations in Lancaster County. In addition, the Bank intends to put two additional mobile bank branches in service in the late third or early fourth quarter of 2020, which will serve seven more locations in Lancaster and Chester counties.
As of June 30, 2020, Bank of Bird-in-Hand 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.
