BIRD-IN-HAND, PA — Lori A. Maley, CPA, President, CEO and Vice Chairman of the Bank of Bird-in-Hand recenlty announced that the Bank intends to undertake a common stock offering commencing in September 2023 to further support the Bank’s continuing growth and to avail itself of market opportunities. The current range of the offering is anticipated to be between $15 million and $30 million in the aggregate. The offering price per share is presently expected to be finalized in late August and is anticipated to be in a range of $25.00 to $30.00 per share. Offering terms are currently expected to be finalized in late August or early September.
Kevin J. McClarigan, CPA, 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 the residents of our community to build upon that success. Raising additional capital will help us continue to grow and better serve the community.”
Lori A. Maley, CPA, Vice Chairman of the Board, President and CEO noted that “Over the past nine years, our Bank has consistently achieved above-peer organic growth, including crossing the milestone of $1 billion in assets during 2022, which the Board of Directors believes warrants us to raise capital to plan for additional future growth. The additional capital will help the Bank maintain a strong foundation on which to grow and will allow the Bank to continue to serve underserved communities.”
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
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and Microsoft Start.