BIRD-IN-HAND, PA — The Bank of Bird-in-Hand recently announced the successful completion of its common stock offering. The bank managed to raise around $19.5 million from the sale of approximately 695,403 new shares at $28 per share. The offering, which commenced on September 18, 2023, saw participation mainly from existing shareholders, customers, and members of the local community.
Lori A. Maley, the bank’s President, CEO, and Vice Chairman of the Board, expressed satisfaction with the strong demand for the offering, especially considering the current economic environment. “The fact that we were able to sell approximately $19.5 million of common stock in such a short period of time demonstrates the confidence the community has in the Bank, especially in our Board, management team and business strategy,” stated Maley.
The funds raised will be used for general corporate purposes to support the Bank’s growth. These include increasing capital to support lending and deposit activities, continuing to meet capital regulatory requirements, increasing borrower legal lending limits, and planning for the bank’s long-term future. This may involve establishing additional yet currently unidentified fixed and mobile branch locations.
Maley expressed her gratitude to everyone who participated in the offering. “The new capital will support the continued growth of the Bank for the foreseeable future, including establishing new branches, both fixed and mobile,” she said. She also reassured those who missed the opportunity to purchase shares in the offering that the bank’s common stock trades on a very limited basis in private transactions in the local over-the-counter market and encouraged them to contact the bank directly.
The Bank of Bird-in-Hand relied on the legal expertise of Bybel Rutledge LLP, Lemoyne, PA, as special legal counsel in connection with the offering.
Founded in 2013, Bank of Bird-in-Hand is a community-owned bank with a strong focus on agricultural, small business, and consumer lending. The bank serves Lancaster County, western Chester County, upper Dauphin County, southern Lebanon County, and northwest Berks County. It operates seven fixed branches and three mobile branches known as GELT or Money Buses, providing banking services at 14 locations in Lancaster, Chester, and Berks Counties.
As of December 31, 2023, Bank of Bird-in-Hand reported total assets of approximately $1.363 billion, total deposits of approximately $1.089 billion, total net loans of approximately $1.182 billion, and total shareholders’ equity of approximately $141 million. The successful stock offering and the resulting capital boost position the Bank of Bird-in-Hand for further growth and expansion, solidifying its standing as a trusted community bank in Pennsylvania.
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