The Bank of Bird-in-Hand plans to undertake a common stock offering – anticipated to be between $15 million and $30 million in the aggregate – starting in September to further support the bank’s continuing growth and to take advantage of market opportunities, announced President and CEO Lori A. Maley.
The offering price per share, expected to be finalized in late August, is projected to be in the range of $25 to $30. Terms should be finalized in late August or early September.
Bank of Bird-in-Hand anticipates raising the capital from shareholders, retail investors and the community. The bank most recently made a common stock offering two years ago.
Maley, who is also vice chairman of the board of directors, said in a release, “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.”
Added Kevin J. McClarigan, Bank of Bird-in-Hand’s chairman of the board, “Additional capital, specifically common stock, will provide the bank with the resources to build on (its) 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. The entire board … 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.”
Paula Wolf is a freelance writer