The Bank of Bird-in-Hand introduced that, as of the top of final yr, it accomplished the providing of roughly $19.5 million of its widespread inventory.
The inventory providing started on or about Sept. 18, 2023, at $28 per share. Approximately 695,403 new shares have been issued within the providing, largely bought by present shareholders, prospects and area people members.
Lori A. Maley, the financial institution’s president, CEO and vice chairman of the board, acknowledged in a launch, “We are delighted with the strong demand we experienced for our common stock offering, especially in this 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.”
The internet proceeds will probably be used for normal company functions to help the financial institution’s progress together with, however not restricted to, growing capital to help lending and deposit actions; persevering with to satisfy capital regulatory necessities; growing borrower authorized lending limits; and planning for the long-term future, together with further mounted and cell department places.
“On behalf of the bank, I want to thank everyone who purchased common stock in the offering,” Maley added. “The new capital will support the continued growth of the bank for the foreseeable future. … Even though we have completed the offering, we are aware that people have expressed a continuing interest in purchasing our shares. The bank’s common stock trades only on a very limited basis in private transactions in the local over-the-counter market. Those who did not have an opportunity to purchase shares in this offering should contact the bank directly.”
Bank of Bird-in-Hand is a community-owned financial institution serving Lancaster County, western Chester County, higher Dauphin County, southern Lebanon County and northwest Berks County with a robust give attention to agricultural, small business and client lending.
As of Dec. 31, 2023, Bank of Bird-in-Hand had complete belongings of roughly $1.363 billion, complete deposits of roughly $1.089 billion, complete internet loans of roughly $1.182 billion and complete shareholders’ fairness of roughly $141 million.
Paula Wolf is a contract author
