BIRD-IN-HAND, Pa.--(BUSINESS WIRE)--The Bank of Bird-in-Hand (www.bihbank.com) announced that, as of October 8, 2020, it has completed the offering of approximately $20 million of its common stock. The stock offering commenced on or about September 14, 2020, at $19.00 per share. Approximately 1,052,631 new shares were issued in the offering. The shares were purchased mostly by existing shareholders, customers and members of the local community.
Lori A. Maley, CPA, President and Chief Executive Officer of the Bank, stated, “We are delighted with the strong demand we experienced for our common stock offering. The fact that we were able to sell approximately $20 million in shares 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 net proceeds of the common stock offering will be used for general bank purposes to support the Bank’s growth including, but not limited to, continuing to meet regulatory capital requirements, increasing legal lending limits, supporting lending and deposit activities, and planning for the long-term future of the Bank, including additional branch locations.
“On behalf of the Bank, I want to thank everyone who purchased common stock in the offering,” Ms. Maley added. “The new capital will support the continued growth of the Bank for the foreseeable future including establishing new branches, both fixed and mobile. Even though we have completed the offering, we are aware that people have expressed a continuing interest in purchasing our shares. The Bank is traded over-the-counter on a limited basis within the local community and with various brokers. Those who did not have an opportunity to purchase shares in this offering should contact their broker or the Bank directly.” For information, the contact person at the Bank is Ms. Denise Rautzhan, Chief Financial Officer.
Bybel Rutledge LLP, Lemoyne, PA acted as special legal counsel to the Bank of Bird-in-Hand.
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 put into operation two additional mobile bank branches on October 5, which will serve seven additional 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.
