Bank of Bird-in-Hand Completes Common Stock Offering
BIRD-IN-HAND, Pa., February 06, 2024--(BUSINESS WIRE)--The Bank of Bird-in-Hand (www.bihbank.com) (the "Bank") announced that, as of December 31, 2023, it has completed the offering of approximately $19.5 million of its common stock. The stock offering commenced on or about September 18, 2023, at $28.00 per share. Approximately 695,403 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, Chief Executive Officer and Vice Chairman of the Board stated, "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 net proceeds of the common stock offering will be used for general corporate purposes to support the Bank’s growth including, but not limited to, increasing capital to support lending and deposit activities, continuing to meet capital regulatory requirements, increasing borrower legal lending limits and planning for the long-term future of the Bank, including additional, yet currently unidentified, fixed and mobile 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’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." For information, the contact persons at the Bank are Ms. Lori A. Maley, President, CEO and Vice Chairman of the Board at lmaley@bihbank.com and Ms. Laura Blank at lblank@bihbank.com.
Bybel Rutledge LLP, Lemoyne, PA acted as special legal counsel to the Bank of Bird-in-Hand in connection with the offering.
About Bank of Bird-in-Hand
Bank of Bird-in-Hand is a community-owned bank serving Lancaster County, western Chester County, upper Dauphin County, southern Lebanon County, and northwest Berks 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; 3314 Lincoln Highway East, Paradise, PA 17562; 1759 West Main Street, Ephrata, PA 17522; 118 Doe Run Road, Manheim, PA 17545; 2483 Stiegel Pike, Schaefferstown, PA 17088; and 5414 State Route 25 Suite 101, Lykens, PA 17048. The Bank also operates three mobile bank branches called the GELT or Money Buses which have a schedule of hours of operation at 14 locations in Lancaster, Chester, and Berks Counties.
As of December 31, 2023, Bank of Bird-in-Hand had 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.
A Warning About Forward-Looking Statements
This news release may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results of Bank of Bird-in-Hand to be materially different from future results expressed or implied by such forward-looking statements. These forward-looking statements can be identified by use of terminology such as "expect", "plan", "anticipate", "believe", "estimate", and similar words that are intended to identify such forward-looking statements. These forward-looking statements are based on management’s current expectations, assumptions, estimates, and projections about the Corporation, the financial services industry, and the economy. The Private Securities Reform Act of 1995 provides safe harbor in the event the projected future operations are not met. There are a number of future factors such as changes in fiscal or monetary policy, or changes in the economic climate that will influence the Corporation’s future operations. These factors are difficult to predict with regard to how likely and to what degree or significance that they would occur. Actual results may differ materially from what may have been forecasted in the forward-looking statements. The Bank does not revise or update these forward-looking statements to reflect events or changed circumstances.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240206475398/en/
Contacts
Lori A. Maley, CPA
President, Chief Executive Officer and Vice Chairman of the Board
(717) 929-2202
lmaley@bihbank.com
