Bank of Bird-in-Hand Completes and Sells Out Common Stock Offering
BIRD-IN-HAND, Pa.--(BUSINESS WIRE)--Dec 21, 2018--The Bank of Bird-in-Hand (the “Bank”) announced that, as of December 19, 2018, it has completed the offering of approximately $20 million of its common stock. The stock offering commenced on or about September 6, 2018, at $14.00 per share. 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, including our Board and management team.”
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 deposit and lending activities, and planning for the long-term future of the Bank, including additional branch locations, such as the recently announced location in Paradise, PA.
“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. Our new Paradise branch, which we currently expect to open on or about April 1, 2019, will expand our footprint in eastern Lancaster County and help us better serve the community. 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.”
Bybel Rutledge LLP, Lemoyne, PA acted as special legal counsel and Commonwealth Advisors, Inc. served as financial advisor to Bank of Bird-in-Hand.
About Bank of Bird-in-Hand
Bank of Bird-in-Hand is a community-owned bank serving Eastern 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 an additional branch at 3540 Old Philadelphia Pike, Intercourse, PA 17534. The Bank also recently established a mobile branch which has a schedule of hours of operation at nine locations in Lancaster County. The unit, which is a twenty-nine-foot-long full-service mobile bank on wheels, has a built-in ATM, walk-up customer service window and also room inside for Customer Service representatives to open accounts and transact business. The Bank recently received regulatory approval to establish a branch at 3314 Lincoln Highway East, Paradise, PA 17562.
As of November 30, 2018, Bank of Bird-in-Hand had total assets of $342.9 million, total deposits of $282.6 million, total net loans of $300.7 million, and total shareholders’ equity of $49.4 million.
A Warning About Forward-Looking Statements
In addition to historical information, this document may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Bank’s market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes,” “expects,” “may,” “intends,” “will,” “should,” “anticipates,” or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. We caution readers not to place undue reliance on these forward-looking statements. They only reflect management’s analysis as of this date. Such risks, uncertainties and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: the effects of new laws and regulations, including the impact of the Tax Cut and Jobs Act and Dodd-Frank Wall Street Reform and Consumer Protection Act; effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet; technological changes; the interruption or breach in security of our information systems and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom including additional costs, reputational damage, regulatory penalties, and financial losses; ineffectiveness of the business strategy due to changes in current or future market conditions; the effects of economic deterioration on current customers, specifically the effect of the economy on loan customers’ ability to repay loans; the effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; volatilities in the securities markets; interest rate movements; and acts of war or terrorism. We do 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/20181221005305/en/
CONTACT: Lori A. Maley, CPA
President and Chief Executive Officer
Jennifer Halligan, CPA
Chief Financial Officer
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
SOURCE: Bank of Bird-in-Hand
Copyright Business Wire 2018.
PUB: 12/21/2018 10:01 AM/DISC: 12/21/2018 10:01 AM