Bank of Bird-in-Hand Reports on Progress of Stock Offering
The Bank of Bird-in-Hand (the "Bank") announced that, as of September 23, 2021, it has received and accepted subscriptions for 652,173 shares of its common stock for aggregate gross proceeds of $15,000,000, before deducting offering expenses, through the previously announced stock offering of its shares of common stock. Due to the overwhelming demand, the Board of Directors has approved the increase in the offering amount to a maximum of approximately $25 million up from $15 million, as provided by the Offering.
The Bank commenced the common stock offering on September 13, 2021, at $23.00 per share, of up to approximately $15 million of common stock with the right to increase the offering amount up to approximately $25 million, at the sole discretion of the Board of Directors in the event that demand for the shares exceeded $15 million. The Bank is raising the capital from shareholders, retail investors, and the community.
Kevin J. McClarigan, CPA, Chairman of the Board, stated, "We are excited and humbled by the strong demand we have experienced for our latest common stock offering. We believe that this overwhelmingly positive response expresses the solid faith of our shareholders and community in our Board, management team and the long-term future of the Bank."
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, increasing capital to support lending and deposit activities, continuing to meet regulatory capital requirements, increasing per borrower legal lending limits, and planning for the long-term future of the Bank, including additional, yet currently unidentified, fixed and mobile branch locations.
The common stock offering will terminate at 11:59 p.m. local prevailing time in Bird-in-Hand, Pennsylvania on December 31, 2021, unless extended by the Bank for an additional period not to exceed 90 days therefrom or unless "sold out". The Bank reserves the right, however, to withdraw or terminate the Offering at any time and return unaccepted subscriptions to subscribers.
Offering materials are available at the Bank or by contacting Lori A. Maley, CPA President, CEO and Vice Chairman of the Board, Bank of Bird-in-Hand, 309 North Ronks Road, Bird-in-Hand, Pennsylvania 17505.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE COMMON STOCK. THE OFFERING IS BEING MADE ONLY BY THE WRITTEN OFFERING CIRCULAR.
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; 3314 Lincoln Highway East, Paradise, PA 17562; and 1759 West Main Street, Ephrata, PA 17522. The Bank also operates three mobile bank branches called the "GELT" or "Money Buses" which have a schedule of hours of operation at 16 locations in Lancaster and Chester Counties.
As of August 31, 2021, Bank of Bird-in-Hand had total assets of approximately $698 million, total deposits of approximately $586 million, total net loans of approximately $604 million, and total shareholders' equity of approximately $81 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. The Bank does not revise or update these forward-looking statements to reflect events or changed circumstances.
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