Bank of Bird-in-Hand Completes and Sells Out Common Stock Offering
The Bank of Bird-in-Hand (www.bihbank.com) (the "Bank") announced that, as of October 22, 2021, it has completed the offering of approximately $25 million of its common stock. The stock offering commenced on or about September 13, 2021, at $23.00 per share. Approximately 1,086,956 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. The fact that we were able to sell approximately $25 million of common stock in such a short period of time demonstrates the confidence the community and our shareholders have 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, to increase 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 may 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 [email protected] and Mr. Robert Fenwick, Acting-Chief Financial Officer at [email protected].
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; 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 September 30, 2021, Bank of Bird-in-Hand had total assets of approximately $712 million, total deposits of approximately $586 million, total net loans of approximately $629 million, and total shareholders' equity of approximately $96 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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