Bank of Bird-in-Hand Announces Pricing of Capital Offering
Lori A. Maley, CPA, President, CEO and Vice Chairman of Bank of Bird-in-Hand released additional details today about the Bank's previously announced common stock offering. The Bank will seek to raise $15 million in newly issued common shares which will be priced at $28.00 per share. The minimum purchase amount is $28,000.00 based on a subscription of 1,000 shares at $28.00 per share. In the event that the demand for shares exceeds $15 million, the Board may increase the offering amount up to $30 million. It is expected that the offering will launch on or about September 18, 2023, and shareholders and others who have expressed interest in purchasing stock will receive offering materials via email or through the U.S. Postal Service. Proceeds of the offering will be used primarily to further support the Bank's continuing growth.
Kevin J. McClarigan, CPA, Chairman of the Board, noted that "While the past 24 months have been extremely challenging for the national economy and business environment, our community and customers have rallied together and have shown amazing resiliency. The Bank's growth over the past two years has been nothing short of tremendous, and the momentum we have achieved makes this offering a key strategic initiative for us and will enable the Bank to continue to grow and support the local community. We are blessed to be in the fortunate position to make such a meaningful impact on the people and businesses that we call neighbors and friends."
The Bank anticipates raising the capital from shareholders, retail investors, and the community.
Bybel Rutledge LLP, Lemoyne, Pennsylvania is serving as legal counsel to Bank of Bird-in-Hand in connection with the stock offering.
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 WHEN AVAILABLE.
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; and 2483 Stiegel Pike, Schaefferstown, PA 17088. The Bank also operates four mobile bank branches called the GELT or Money Buses which have a schedule of hours of operation at 16 locations in Lancaster, Chester, Dauphin and Berks Counties.
As of June 30, 2023, Bank of Bird-in-Hand had total assets of approximately $1.242 billion, total deposits of approximately $999 million, total net loans of approximately $1.061 billion, and total shareholders' equity of approximately $118 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 risk, 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.
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