The Bank of Bird-in-Hand (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.
