Bank of Bird-in-Hand (the
“Bank”) announced the completion of its reorganization as a wholly owned
subsidiary of GELT Bancorp, Inc. (the “Bancorp”) effective October 1, 2024. The
Bank’s shareholders approved the reorganization at the June 17, 2024, Annual
Shareholder Meeting. Shareholders have the same rights and ownership percentage
in the new Bancorp as they currently have in the Bank. Each existing
shareholder of Bank of Bird-in-Hand will receive an equal number of shares of
GELT Bancorp, Inc. common stock in exchange for their Bank stock.
As previously announced, the
Board of Directors believes that the reorganization allows the Bank to continue
its mission of providing cost-effective and quality financial services to the
community. The Board believes the Bank will be better able to compete in a
challenging and continually changing financial services market with this new
organizational structure which provides more capital options to finance the
future growth of the Bank.
The Bancorp formation will
not impact the Bank’s operations, and there will be no changes to the company’s
headquarters or management. The Bank will continue to provide its full range of
financial services comprised of personal and business lending and deposit
services.
Lori A. Maley, CPA
