Bank of Bird-in-Hand reports on the progress of the share offering
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BIRD-IN-HAND, Pa .– (BUSINESS WIRE) – The Bank of Bird-in-Hand (the “Bank”) announced that as of September 23, 2021, it had received and accepted subscriptions for 652,173 shares of its common shares for aggregate gross proceeds of $ 15,000,000, before deduction of offering costs, through the previously announced share offer of its common shares. Due to strong demand, the Board of Directors approved increasing the amount of the offer to a maximum of approximately $ 25 million, from $ 15 million, as forecast by the offer.
The Bank began the offering of common shares on September 13, 2021, at $ 23.00 per share, up to approximately $ 15 million of common stock with the right to increase the amount of the offer until to approximately $ 25 million, at the sole discretion of the board. in case the demand for shares exceeded $ 15 million. The Bank raises capital from shareholders, retail investors and the community.
Kevin J. McClarigan, CPA, Chairman of the Board, said, “We are excited and touched by the strong demand we have experienced for our latest common share offering. We believe this overwhelmingly positive response expresses the strong confidence of our shareholders and the community in our Board of Directors, our management team and the long-term future of the Bank.
The net proceeds from the offering of common shares will be used for general banking purposes to support the growth of the Bank, including, but not limited to, capital increase to support lending and deposit activities. , continue to meet regulatory capital requirements, increase legal lending limits per borrower, and plan for the Bank’s long-term future, including additional fixed and mobile branches, as yet unidentified.
The offering of common shares will close at 11:59 p.m. local time in effect at Bird-in-Hand, Pa., On December 31, 2021, unless extended by the Bank for an additional period not exceeding not 90 days from it or unless it is “sold out”. However, the Bank reserves the right to withdraw or terminate the Offer at any time and to return unsuccessful subscriptions to subscribers.
Offer documents are available at the Bank or by contacting Lori A. Maley, CPA President, CEO and Vice-Chairman of Board, Bank of Bird-in-Hand, 309 North Ronks Road, Bird-in-Hand, PA 17505 .
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO PURCHASE JOINT SHARES. OFFER IS MADE ONLY BY WRITTEN OFFER CIRCULAR.
About Bank of Bird-in-Hand
Bank of Bird-in-Hand is a community-owned bank serving Lancaster County and West Chester County with a focus on agricultural, small business and consumer loans. Its branch and main office are 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 known as “GELT” or “Money Buses” which operate hours 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 lending of approximately $ 604 million, and equity. totals of approximately $ 81 million.
A warning regarding 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 losses per share, composition and quality of assets, growth prospects, capital structure, and other financial conditions, (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 may be identified by the use of forward-looking terms such as “believes”, “expects”, “may”, any of the foregoing or other variations thereof or comparable terminology, or through a discussion of the 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 forward-looking statements. We caution readers not to place undue reliance on these forward-looking statements. They only reflect management’s analysis on that date. The Bank does not revise or update these forward-looking statements to reflect events or changes in circumstances.
Lori A. Maley, CPA
President, CEO and Vice-Chairman of the Board
Source: Bird bank in hand