The Bank of Bird-in-Hand announced that, as of Oct. 8, it has completed the offering of approximately $20 million of its common stock. The stock offering commenced on or about Sept. 14, at $19 per share. Approximately 1,052,631 new shares were issued in the offering. The shares were purchased mostly by existing shareholders, customers and members of the local community.
The net proceeds of the common stock offering will be used for general bank purposes to support the bank's growth including continuing to meet regulatory capital requirements, increasing legal lending limits, supporting lending and deposit activities and planning for the long-term future of the bank, including additional branch locations.
The Bank of Bird-in-Hand is traded over-the-counter on a limited basis within the local community and with various brokers. Those who did not have an opportunity to purchase shares in this offering should contact their broker or the bank directly.
Bybel Rutledge of Lemoyne acted as special legal counsel to the Bank of Bird-in-Hand.
Bank of Bird-in-Hand is a community-owned bank serving Lancaster County and western Chester County with a focus on agricultural, small business and consumer lending. Its main branch and office is located at 309 N. Ronks Road, Bird-in-Hand. It operates additional branches at 3540 Old Philadelphia Pike, Intercourse, and 3314 Lincoln Highway East, Paradise. The bank also operates a mobile branch, which has a schedule of hours of operation at nine locations in Lancaster County. The bank put into operation two additional mobile bank branches on Oct. 5, and these branches will serve a total of seven additional locations in Lancaster and Chester counties.
As of June 30, Bank of Bird-in-Hand had total assets of $527.5 million, total deposits of $453.2 million, total net loans of $425 million and total shareholders' equity of $57.8 million. For more details, readers may visit http://www.bihbank.com.
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