BIRD-IN-HAND, Pa.–(BUSINESS WIRE)–Bank of Bird-in-Hand announced that its latest brick-and-mortar branch located at 1795 W. Main Street, Ephrata, PA is expected to open on July 19, 2021. The Ephrata Branch will be the Bank’s fourth traditional branch office. In addition, the Bank also operates three mobile bank branches serving 16 locations in Lancaster and Chester Counties.
Further, the Bank reported that on June 23, 2021 the Board of Directors of the Bank declared a special cash dividend of $0.22 per share of common stock to shareholders of record as of August 13, 2021, and payable on September 1, 2021.
Finally, the Bank revealed that it intends to undertake a common stock offering commencing in September 2021 to further support the Bank’s continuing growth and to avail itself of market opportunities. The currently expected range of the offering is anticipated to be between $15 million and $25 million in the aggregate. The offering price per share is expected to be finalized in late August and is currently expected to be in a range of $22.00 to $25.00 per share. Offering terms are expected to be finalized in late August or early September.
“We are excited to be able to simultaneously announce the special cash dividend and the upcoming capital raise,” remarked Lori A. Maley, CPA, President and Chief Executive Officer and Vice Chairman of the Bank. “In addition, our strong overall growth and mounting demand in the Ephrata market warrants opening a traditional branch in the community. It will help us meet the growing needs of our current customers and provide a convenient platform to add new customers.”
“Furthermore, our remarkable and outstanding financial performance since our founding in December of 2013 provides us the opportunity to declare a special cash dividend. This dividend is a reward to our loyal shareholders based upon the continued growth and profitability of the Bank that reinforces our goal of creating long-term shareholder value through responsible capital allocation. This special cash dividend would not be possible without the steadfast support of our shareholders and the hard work and dedication of all our employees and the Board of Directors,” Ms. Maley continued.
Kevin J. McClarigan, Chairman of the Board, noted that “Over the past seven years, our Bank has consistently achieved above peer organic growth which the Board of Directors believes warrants us to raise capital to plan for additional future growth. The additional capital will help the Bank maintain a strong foundation on which to grow and provide the resources needed to meet the long-term goals of the Bank which include, among other things, further loan growth and additional unidentified fixed and mobile branch locations.” He added, “The entire Board of Directors is very pleased and excited by the community’s continued support of the Bank, its mission, our past capital raises, and our unique business model. We are committed to build upon that success and raising additional capital will help us continue to grow and better serve the community.”
Bybel Rutledge LLP, Lemoyne, Pennsylvania is serving as legal counsel to Bank of Bird-in-Hand in connection with the stock offering.
About Bank of Bird-in-Hand
Bank of Bird-in-Hand is a community-owned bank serving Lancaster County and western Chester 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 and 3314 Lincoln Highway East, Paradise, PA 17562. The Bank also operates three mobile bank branches called the GELT or Money Buses which have a schedule of hours of operation at 16 locations in Lancaster and Chester Counties.
As of June 30, 2021, Bank of Bird-in-Hand had total assets of approximately $665 million, total deposits of approximately $555 million, total net loans of approximately $584 million, and total shareholders’ equity of approximately $80 million.
