Meridian Bank in Malvern, Pa., has raised $13.8 million through a sale of common stock.
The $663 million-asset Meridian sold its shares to new institutional investors through a private placement, it said in a news release. It plans to use the proceeds to expand lending and its residential mortgage group, and to open two loan offices in Blue Bell and Doylestown, Pa., this year.
The bank did not disclose additional financial details of the stock sale, including the number of shares sold.
-
Severn Bancorp in Annapolis, Md., has agreements in place to raise $11 million through a private placement of common stock.
April 15 -
WSFS Financial has been around nearly two centuries, and CEO Mark Turner is going for another two. Has he found the road map for success?
February 24 -
Anthony Weagley is combining a new emphasis on wealth management with Malvern's reputation as a small-town community bank to bolster the Pennsylvania company's financial performance.
January 20
Meridian operates three retail branches in Pennsylvania. It also operates a mortgage office in Plymouth Meeting, Pa.