Hyperion in Philadelphia looks to form holding company
Hyperion Bank in Philadelphia is forming a holding company.
The $222 million-asset bank said in a Friday press release that its shareholders had approved a plan to create Hyperion Bancshares. The bank said it expects regulatory approval by the end of this year.
The board “recognized that a bank holding company offers greater flexibility and positions the organization to take advantage of future opportunities," Charlie Crawford, Hyperion’s chairman and CEO, said in the release.
"The holding company is a very common structure for community banks because, among other things, of the flexibility it provides for capital," Crawford added. "We're undertaking this to ensure we're best positioned to leverage future opportunities."
Crawford said the bank has no immediate plans to raise capital.
The bank has been aggressively expanding, opening an Atlanta branch in 2019 and creating a mortgage joint venture earlier this year.