Meridian Bank in Paoli, Pa., is looking to raise roughly $48 million through its initial public offering.

The $781 million-asset bank said in a press release Tuesday that it will sell 2.2 million shares of common stock for $17 to $19 each. The bank could sell another 330,000 shares if there is enough demand.

Meridian said it will use a portion of the proceeds to redeem outstanding preferred stock for roughly $13 million.

Sandler O'Neill is the sole book-running manager. Keefe, Bruyette & Woods and D.A. Davidson are the co-managers.

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