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.