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.

Meridian operates three retail branches in Pennsylvania. It also operates a mortgage office in Plymouth Meeting, Pa.

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