A growing Malvern financial institution is banking on an initial public offering to deposit the capital needed to cross the critical $1 billion asset milestone, and Meridian Bank is now preparing the paperwork to make it happen.
Meridian has applied to transition its corporate structure to a new, investor-friendly holding company, according to a Philadelphia Business Journal report by Jeff Blumenthal.
“This is the right time,” CEO Chris Annas said. “It is a culmination of our growth on the wealth and mortgage side. We see opportunities in Philadelphia and its suburbs, and this will allow us to capitalize on that.”
Pending regulatory approval, the new Meridian Corp. is expecting to host an early fall IPO to raise $20 million to $30 million, which would be the asset growth equivalent of $250 million, putting Meridian over the $1 billion threshold.