Meridian Bank crossed the $1 billion-asset threshold in the first quarter, after seeing its assets jump from $997 million in the previous quarter to $1.02 billion, writes Jeff Blumenthal for the Philadelphia Business Journal.
“It’s a big moment for us,” Meridian Bank CEO Chris Annas said, “just to see our plans come together over time and reach fruition.”
While banks that pass the $1 billion-asset threshold usually start to attract interest from potential buyers, Annas said he plans to keep Meridian Bank independent. He also believes the bank’s value will only continue to increase as it becomes bigger and improves profitability.
The bank’s current goal is to reach a level of profitability that would attract investors who could help it reach between $3 billion to $5 billion in assets.
Read more about Meridian Bank’s milestone achievement in the Philadelphia Business Journal here.
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