Huntingdon Valley Bank’s IPO Raises $20 Million

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Huntingdon Valley Bank has raised $20 million in additional capital during its carefully and successfully planned transition into a publicly traded institution.

Huntington Valley Bank LogoHuntingdon Valley Bank has raised $20 million in additional capital during its highly successful initial public offering that has transformed it into a publicly traded institution, writes Jeff Blumenthal for Philadelphia Business Journal.

The Huntingdon Valley Bank, which now trades on the Nasdaq Stock Market under the ticker “HVBC,” entered the market at $10 per share and quickly climbed to $14.

The Montgomery County bank with $204 million in assets can now add these IPO funds to its existing $13 million in available capital. CEO Travis Thompson stated that the bank’s next step is to execute a three-year plan that will grow its balance sheet to over $300 million in assets.

The local financial institution, which has its corporate headquarters in Huntingdon Valley, currently has four full-service branch locations. Two are in Huntingdon Valley and the others are in Plumsteadville and Warrington. It also has a limited service location in an assisted-living facility in Northeast Philadelphia and a mortgage department in Warminister.

According to Thompson, the bank is not currently planning to add any new locations, but has instead decided to invest in new banking options such as online and mobile banking and mobile check capture.

Read more about the transition at Philadelphia Business Journal by clicking here.

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