The board of directors Bank of Bird-in-Hand recently voted to form a bank holding company.
GELT Bancorp is the name proposed for the bank holding company, and it would have its headquarters in Bird-in-Hand, Pa. Its formation will not impact the bank’s operations.
The new company is subject to shareholder and regulatory approval. If approved, Bank of Bird-in-Hand would become a subsidiary of GELT Bancorp.
Current bank shareholders of the bank would become shareholders of GELT Bancorp with the same rights and ownership percentage.
The board believes the bank will be better able to compete in financial service markets by adopting the new organizational structure and that its formation is part of the bank’s strategic plans. The board also believes the holding company structure will provide the most effective organizational structure.
Bank of Bird-in-Hand is a community-owned bank providing personal and business lending and deposit services. It serves Lancaster County, western Chester County, upper Dauphin County, southern Lebanon County, and northwest Berks County, and operates three mobile bank branches.
Assets totaled approximately $1.403 billion as of March 31. Deposits totaled approximately $1.127 billion, net loans totaled approximately $1.236 billion, and shareholders’ equity totaled approximately $143 million.
Lori A. Maley is president and CEO.