Meridian Bank, a commercial bank with 22 locations in the Philadelphia MSA, announced in a press release that it launched an initial public offering. The offering will be made only by means of an offering circular.
The Malvern, PA-based company plans to raise $40 million by offering 2.2 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Meridian Bank would command a fully diluted market value of $107 million.
Meridian Bank was founded in 2004 and booked $69 million in revenue for the 12 months ended June 30, 2017. It plans to list on the Nasdaq under the symbol MRBK. Sandler O'Neill is the sole bookrunner on the deal.
