PHILADELPHIA, June 18 /PRNewswire/ -- Hyperion Bank, located in the Northern Liberties area of Philadelphia, announced that it has commenced offering up to 533,334 Units at a price of $3.75 per Unit. Each Unit consists of one share of Hyperion Bank common stock and one warrant to purchase a share of common stock at an exercise price of $7.25. The warrants are exercisable prior to March 31, 2015. Hyperion has reserved the right to increase the size of the offering up to 800,000 Units.
Hyperion Bank opened its doors for business a little over three years ago after lovingly restoring a once-beautiful neighborhood landmark back to its former glory. "We chose to be here and make an investment in the community as the start of our commitment to the on-going economic resurgence of this neighborhood and, indeed, the overall Philadelphia area. We have grown our assets to over $90 million and have loaned over $75 million to local businesses and consumers to help them support a thriving local economy. Imagine that, a bank that actually lends money…what a concept! At Hyperion Bank, it's always about building a better community," stated Joe Matisoff, President & CEO.
The proceeds from this offering will provide the Bank with additional capital to support continued loan growth and enable the Bank to continue to satisfy regulatory capital requirements. The additional income is expected to increase net income in the coming quarters and enhance overall profitability.
Complete terms and additional important information regarding the offering is contained in the offering circular. A copy of the offering circular may be obtained by contacting Suzanne Mooney, at 215-789-4198 or by email at SMooney@HyperionBank.com.
This press release is neither an offer to sell nor a solicitation of an offer to buy Units. Solicitations of offers to buy Units will be made only through the offering circular. The Units (including the common stock and the warrants) are neither insured nor guaranteed by the Federal Deposit Insurance Corporation.
Hyperion is hosting an informal meeting that is open to members of the public on Wednesday, June 30 at 7:00 p.m. at the new headquarters of FINANTA, 1301 North Second Street for a brief presentation describing the Bank and the offering, followed by a Q&A session.
Hyperion Bank is the first community bank to locate in the urban part of Philadelphia in more than 20 years. Its original site was chosen because of the area's extensive residential redevelopment, expanding small businesses and deep-rooted neighborhood residents. Restored to its original 1871 grandeur, the stately 11,000 square-foot headquarters and first branch, located at 2nd Street and Girard Avenue, is a signature footprint in the area's urban revitalization. Hyperion Bank is a full service retail and commercial bank. Its website is www.HyperionBank.com.
Some of the statements in this release may constitute "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements about our current expectations, plans, strategies, prospects, and projections about future events. Such statements are based on our current expectations and projections about future events that could be affected by numerous factors and are, therefore, subject to various risks and uncertainties discussed in the offering circular. It is not possible to foresee or identify all such factors. Do not rely on any forward-looking statement, as we cannot predict or control many of the factors that ultimately may affect our ability to achieve the results estimated. Forward-looking statements are not a guarantee of future performance and actual results or developments may differ materially from expectations. We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.
SOURCE Hyperion Bank