Philadelphia, PA/October 10, 2018—Hyperion Bank has completed its capital raise of $18,267,397 in new funds, announced Charlie Crawford, Hyperion’s Chairman and CEO. The tiered initiative to increase the Bank’s capital began in late 2017 with a Rights Offering focused on existing shareholders, and this offering was fully subscribed at $3,500,000. A Common Stock Offering commenced in May 2018; this Offering exceeded its initial $10 million goal, raising a total of $14,767,397 from current and new investors when it closed on September 30, 2018.
Commenting on the capital raise, Crawford said, “The response to both Offerings was particularly gratifying, as it included original shareholders, new shareholders, institutional participation, and the Bank’s employees and management.”
“The new capital will enable the Bank to make commercial loans up to $3 million, and create value for all of our stakeholders by delivering on a customer-focused “high touch” service model that strives to provide a better banking experience for our individual and business clients. In the past year, Hyperion Bank has hired a new Chief Financial Officer and Branch Manager, expanded our Customer Service and Credit departments with additional new staff, upgraded our mobile and online banking technology, and launched a new Residential Mortgage Lending department. We look forward to continued growth as we serve the greater Philadelphia community,” added Crawford.
Crawford joined Hyperion Bank as CEO on August 7, 2017. Extending a 30-year career in banking that includes founding three successful community banks in Atlanta, Georgia, Crawford returned to Philadelphia, where he earned dual degrees in economics and management from The Wharton School of the University of Pennsylvania. He was unanimously elected to the Board of Directors of the Pennsylvania Association of Community Bankers in November 2017.