After outgrowing its Malvern headquarters, Meridian Bank has purchased a 32,800-square-foot office building in Exton.

The site will be used for the expansion of the financial services company, writes Natalie Kostelni for the Philadelphia Business Journal.

Meridian bought 367 Eagleview Boulevard for $3.69 million from Willner Properties, which acquired the site that was vacated by Catholic Health Initiatives nearly a year ago.

Meridian went on the search for more space after Sept. 13, when all employees returned to the office following months of COVID-related remote work.

Soon after, Chris Annas, CEO and founder of the bank, realized that Meridian’s 29,000-square-foot building at 9 Old Lincoln Highway in Malvern was inadequate for current needs.

“We didn’t have enough seats,” he said. “We are growing quickly here.”

The bank has a total of 440 employees, 160 of whom work at its headquarters. Approximately 70 of those employees will relocate to the new Exton location in May.

Over the past few years, the bank has built up its SBA loan and equipment finance business, along with commercial real estate lending. Some of this growth occurred while the majority of the bank’s employees worked remotely. As a result, the bank did not realize it required more space until all employees were back in the office.

Read more about Meridian Bank in the Philadelphia Business Journal.