MoreBank is a Pennsylvania state-chartered commercial bank located at the corner of North 5^th Street and W. Cheltenham Avenue in Philadelphia. The Bank received its preliminary charter approval issued by Pennsylvania Banking Department on July 28, 2004 and its federal deposit insurance approval issued by the FDIC on September 21, 2004. It successfully closed its stock offering on December 30, 2005, raising $8,636,000, an amount in excess of the minimum required capital by $1,636,000. MoreBank received "Authorization To Do Business" from Pennsylvania Banking Department on February 27, 2006 and FDIC approval No. 57871 on March 1, 2006. MoreBank was opened for business on March 1, 2006. MoreBank opened its second branch on October 16, 2006 in Upper Darby of Delaware County. Its third branch was opened for business on August 6, 2008 in North Wales of Montgomery County.