Malvern, Pa.-based Meridian Bank has applied to form a holding company — a restructuring that its board expects will provide financing flexibility, protection from hostile takeovers and ability to engage in nonbanking activities.

The reorganization is subject to regulatory approvals. The bank's shareholders on May 25 voted 77.16% of shares in favor of Meridian's merger into an interim entity as part of the reorganization process.

The proposed holding company will be named Meridian Corp.