Public can now buy, sell shares in owner of Charleston’s CresCom Bank
The Charleston-based parent of CresCom Bank is offering quotes on its common stock to outside investors for the first time.
Carolina Financial Corp. can be traded on the OTC Bulletin Board. The ticker symbol is “CARO.”
“We are excited about this development, as this is a major milestone in the history of Carolina Financial Corp.,” said Jerry L. Rexroad, president and chief executive officer of the holding company.
He added that the move “will provide our stockholders with additional liquidity and will help facilitate the future growth of our company.”
The OTC Bulletin Board is a regulated service that displays real-time quotes, sale prices and volume information for stocks that aren’t listed on a national exchange. It’s operated by the Financial Industry Regulatory Authority, an independent regulator.
No shares in Carolina Financial had changed hands as of around 2 p.m., according to otcbb.com. A posted bid price was $25.
The company was formed in 1997 by former executives of Home Federal Savings Bank. After raising more than $6 million, Carolina Financial opened Community FirstBank branch that year at 288 Meeting St., which remains its headquarters.
The holding company expanded later up to the Myrtle Beach market by forming Crescent Bank.
The 10-branch CresCom was formed in March 2012 when Carolina Financial merged the two lenders.
CresCom also owns Crescent Mortgage Co., a wholesale business that makes home loans in 43 states through more than 2,000 community banks, credit unions and brokers.
Contact John McDermott at 937-5572