News Column

Shares of Charleston bank owner now listed on Nasdaq exchange

July 1, 2014

By John McDermott, The Post and Courier, Charleston, S.C.


The owner of CresCom Bank has moved it shares to a national exchange.

Charleston-based Carolina Financial Corp. said it stock began trading on the Nasdaq Capital Market effective Tuesday.

"Being listed on the Nasdaq is a significant accomplishment for Carolina Financial Corp.," CEO Jerry L. Rexroad said. "Moving to the Nasdaq is part of our strategic plan to provide our shareholders liquidity in their stock."

Carolina Financial began offering shares to the public in October under the ticker symbol CARO. Until this week, they could be bought and sold through the OTC Bulletin Board, which displays real-time quotes, prices and sales volume information for stocks that aren't listed on a national exchange.

Carolina Financial applied for its Nasdaq listing in February. The company has about 4 million shares outstanding. The stock was up 7 cents to $19.85 in Tuesday morning trading.

As of March 31, Carolina Financial had $919 million in assets, making it the largest bank based in the tri-county area.

Its CresCom unit has 12 branches in the Charleston and Myrtle Beach markets. Earlier this week, the lender announced it had hired a Greenville-based executive to help it enter the Upstate market

The company's Atlanta-based Crescent Mortgage Co. originates home loans in 43 states through 2,000 banks, credit unions and brokers.

Contact John McDermott at 937-5572.


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Source: Post & Courier (Charleston, SC)

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