|By PR Newswire||
|October 9, 2013 01:30 PM EDT||
CHARLESTON, S.C., Oct. 9, 2013 /PRNewswire/ -- Carolina Financial Corporation (OTCQB: CARO), the parent company of CresCom Bank, today announced that its common stock will begin quotation on the OTC Bulletin Board ("OTCQB") under the ticker symbol "CARO", effective on October 9, 2013. The OTCQB is a regulated quotation service that displays real-time quotes, last-sale prices and volume information in over-the-counter ("OTC") equity securities operated by FINRA.
"We are excited about this development, as this is a major milestone in the history of Carolina Financial Corporation," said Jerry L. Rexroad, president and chief executive officer of Carolina Financial Corporation. "We believe that having our common stock quoted on the OTCQB will provide our stockholders with additional liquidity and will help facilitate the future growth of our company."
About Carolina Financial Corporation
Carolina Financial Corporation is the holding company for CresCom Bank, a South Carolina state chartered community bank, which began operations in March 2012 following the merger of the company's former subsidiary banks, Crescent Bank and Community FirstBank of Charleston. CresCom Bank operates 10 branch locations along the coast of South Carolina. Offering a strong core of banking products and services and a committed group of community leaders, management and personnel, CresCom Bank remains committed to warm, exceptional service and a strong knowledge of local businesses and economic trends. Crescent Mortgage Company, a wholly owned subsidiary of CresCom Bank, was founded in 1993 as a wholesale lender for community banks with the philosophy to provide the best service in the mortgage industry. Today, Crescent Mortgage Company lends in 43 states and partners with more than 2,000 community bank, credit union and quality mortgage brokers.
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties, and other factors, any of which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. The factors include, but are not limited to, whether the trading markets on the OTCQB will have the depth, liquidity, and orderliness necessary to maintain a liquid market in our common stock, whether there will be enough buyers and sellers of our common stock from time to time to support an active trading market, and whether we will continue to have a sponsoring broker-dealer to match buy and sell orders for our common stock on the OTCQB.
Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward- looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by us or any person that the future events, plans, or expectations contemplated by us will be achieved. All subsequent written and oral forward-looking statements concerning us or any person acting on our behalf is expressly qualified in its entirety by the cautionary statements above. We undertake no obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
SOURCE Carolina Financial Corporation