Integrity to trade over the counter
Camp Hill-based Integrity Bancshares announced today it will make an initial stock offering on the Over the Counter Bulletin Board (OTCBB).
The public company started in 2003 had not sold stock on any quotation service before Wednesday.
The initial stock offering went live this morning, though it hasn't been updated on the OTCBB website. Integrity President and CEO Jim Gibson, however, said the initial offerings were trading between $25 and $26.50 per share.
The first investors in the company when it opened paid $7 per share, he said.
"This is a way, if we chose to do so, to make it easier to raise capital," Gibson said. "It's a special day for us."
Gibson said FCC laws prevent him from talking about how much the company expected to raise from the exchange offering.
The 10-year-old company passed $700 million in assets this year, and Gibson said within two years he expects it to be at $1 billion in assets.
The OTCBB is a quotation system for over-the-counter securities that are not listed on a national securities exchange, according to the U.S. Securities and Exchange Commission.
Integrity Bancshares Inc. is the parent company of Integrity Bank. It has nine branches in Cumberland, York, Dauphin and Lancaster counties and plans to open three more in Lancaster and York counties in 2014.
Janey Montgomery Scott in Philadelphia will serve as the initial market maker for the company.
The company will trade on the OTC Bulletin Board under the symbol ITBC.