OTC Markets Group Welcomes Banks to OTCQX Marketplace
NEW YORK, May 21, 2014
NEW YORK, May 21, 2014 /PRNewswire/ --OTC Markets Group Inc. (OTCQX: OTCM),
operator of financial marketplaces for 10,000 U.S. and global securities,
today announced the first banks to trade on the OTCQX® marketplace under a new
streamlined qualification process for U.S. community and regional banks. The
announcement expands the OTCQX marketplace for U.S. and international
companies and distinguishes publicly-traded community and regional banks that
are strongly-capitalized, transparent in their news and disclosure and
committed to enhancing value for their shareholders.
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"We are thrilled to welcome our first banks to the OTCQX marketplace," said R.
Cromwell Coulson, President and CEO of OTC Markets Group. "Since its launch in
2007, OTCQX has provided established U.S. and international companies an
informed and efficient public trading market and OTCQX companies have
distinguished themselves with investors through a combination of rigorous
qualitative and quantitative financial standards, wide distribution of their
news and financial disclosure and third-party sponsorship. Now that OTCQX is
open to serving the unique needs of strong, well-capitalized U.S. banks, they
can leverage their existing regulatory reporting requirements and the OTCQX
marketplace to increase their profile with investors nationwide."
Banks that commence trading today on OTCQX are:
oCalvin B. Taylor Bankshares, Inc. (OTCQX: TYCB) – The company, through its
wholly owned bank subsidiary, operates a full service commercial bank in
the coastal resort areas of Worcester County, Maryland and Sussex County,
Delaware. StockCross Financial Services, Inc. is the Corporate Broker for
Calvin B. Taylor Bankshares.
oCortland Bancorp (OTCQX: CLDB) – Cortland Bancorp is a financial holding
company headquartered in Cortland, Ohio. Founded in 1892, the company's
bank subsidiary, The Cortland Savings and Banking Company, conducts
business through 12 full-service community banking offices located in the
counties of Trumbull, Mahoning, Portage, and Ashtabula in Northeastern
Ohio. Boenning & Scattergood, Inc. is the Corporate Broker for Cortland
oFirst BancTrust Corp. (OTCQX: FIRT) – Headquartered in Paris, IL, First
BancTrust is a financial holding company whose principal activity is the
ownership and management of its wholly-owned subsidiaries, First Bank &
Trust, s.b., ECS Service Corp., and First Charter Service Corp. FBTC
Statutory Trust I is an unconsolidated wholly-owned subsidiary of the
company. FIG Partners LLC is the Corporate Broker for First BancTrust.
oFirst ULB Corp. (OTCQX: FUBP) – First ULB Corp. is a thrift holding
company headquartered in Oakland, California, and the parent of United
Labor Bank, F.S.B., a commercial community bank offering personalized
services and products to meet the demands of today's small and
medium-sized businesses.McAdams Wright Ragen, Inc. ("MWR") is the
Corporate Broker for First ULB.
oHarleysville Savings Financial Corp. (OTCQX: HARL) – Harleysville Savings
Financial is the holding company for Harleysville Savings Bank.
Established in 1915, Harleysville Savings Bank is a
Pennsylvania-chartered and federally insured savings bank, headquartered
in Harleysville, Pennsylvania. Boenning & Scattergood is the Corporate
Broker for Harleysville Savings Financial.
oKatahdin Bankshares Corp. (OTCQX: KTHN) – Katahdin Bankshares is a bank
holding company. Its subsidiary, Katahdin Trust Company, is a Maine
state-chartered, commercial bank established in 1918. The bank has 19
full service branches throughout Aroostook and Penobscot counties and the
Scarborough area.StockCross Financial Services is the Corporate Broker
for Katahdin Bankshares.
oStandard Financial Corp. (OTCQX: STND) – Standard Financial is the parent
company of Standard Bank, a Pennsylvania-chartered savings bank which
operates offices serving individuals and small to mid-sized businesses in
Allegheny, Westmoreland and Bedford Counties in Pennsylvania and Allegany
County in Maryland. Standard Bank is a member of the Federal Deposit
Insurance Corporation (FDIC) and an Equal Housing Lender. Keefe, Bruyette
and Woods, Inc. ("KBW") is the Corporate Broker for Standard Financial.
oVirginia National Bankshares Corp. (OTCQX: VABK) – Headquartered in
Charlottesville, Virginia, Virginia National Bankshares is the bank
holding company for Virginia National Bank, a commercial bank with seven
banking offices located in Central Virginia. The bank offers investment
management and trust services under the trade name of VNB Wealth
Management through its subsidiary, VNB Trust, N.A. MWR is the Corporate
Broker for Virginia National Bankshares.
To qualify for OTCQX, banks must meet high quantitative and qualitative
financials standards, be current in their reporting to a bank regulator and,
if applicable, the SEC, and appoint a "Corporate Broker," a FINRA member
broker-dealer specializing in trading in and advising banks, to provide
guidance on the trading of their stock and access to institutional investors,
trading expertise and wealth management services.
The following firms have been approved to serve as Corporate Brokers for banks
oBoenning & Scattergood, an independent securities, asset management and
investment banking firm serving the Mid-Atlantic and Midwest
oD.A. Davidson & Co., a full-service investment firm whose division
Crowell, Weedon & Co. has been serving the financial needs of banks in the
Western U.S. for more than 80 years
oFIG Partners, an employee-owned broker-dealer specializing in financial
oKBW, a full-service, boutique investment bank and broker-dealer and
wholly-owned subsidiary of Stifel Financial Corp. (NYSE: SF)
oMWR, a majority employee-owned investment firm headquartered in the
oStockCross Financial Services, a discount and full-service financial
brokerage firm and market maker with offices nationwide.
"We are pleased with the applications and interest we have received from banks
and broker-dealers about OTCQX and believe this indicates a tremendous market
opportunity for small banks and their shareholders," continued Coulson. "We
look forward to working with all of our approved banks and Corporate Brokers
as we build a robust public trading market for U.S. community and regional
banks and their shareholders."
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates Open, Transparent and Connected
financial marketplaces for 10,000 U.S. and global securities. Through our OTC
Link® ATS, we directly link a diverse network of broker-dealers that provide
liquidity and execution services for a wide spectrum of securities. We
organize these securities into marketplaces to better inform investors of
opportunities and risks – OTCQX®, The Best Marketplace; OTCQB®, The Venture
Stage Marketplace; and OTC Pink®, The Open Marketplace. Our data-driven
platform enables investors to easily trade through the broker of their choice
at the best possible price and empowers a broad range of companies to improve
the quality and availability of information for their investors. To learn more
about how we create better informed and more efficient financial marketplaces,
OTC Link ATS is operated by OTC Link LLC, member FINRA/SIPC and SEC regulated
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SOURCE OTC Markets Group Inc.
Contact: Saskia Sidenfaden, OTC Markets Group Inc., +1 (212) 896-4428,
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