USA Bank stock up less than 1% since IPO
-
- November
- 9
Shares of USA Bank are up less than 1 percent since the Port Chester-based bank began after an initial public offering in mid-October. The stock trades under the ticker symbol USBK on the OTC Bulletin Board.
The bank, which opened in December at 211 Irving Ave. in Port Chester, now has more than 2,500 shareholders after the offering raised $34.5 million. The bank reported assets of $82 million as of Sept. 30.
“This is a tremendous milestone for our bank,� said Fred A. DeCaro Jr., USA Bank’s chairman and chief executive officer. “We are very pleased to be trading.�
The stock began trading on the OTC Bulletin Board at $6 a share on Oct. 18. The shares closed today at $6.05, up 10 cents. The bank hopes to move its listing to the American Stock Exchange within the next two months after appointing two independent directors to comply with the exchange’s listing standards and the Sarbanes-Oxley law on corporate governance. Two independent directors have been approved by the company’s board and are waiting federal regulatory approval, according to the bank.
In addition to its headquarters and branch in Port Chester, the bank has 15,000 square feet of administrative offices at 800 Westchester Ave. in Rye Brook. The bank also is building a second branch on Route 1 in Port Chester and intends to open up additional branches in Connecticut.
This entry was posted
on Thursday, November 9th, 2006 at 2:58 pm by Jay Loomis.
You can follow any responses to this entry through the RSS 2.0 feed.
Share and Enjoy: 
| 
Print
| 
Email
