GREENVILLE, S.C. – Palmetto Bancshares, Inc., the bank holding company of The Palmetto Bank, announced that shares of its common stock will begin trading on the NASDAQ Capital Market stock exchange effective with the opening of trading on August 18, 2011. Shares of the Company’s common stock will trade under the symbol “PLMT.”
“The listing of our common stock on NASDAQ represents another significant milestone in the 104-year history of The Palmetto Bank,” said Samuel L. Erwin, Chief Executive Officer. “As we continue to grow and mature as a Company, the NASDAQ listing will enable current and potential shareholders greater liquidity to trade in our stock, price visibility into the value of the Company, and increased exposure of our Company outside of our historical operating market. Listing our common stock on a national stock exchange is another important step in our strategic plan to position the Company for the future.”
One of the requirements of the Company’s Private Placement of its common stock with a group of institutional investors that was consummated on October 7, 2010 was for the Company to use its reasonable best efforts to list the shares of its common stock on NASDAQ or another national securities exchange within nine months of the closing date of the Private Placement. The listing of the Company’s shares on the NASDAQ Capital Market fulfills this requirement. Commensurate with the listing, the Company’s Private Trading System, the passive mechanism hosted on the Company’s website that was previously used by buyers and sellers to coordinate trades of its common stock, is no longer necessary and, accordingly, will be terminated upon the effective date of the listing.
Headquartered in Greenville, South Carolina, The Palmetto Bank is a 104-year old independent state-chartered commercial bank and is the fourth-largest banking institution headquartered in South Carolina. The Palmetto Bank has assets of $1.3 billion and serves the Upstate through 29 banking locations in Abbeville, Anderson, Cherokee, Greenville, Greenwood, Laurens, Oconee, Pickens, Spartanburg and York counties. The Bank specializes in providing personalized community banking services to individuals and small to mid-size businesses including Retail and Commercial Banking, Mortgage, Trust, Brokerage, and Insurance. Additional information may be found at the Company’s web site at www.palmettobank.com.