CAROLINA FINANCIAL CORPORATION REPORTS 2-FOR-1 STOCK SPLIT
February 14, 2014, Charleston, S.C. – Carolina Financial Corporation (OTCQB: CARO), the parent of CresCom Bank, declared a two-for-one stock split to shareholders of record on February 10, 2014, payable on February 28, 2014.
The following information pertains to the stock split:
The payable date of February 28, 2014 is the date that the Company’s shares will be issued by Registrar and Transfer Company. There will be two methods of delivery of the newly issued shares, described as follows:
1. For shareholders that have not placed the shares in a brokerage account and hold the actual certificates themselves, an additional certificate(s) for the amount of shares currently owned will be issued. As an example, if a shareholder owns one hundred shares of common stock and has a single certificate that includes all one hundred shares, another certificate for an additional one hundred shares will be issued as part of the stock split.
2. For shareholders that have placed the shares into a brokerage account and do not hold the actual certificates, the brokerage account will be notified by Registrar and Trust Company and the account will be updated accordingly to reflect the issuance of the additional shares.
The Ex-Date for the stock split is March 3, 2014 and the Due Bill Redeemable Date for the stock split is March 5, 2014.
The Ex-Date is the first business day after the payable date of February 28, 2014 and the date that the Company’s stock will trade on a post-split adjusted basis.
The Due Bill Redeemable Date relates to shareholders that sell common stock before the Ex-Date. Shareholders who sell their common stock before the Ex-Date are selling away their right to receive the additional shares that will be issued in the stock split. Such sale will include an obligation to deliver any shares acquired as a result of the split to the buyer of the shares, since the seller will receive an I.O.U. or "Due Bill" from his or her broker for the additional shares. The day stockholders can sell shares without being obligated to deliver the additional split shares is the Ex-Date, the first business day after the stock split payment date.
About Carolina Financial Corporation
Carolina Financial Corporation (OTCQB: CARO) is the holding company of CresCom Bank, which also owns and operates Atlanta-based Crescent Mortgage Company. As of December 31, 2013, Carolina Financial Corporation had $881 million in total assets, CresCom Bank operated 11 branch locations in the Charleston and Myrtle Beach areas of South Carolina, and Crescent Mortgage Company originates in 43 states and partnered with 2,000 community banks, credit unions and mortgage brokers, offering access to various loan programs. CresCom Bank offers a strong core of banking products and services. In 2013, Carolina Financial Corporation ranked #9 on ABA Banking Journal’s national list of top performing non-S banks and thrifts with total assets of $100 million to $1 billion.
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