CAROLINA FINANCIAL CORPORATION BOARD APPROVES FORM 10 FILING
February 27, 2014, Charleston S.C. – Carolina Financial Corporation (OTCQB: CARO), the parent of CresCom Bank, Board of Directors approved the filing of a Form 10 with the Securities and Exchange Commission (the “SEC”). The Company filed the Form 10 yesterday, February 26, 2014, after close of business.
Upon approval of the Form 10 by the SEC, the Company would be eligible to list its common stock on the NASDAQ, subject to meeting the NASDAQ listing requirements.
There can be no assurances that the Form 10 will be approved by the SEC or that the Company will ultimately list on a National Stock Exchange.
Jerry Rexroad, President and CEO, commented, “We continue to explore ways to improve the liquidity of our stock. We feel that the completion of the Form 10 and subsequent filing with the SEC is a natural step in this process.”
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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