Oak View Bankshares, Inc. and Oak View National Bank Announce Completion of Holding Company Reorganization
Oak View Bankshares has completed its reorganization, becoming the parent bank holding company of Oak View National Bank as of December 15, 2021. Each share of the Bank’s stock was exchanged for a corresponding share in the Company. CEO Michael Ewing highlighted that this move aims to enhance access to new capital and foster continued growth. The reorganization is expected to offer greater flexibility, funding sources, and better access to diverse capital markets. Shares will continue trading under the ticker symbol OAKV.
- Completion of the holding company reorganization enhances access to new capital.
- Reorganization facilitates continued growth and potential geographic diversification.
- Increased flexibility and better funding sources for the Bank.
- None.
WARRENTON, VA / ACCESSWIRE / December 17, 2021 / Oak View Bankshares, Inc. (the "Company") (OTC PINK:OAKV) and Oak View National Bank (the "Bank") announced today that, effective as of December 15, 2021, the Company and the Bank consummated the share exchange pursuant to which the Company has become the parent bank holding company of the Bank (such transaction, the "reorganization"). In the reorganization, each outstanding share of the Bank's common stock was exchanged for one share of the Company's common stock.
Michael Ewing, CEO and Chairman of the Board of the Company and the Bank said, "We are pleased to announce that the holding company reorganization of Oak View Bankshares, Inc. is complete. The reorganization was undertaken due to the phenomenal growth we have experienced over the last 18 months. It will provide a vehicle for access to new capital to support an increased capacity to allow continued growth of the Bank. We are excited about the opportunities this reorganization will bring to our Company and the impact it will have on our strategic direction which is in the best interests of our customers, our employees, our community and our shareholders."
Michael Ewing, CEO and Chairman of the Board of the Company and the Bank said, "We are pleased to announce that the holding company reorganization of Oak View Bankshares, Inc. is complete. The reorganization will provide greater flexibility and benefits to the Bank and provide a vehicle for growth and potential geographic diversification. In addition, the reorganization could provide additional funding sources and better access to diverse money and capital markets and position ourselves to respond to the competitive environment in which we operate." Mr. Ewing continued by stating, "We are excited about the opportunities this reorganization will bring to our Company and the impact it will have on our strategic direction for the future which is in the best interests of our customers, our employees, our community and our shareholders."
Following the reorganization, shares of the Company's common stock will continue to trade on the OTC Pink Markets Group's Pink marketplace under the same ticker symbol, OAKV, that was used for shares of the Bank's common stock prior to the reorganization. The headquarters for the Bank and the Company will remain in Warrenton, VirginiaA.
Shareholders who hold stock certificates will not be required to exchange Bank certificates for Company certificates but will have the option to do so by contacting the Company's transfer agent, Computershare, Inc., by mail at P.O. Box 505000, Louisville, Kentucky 40233-5000 250 Royal Street, Canton Massachusetts 02021, or by telephone at (800) 368-5948.
About Oak View Bankshares, Inc. and Oak View National Bank
Oak View Bankshares, Inc. is the parent bank holding company for Oak View National Bank, a locally owned and managed community bank serving Fauquier, Culpeper, Rappahannock, and surrounding Counties. For more information about Oak View Bankshares, Inc. and Oak View National Bank, please visit our website at www.oakviewbank.com.
For additional information, contact Jennifer Knighting, Senior Vice President/Director of Sales & Marketing, Oak View National Bank, at 540-825-2570.
SOURCE: Oak View National Bank Warrenton VA
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