Business
Oak View Bankshares, Inc. and Oak View National Bank Announce Completion of Holding Company Reorganization
Oak View Bankshares, Inc. and Oak View National Bank Announce Completion of Holding Company Reorganization.
About this update from Oak View Bankshares Inc.
[{"type":"text","content":"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 a...