Monday, March 31, 2014

Aquesta Bank forms bank holding company

Cornelius-based Aquesta Bank said Monday it has formed a bank holding company to give it more flexibility in financing, a more efficient capital structure and an easier path to acquiring other companies.

Aquesta Financial Holdings Inc. will have the ticker symbol AQFH and also include the bank's insurance unit, Aquesta Insurance Services Inc.

Shareholders of Aquesta Bank will now have an equivalent ownership stake in the holding company. Shares will still trade on the OTC Exchange.

The Federal Reserve signed off on the change, and Aquesta shareholders have already approved it.