Monday, October 31, 2011

FNB United to complete 100-1 reverse stock split

In an effort to remain listed on the Nasdaq exchange, FNB United will complete a 100 to 1 reverse stock split.

The bank, which recently merged with the Bank of Granite, closed at 23 cents Monday. As part of a $310 million capital raise, FNB United issued shares of stock at 16 cents per share. The minimum requirement to be listed is $1.

The shares will be counted as of the start of business Tuesday. No fractional shares will be issued, but will be rounded up to the nearest whole share.

There will now be 21,096,390 shares outstanding.