Business

Uwharrie upgrades to OTCQX Best Market

March 16. Shares in Uwharrie Capital, holding company for Uwharrie Bank, began trading today on OTC Markets Group’s OTCQX® Best Market. The company qualified to trade on the OTCQX and upgraded from the Pink market. OTC Markets Group operates financial markets for approximately 11,000 U.S. and global securities.

Uwharrie Bank is a community banking organization that was organized in the early 1980s as the consolidation of the financial industry created a void for local and family owned businesses. With total assets of $827.8 million at Dec. 31, Uwharrie is the go-to business bank in Stanly and Cabarrus.

Based in Albemarle, Uwharrie also has offices in Charlotte.

“The founding mission of Uwharrie Capital Corp still holds true, to help create robust local economies that help our neighbors obtain a quality of life that promotes traditional values; values that inspire us to care for one another and create opportunities where our children and grandchildren can achieve financial security,” said Roger Dick, CEO.

Net income in 2020 was $8.1 million vs. $3.1 million in 2019.

Joining the OTCQX will highlight Uwharrie’s long-term commitment to the communities it serves, said CFO David Beaver.

Graduating to the OTCQX marks an important milestone for community banks and bank holding companies in the U.S. public markets. The OTCQX enables banks and bank holding companies to maximize the value of being a public company by providing transparent trading and easy access to company information for shareholders.

To qualify for OTCQX, community banks and bank holding companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws, and have a professional third-party sponsor introduction. Uwharrie Capital Corp was sponsored for OTCQX by Raymond James & Associates.

The common stock of Uwharrie Capital Corp trades on OTCQX under the symbol “UWHR.” U.S. investors can find current financial disclosures and Real-Time Level 2 quotes for Uwharrie at www.otcmarkets.com.

Discussion

No comments yet.

Post a Comment

MENU