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Bank of Granite reverses decision to split stock
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Published: October 7, 2008
GRANITE FALLS — Bank of Granite Corporation announced today that its Board of Directors has decided not to pursue a previously announced 5-for-4 stock split that was to be effective for shareholders of record on Oct. 17.
The decision not to split the shares is in light of current market conditions for financial stocks and the best interest of Bank of Granite Corporation shareholders, according to a press release from the bank.
Bank of Granite Corporation's common stock trades on The NASDAQ Global Select Market(SM) under the symbol "GRAN." Bank of Granite Corporation is the parent company of Bank of Granite and Granite Mortgage.
Bank of Granite operates 22 full-service banking offices in eight North Carolina counties – Burke, Caldwell, Catawba, Forsyth, Iredell, Mecklenburg, Watauga and Wilkes – and a loan production office in Guilford County. Granite Mortgage, a mortgage banking company headquartered in Winston-Salem, originates home mortgages in Fayetteville, Greensboro/High Point and Salisbury, in addition to Bank of Granite's markets.
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