stocks will continue to be traded under Carver’s ticker symbol (Amex: CNY).
Batties points out that bank consolidation can actually be a plus to minority-owned banks, because it can provide opportunities for “de novo minority-owned banks to serve what is still an underserved/underbanked market.” He adds, “Bank consolidation provides investors in minority-owned banks an exit strategy whereby they can realize substantial returns on their investment.”
While both banks’ boards have approved the deal, it’s still subject to approval from banking regulators and Independence shareholders. Final approval is expected by year’s end.