MIDDLETOWN, Md. — Middletown Valley Bank’s common stock is now trading on the OTC Pink Market exchange under the ticker symbol MNVB.
B.J. Goetz, the bank’s president and CEO, said the move will make it easier for people to buy and sell the stock.
“The goal is to be able to grow the return to shareholders over time,” he said.
Shareholders can hold the stock personally, with a local broker or with an online brokerage.
Goetz said the move continues the 110-year-old bank’s plans to grow into a premier community bank serving businesses and consumers, primarily in the Frederick and Washington county markets, while maintaining local ownership and control.
“The response from the communities we serve has been tremendous, with our neighbors being excited to be our customers and shareholders,” Goetz said in a prepared statement announcing the move. “The addition of the OTC Pink listing is designed to broaden the appeal of our stock to additional local investors and to provide more ease to current shareholders trading our stock.”
The firm of Boenning and Scattergood has been selected as the market maker for the bank’s stock.
Since 2013, Middletown Valley Bank has made what Goetz called “significant investment in infrastructure” to support its organic growth rate, which was No. 1 in Maryland in 2017. Fifty-five new jobs have been created in that time. The bank’s now has 92 employees supporting its commercial and consumer lending effort and its branches.
Total deposits have grown $182.6 million since 2013, Goetz reported, and the bank’s first Hagerstown, Md., branch eclipsed $112 million in deposits after being open just 27 months.
A second Hagerstown branch is slated to open in late 2018.
Goetz attributed the bank’s growth to the bank’s staff and “the service model we bring to the table.”
He said the bank is committed to area communities’ economic growth.
The bank has six locations in Frederick and Washington counties. As of Dec. 31, it had total assets of approximately $361.2 million, total net loans of $280.2 million, total deposits of $315.9 million, and shareholders’ equity of $43.4 million.