Lyons Bancorp shareholders will receive an additional share for each share they own under a 2-for-1 stock split approved by the company’s board.
The split applies to shareholders of record at the close of business Nov. 30 and takes effect at the close of business Dec. 15. Shareholders will not have to surrender certificates for their existing shares.
The parent company of Lyons National Bank expects to have approximately 6.8 million shares outstanding after the split.
President and CEO Thomas Kime said this will be the company’s fifth stock split and its first since October 2015.
Using the $72 trading price cited in the announcement, Kime said the split would put the per-share price in the mid-$30 range. He said the board’s goal is to make the stock accessible to more investors.
Lyons Bancorp’s common shares trade on the OTCQX Best Market under the symbol LYBC.
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