Aquesta Bank (AQFH) in Cornelius, N.C., has formed a holding company.
Aquesta Financial Holdings will serve as the parent for the bank and affiliates such as Aquesta Insurance Services.
Aquesta Bank said in press release that it will swap its shares on a one-for-one basis with the holding company on Tuesday, making Aquesta Financial the $234 million-asset bank's sole shareholder.
The bank's shareholders can convert their current paper stock certificates into shares of Aquesta Financial and "own the exact same ownership interest in the new company," the release said.
By creating a holding company, Aquesta can offer more flexible financing to small to midsize business customers, Jim Engel, the company's president and chief executive, said in the release.
