Baylake Corp. (BYLK) in Sturgeon Bay, Wis., has been approved to join the Nasdaq.
The $945 million-asset Baylake's common stock is expected to begin trading on the Nasdaq under the ticker symbol BYLK on Nov. 4, the company said in a press release Tuesday. Its common stock will continue trading on the OTCQB Marketplace until that date.
"We believe making the transition to Nasdaq is a logical step in our ongoing strategy to enhance the company's visibility and facilitate investors' access to Baylake's common stock," Baylake Chief Executive Robert Cera said in the release. "We feel the potential for increased trading liquidity, the opportunity to be included on indices that require exchange membership, increased market-maker involvement and meeting Nasdaq's rigorous review and listing standards help establish Baylake for the future."
In August, Baylake agreed to sell $26 million in deposits from two branches to 1st National Bank of Berlin. The deal is expected to close in November.
Baylake's banking unit, Baylake Bank, has 22 branches in northeast and central Wisconsin, according to the Federal Deposit Insurance Corp.