AmericasBank in Towson, Md., has raised $11 million in a secondary offering and moved its stock's listing from the OTC Bulletin Board to the Nasdaq.
The $72 billion-asset company said in a news release Friday that the proceeds would be used for "general corporate purposes, including the growth and development of the company's community banking strategy."
The stock began trading on Nasdaq on Monday, though no shares had been bought or sold as of 3p.m. On average, about 2,700 shares change hands each day.
AmericasBank was founded in 1997 and has two branches, in Baltimore City and Baltimore County. It had never had a profitable quarter until the fourth quarter of 2005, when it earned $7,300. For the year it lost $308,000; for 2004 it posted a loss of $1.5 million.
