Integrity Financial Corp. of Hickory, N.C., has retained McColl Partners LLC, the Charlotte investment banking firm founded by Bank of America Corp.'s former chairman, to explore "strategic alternatives."
The $671 million-asset Integrity company said Wednesday that it would consider all options that would enhance shareholder value, including a sale.
After Integrity's midday announcement Wednesday, its stock shot up 15.46% to $18.75. It closed up 9.36% to $17.76.
R. Steven Aaron stepped down in November as Integrity's chief executive office and founder after it discovered $4 million of improperly classified loans, all of which were connected to Mr. Aaron. The risky loans forced Integrity to restate its third-quarter results to report a loss of $1.1 billion.
W. Alex Hall Jr., the president of one of Integrity's banks, has been the interim CEO since Mr. Aaron stepped down. Integrity has yet to report its fourth-quarter earnings.
Hugh McColl founded McColl Partners in 2001 after he retired as B of A's chairman.
