HENDERSONVILLE, N.C. — The board of directors at MountainBank has approved a 5-for-4 stock split, effective Jan. 2.

The stock split, announced Tuesday, is the third split since the bank opened in 1997.

Greg Gibson, MountainBank’s chief financial officer, said that to expand further, the bank plans to form a holding company that will allow it to take advantage of the Gramm-Leach-Bliley Act, which allows financial holding companies to offer banking, securities, and insurance products under one roof.

The formation of a holding company is subject to shareholder approval, which could come in late January or early February, he said.

A holding company would also allow MountainBank to run at a lower leverage ratio by adding capital through loans from the holding company, Mr. Gibson said.

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