SBT Bancorp in Simsbury, Conn., moved its shares on Wednesday to a new OTC Markets Group trading platform.
SBT became the 36th community bank to trade on the OTCQX platform since OTC Markets Group in May developed the new market specifically for community banks. The market is intended to help community banks improve liquidity by increasing the trading volume of their shares. In addition to the OTCQX bank platform, more than 600 banks trade on OTC Markets Group's other exchanges.
Financial institutions that participate in the OTCQX platform for community banks must be well capitalized and release quarterly and yearly financial reports that are more easily read than typical call reports. The exchange also requires banks to select an investment bank to act as a broker-dealer within the marketplace and provide index and benchmark information on the banks that trade through it. FIG Partners in Atlanta provides that service for SBT.
The OTCQX platform "will provide our shareholders and potential investors with greater transparency, broader distribution of information, and more exposure for our shares, which is expected to increase our share liquidity," SBT Chief Executive Martin J. Geitz said in a news release. Its ticker symbol is SBTB.
SBT is the parent company of the Simsbury Bank & Trust, which held about $410.2 million in total assets as of Sept. 30.