Sterling Financial Corp. in Spokane, Wash., announced plans Thursday for a 1-for-66 reverse stock split.
The $9.1 billion-asset company said in a press release that the split would take place Friday and would "better enable Sterling to maintain the listing of its common shares on the NASDAQ Capital Market." Shareholders authorized the board in October to conduct a reverse stock split.
In August, Sterling raised $730 million in capital, and shortly thereafter regulators lifted a cease-and-desist order against the company. Last month, Sterling reported its first quarterly profit in two years.