Local Financial Corporation Announces Move to Nasdaq
OKLAHOMA CITY, July 7 /PRNewswire/ -- Local Financial Corporation (Amex: LO), the holding company for Local Oklahoma Bank, N.A., announces that it intends to move the listing of its Common Stock to the Nasdaq National Market ("Nasdaq") and begin trading thereon effective July 15, 1999. The Company's Common Stock will trade on Nasdaq under the trading symbol "LFIN". The Company's Common Stock and Senior Notes have been trading, since April 22, 1997, on the American Stock Exchange ("Amex") under the trading symbols "LO" and "LO.A", respectively. The listing announcement comes approximately two months after the Company announced its conversion from a federal savings charter to a national bank charter.
In a statement regarding the move, Edward A. Townsend, Chairman and CEO, stated, "We believe the Company has matured to a point that using the Nasdaq provides a more efficient market for our stock. This market efficiency will enable us to move forward with our strategy of becoming a major commercial bank in the State of Oklahoma." The Company intends to delist its Common Stock from the Amex after July 15, 1999, but the Company's Senior Notes will remain on the Amex under the trading symbol "LO.A".
Local currently represents the fifth largest deposit franchise in Oklahoma, with in-market deposits of $1.7 billion, and a 4.98 percent market share, operating through 50 locations. |
