American Riviera moves up to top OTC marketplace
American Riviera Bank, the second-largest bank based in the Tri-Counties with nearly $1.1 billion in assets, began trading on the over-the-counter “Best Market” on June 14, a step up from its previous home on the “Pink” marketplace.
Both marketplaces are run by OTC Markets Group. The Best Market, or OTCQX, is the highest tier for companies not listed on a major U.S. stock exchange, and is reserved for companies that meet high standards for financial health, corporate governance and compliance with applicable securities laws and regulations, OTC Markets said in a news release.
“American Riviera Bank’s joining the OTCQX Best Market is an important event for the bank, and reflects a key step in our long-term strategic plan to create additional liquidity and trading volume in our shares,” American Riviera CEO Jeff DeVine said in the release. “We believe our awareness and exposure within the investment community will increase as a member of the OTCQX Market, and we look forward to continuing to create long-term value for our shareholders.”
Shares of Santa Barbara-based American Riviera closed at $19.35 on June 14, 10 cents above their opening price. The stock is up 17.3% since Jan. 1 and trades under the symbol ARBV.
The bank’s market capitalization is just under $100 million, and trading volumes are typically relatively light, at fewer than 1,000 shares on most days.
