CORNELIUS, N.C., March 31, 2014 /PRNewswire/ -- Aquesta Bank (OTC-QB: ATBK) announced today that in accordance with prior shareholder approval, effective April 1, Aquesta Financial Holdings, Inc (stock symbol AQFH) is the new Bank Holding Company for Aquesta Bank and affiliates (including Aquesta Insurance Services, Inc). As of April 1, all shares of Aquesta Bank are exchanged on a one for one basis to shares of Aquesta Financial Holdings, Inc which will now be the sole shareholder of Aquesta Bank. Former shareholders of Aquesta Bank now own the exact same ownership interest in the new Bank Holding Company.
Shareholders will soon receive instructions to convert their current Aquesta Bank paper stock certificates into Aquesta Financial Holdings, Inc. shares. Shares of Aquesta will continue to trade on the OTC Exchange but will now trade with the new symbol AQFH.
Jim Engel, CEO and President of Aquesta Bank, said, "We are pleased that this important structural change was approved by the Federal Reserve and is commencing with no interruption to the activities of Aquesta Bank or Aquesta Insurance Services. The holding company will now allow Aquesta greater flexibility as to financing, a more efficient capital structure and faster more efficient execution on any acquisitions that may be identified."
Aquesta Bank is a commercial bank serving the Lake Norman market with a focus on small to medium sized businesses and professionals. Aquesta's branches are in Cornelius, Davidson and two in Mooresville with additional branches under construction for Cornelius and Huntersville. Aquesta Bank's independent insurance agency (Aquesta Insurance Services, Inc.) has offices in Cornelius, Kannapolis, Mooresville and Wilmington.
For additional information, please contact Kristin Parsons (Chief Financial Officer) at 704-439-4343 or visit us online at www.aquesta.com.
SOURCE Aquesta Bank