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TIB Financial Corp. received an extension from the NASDAQ Stock Market that will keep its company stock listed on the exchange until Jan. 3, 2011, despite the fact that shares are currently trading well below the market's minimum price of $1.00.
The key to regaining share value will be the planned investment of $175 million by North American Financial Holdings Inc. At that point, says TIB CEO Thomas Longe of his company, “We will be one of the strongest capitalized banks in Florida."
Once the investment is completed, TIB Financial (symbol: TIBB) will enact a reverse stock split to dramatically increase per-share value.
Headquartered in Naples, TIB Financial Corp. manages $1.7 billion in total assets.
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