Academic journal article ABA Banking Journal

Publicly Traded Community Banks

Academic journal article ABA Banking Journal

Publicly Traded Community Banks

Article excerpt

There are roughly 1,250 publicly traded banks that are headquartered in the U.S. Of this, more than half fall into the community bank category, which SNL Financial broadly defines as those banks and thrifts with fewer than $500 million in assets.

(Though banks above that threshold are, or consider themselves to be, community banks, SNL uses that number because our research has found that these institutions, on average, have ten branches localized in a contiguous geographic region. Above $500 million, institutions begin to take on characteristics of small regionals, generally speaking.)

There is no strict legal definition of "publicly traded," but typically it refers to companies whose stock is in the public domain. Of the 686 publicly traded community banks, 259 are not required to file SEC-type documents such as Form 10-Qs or Form 10-Ks, because they do not meet the securities registration criteria of the SEC.

Current regulations allow an institution with less than 300 shareholders of record, or less than 500 shareholders of record if the assets of the issuer have not exceeded $10 million on the last day of the issuer's three most recent fiscal years, not to register its securities. …

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