Summit State Bank announced on Thursday a five-for-four stock split that will expand its overall shares outstanding.
The Santa Rosa financial institution said the split date would be on Feb. 28. It currently has 4.8 million shares outstanding and would have more than 6 million after the new shares are issued.
The bank’s share price has increased from a low of $13.15 in November to more than $16 per share this month as speculation has emerged that it’s a takeover target with growing consolidation in the industry.
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