Savi Financial Corporation Inc (OTCMKTS:SVVB) Stock In Focus After Recent News
Savi Financial Corporation Inc (OTCMKTS:SVVB) is the holding company which controls SaviBank and on Thursday the company came up with a key announcement that investors could look into. The company announced yesterday the updated timeline with regards to the launch of its previously announced state chartered commercial bank based out of Bellingham in Washington.
Trading Data
On Thursday, SVVB stock ended flat at $7.25 with more than 185 shares traded, compared to volume of 344 shares. The stock moved within a range of $7.25 – 7.25 after opening trading at $7.25.
Savi Financial Corporation Provides Update on De Novo Bank Formation
The company revealed that the formation of the bank was awaiting regulatory approval and it expected the whole to be concluded at some point in the spring of 2024. The transaction is related to the formation of the Orca Bank through the application of a de novo banking charter and Savi Financial Corporation acquiring Orca Bank as a fully owned subsidiary unit.
As part of the transaction Orca Bank will acquire the Bellingham branch from SaviBank. Once the Orca Bank Charter is issued, the capitalization, acquisitions and formation would all occur simultaneously. The bank charter would be issued once the approval is gained from the regulators. Michael D Cann would be the Chief Executive Officer and Chairman of Orca Bank, while Drew Wilkins would be made the president. In light of the latest development, it would be interesting to see if the Savi Financial Corporation stock gets any traction.
