GRANDVILLE — Shares of Grand River Commerce Inc., the parent company of Grand River Bank, began trading today on a financial market operated by OTC Markets Group Inc.
The move to the OTCQX Best Market, an upgrade from OTC’s Pink market, should give Grand River Commerce’s shares better liquidity. The bank’s stock now trades on the OTCQX Best Market under the symbol “GNRV.”
“Our growth in asset value, along with improved earnings and profitability, suggested the timing was right for inclusion on the OTCQX platform to best serve the needs of our shareholders,” Grand River Commerce Chairman and CEO Robert Bilotti said in a statement. “Our goal is to improve liquidity and increase trading volume by introducing our company and the vibrant West Michigan business community to a broader investment marketplace. We anticipate that by partnering with the OTCQX, we will be successful delivering better results for our shareholders and creating more opportunities for all of our stakeholders.”
Markets operated by OTC Markets Group Inc. carry 10,000 U.S. and global securities.
The 10-year-old Grand River Commerce, with a single office in Grandville, had $276.1 million in total assets at the end of the first quarter and $225.3 million in total deposits, according to a quarterly financial statement posted on the bank’s website.
The bank recorded $353,000 in first quarter net income, and $1.1 million for all of 2018.