Independent Banker - January 2021 - 50

unpredictability of COVID-19 and its
economic impacts. " Investors don't
like uncertainty, " Rader says, " and the
uncertainty right now makes it harder
for investors to gauge things like a
bank's loan portfolio credit quality in
the near and immediate term. "
The interest rate environment
is also making it hard to project
earnings. " We're aware of more than
one situation where a community
" [GOING PUBLIC]
HAS ALSO BEEN
A RECRUITMENT
TOOL TO HELP SPUR
ORGANIC GROWTH,
AND IT ALLOWED US TO
PROVIDE LIQUIDITY FOR
SHAREHOLDERS WHO HAD
GIVEN 10 TO 15 YEARS OF
SUPPORT TO OUR COMPANY. "
-Jude Melville, b1Bank
bank was seriously considering going
public [in 2020 or in early 2021]
but was told by investment bankers
to wait due to concerns about the
ability to efficiently raise capital
because of all of the uncertainty in the
marketplace, " Rader says.
Laura Hamilton, vice president
of OTC Markets Group, agrees that
today's market has delayed many
banks' decisions to access the public
markets. " Community banks have put
capital raising and their respective
plans to go public on the backburner
as the focus has shifted to responding
to the current macroeconomic
environment, " she says. " Most of
them are looking toward 2021 and
2022 to re-evaluate timing to execute
on this portion of their growth
trajectory plan. "
The figures bear this out. As of
December 2020, seven community
banks had joined the OTCQX Market,
the premium market tier operated by
OTC Markets Group, by way of " Slow
PO " -akin to a direct listing, Hamilton
says-market upgrades or stock
exchange delists. That's compared
with an average of 25 community
banks that joined the market annually
between 2017 and 2019.
" While bank stocks have been
volatile throughout the pandemic,
we have seen recent activity on our
market that suggests going public will
remain a viable path to continued
growth for private community
banks once economic uncertainties
stabilize, " Hamilton says. " Moving
into 2021, management teams are
thinking about making strategic
moves to capitalize on the expected
increase in M&A activity. "
Phil Buffington, a partner with
Adams and Reese LLP based in New
Orleans, is someone else who believes
community banks are cautious about
going public at this time. " They
don't want to move forward in a
market where their stock value could
be undervalued, " he says, " but it
appears that some banks are uniquely
situated to continue pursuing going
public because of their strategic
planning prior to the pandemic or
50 Q ICBA Independent Banker Q January 2021

Independent Banker - January 2021

Table of Contents for the Digital Edition of Independent Banker - January 2021

Table of Contents
Independent Banker - January 2021 - Intro
Independent Banker - January 2021 - Cover1
Independent Banker - January 2021 - Cover2
Independent Banker - January 2021 - Table of Contents
Independent Banker - January 2021 - 2
Independent Banker - January 2021 - 3
Independent Banker - January 2021 - 4
Independent Banker - January 2021 - 5
Independent Banker - January 2021 - 6
Independent Banker - January 2021 - 7
Independent Banker - January 2021 - 8
Independent Banker - January 2021 - 9
Independent Banker - January 2021 - 10
Independent Banker - January 2021 - 11
Independent Banker - January 2021 - 12
Independent Banker - January 2021 - 13
Independent Banker - January 2021 - 14
Independent Banker - January 2021 - 15
Independent Banker - January 2021 - 16
Independent Banker - January 2021 - 17
Independent Banker - January 2021 - 18
Independent Banker - January 2021 - 19
Independent Banker - January 2021 - 20
Independent Banker - January 2021 - 21
Independent Banker - January 2021 - 22
Independent Banker - January 2021 - 23
Independent Banker - January 2021 - 24
Independent Banker - January 2021 - 25
Independent Banker - January 2021 - 26
Independent Banker - January 2021 - 27
Independent Banker - January 2021 - 28
Independent Banker - January 2021 - 29
Independent Banker - January 2021 - 30
Independent Banker - January 2021 - 31
Independent Banker - January 2021 - 32
Independent Banker - January 2021 - 33
Independent Banker - January 2021 - 34
Independent Banker - January 2021 - 35
Independent Banker - January 2021 - 36
Independent Banker - January 2021 - 37
Independent Banker - January 2021 - 38
Independent Banker - January 2021 - 39
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Independent Banker - January 2021 - 49
Independent Banker - January 2021 - 50
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Independent Banker - January 2021 - 68
Independent Banker - January 2021 - Cover3
Independent Banker - January 2021 - Cover4
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