Bank of the James began trading on the NASDAQ exchange Wednesday.
The bank had been trading over the counter, a method of buying and selling shares generally used by smaller companies.
Making the switch to the NASDAQ requires meeting a more stringent set of rules related to number of shares available to the public and compliance with corporate governance rules, among other things.
The Lynchburg-based bank’s stock will trade under the symbol BOTJ. It was trading over the counter under the symbol BOJF.
Executive vice president and chief financial officer Todd Scruggs said over-the-counter trading sometimes resulted in large swings in stock prices when only a small amount of stock was traded. Scruggs said being on NASDAQ will minimize those swings.
Robert Chapman III, Bank of the James president and CEO, said in a news release the NASDAQ listing would give the bank’s stock greater visibility and trading activity.
“This new listing is an example of our commitment to enhancing shareholder value and building the company’s visibility throughout the investing community,” he said
Bank of the James has nine full-service locations, one limited-service branch, a mortgage office in Forest and an investment division in downtown Lynchburg.
Wednesday, the stock closed at $5.48 a share. The bank had a market capitalization of $126.83 million.
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