DIXON, Calif.--(BUSINESS WIRE)--First Northern Community Bancorp (the “Company”, OTCQB: FNRN), holding company for First Northern Bank (“First Northern” or the “Bank”), today reported its intention to upgrade the Company’s stock trading platform from the OTCQB® Venture Market to the OTCQX® Best Market (“OTCQX”). It is anticipated that the transition will become effective on or about December 19, 2023.
Graduating to the OTCQX marks an important milestone for the Company, as it provides more transparent trading and improved access to company information for shareholders. To qualify for the OTCQX, companies must meet enhanced financial disclosure standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.
“We have been evaluating the trading options for our common stock in an effort to increase its liquidity and have determined that the OTCQX is the appropriate next-level marketplace for a company of our size,” stated Jeremiah Smith, President & CEO of First Northern Community Bancorp and First Northern Bank. “We look forward to the enhanced visibility the OTCQX should provide FNRN to investors, brokers, and market makers with the aim of increasing shareholder value.”
The Company will remain subject to the periodic reporting requirements of the Securities Exchange Act of 1934 following the transition. Shareholders will not be required to exchange any shares, and the Company expects trading to be available without any disruption. The Company’s common stock will be quoted on the OTCQX under its current trading symbol “FNRN” on the next trading day after the OTCQB is no longer available. Once the transition is finalized, U.S. investors will be able to find current financial disclosure and Real-Time Level 2 quotes for the Company at www.otcmarkets.com.
About First Northern Bank
First Northern Bank is an independent community bank that specializes in relationship banking. The Bank, headquartered in Solano County since 1910, serves Solano, Yolo, Sacramento, Placer, Colusa, Glenn and Contra Costa Counties, as well as the west slope of El Dorado County. Experts are available in small-business, commercial, real estate and agribusiness lending, as well as mortgage loans. The Bank is an SBA Preferred Lender. Non-FDIC insured Investment and Brokerage Services are available at every branch location, including Dixon, Davis, West Sacramento, Fairfield, Vacaville, Winters, Woodland, Sacramento, Roseville, Auburn, Rancho Cordova, Colusa, Willows, and Orland. The Bank also has a commercial lending office in Walnut Creek. Real estate mortgage and small-business loan officers are available by appointment in any of the Bank’s 14 branches. First Northern is rated as a Veribanc “Green-3 Star” Bank and a “5-Star Superior” Bank by Bauer Financial for the earnings period ended September 30, 2023 (www.veribanc.com) and (www.bauerfinancial.com). The Bank can be found on the Web at thatsmybank.com, on Facebook and on LinkedIn.
Forward-Looking Statements
This press release and other public statements may include certain “forward-looking statements” about First Northern Community Bancorp and its subsidiaries (the “Company”). These forward-looking statements are based on management’s current expectations, including but not limited to statements about the Company’s intention to uplist to the OTCQX and the potential benefits thereof, and are subject to certain risks, uncertainties and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. More detailed information about these risk factors is contained in the Company’s most recent reports filed with the Securities and Exchange Commission on Forms 10-K and 10-Q, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking statements. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s most recent reports on Form 10-K and Form 10-Q, and any reports on Form 8-K. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made. For further information regarding the Company, please read the Company’s reports filed with the SEC and available at www.sec.gov.
