After securing shareholders' approval during the May 22 annual meeting, Community Capital Bancshares Inc. is set to effect a reverse stock split June 1.
At the effective date, shareholders of the Albany, Ga.-based company will be issued 1 share of stock for every 5 shares owned, which should increase the share price 5x over the current trading price.
Luke Flatt, president and CEO of the company and unit AB&T, said shareholders decided to approve the reverse stock split to raise the value of individual shares above $10.
