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Mountain 1st timeline

By Bill Moss, Published: December 2, 2013

Mountain 1st timeline:

 

  • May 14, 2004: Mountain 1st founded. Made initial sale of stock to 2,200 investors and raised $16 million. The bank raised $35 million from 2,500 investors over 18 days, its 2004 annual report said.
  • Dec. 31, 2004: The bank had assets of $160 million (including loans of $120 million) and stockholder equity of $16 million. It had issued 2,031,542 shares of stock to 2,216 stockholders. The stock had traded at $8.80 in May and June of that year; in the fourth quarter it traded as high as $24.
  • Dec. 31, 2005: Stock closed at $28.50 a share, up 56 percent for the year. Outstanding shares totaled 3.976 million, held by 2,940 investors. Charter investors saw the value of their stock climb by 300 percent.
  • December 2006: Stock closed at $28.01.
  • January 2008: Stock traded at $13.
  • October 2008: Mountain 1st received $16.4 million TARP payment in the form of a preferred stock investment.
  • January 2009: Stock traded at $5 to $7.
  • April 2009: In its April 2009 proxy statement, the bank disclosed that it was renting space for two branches from real estate companies owned by bank directors. It leased its Marion branch building from director Van F. Phillips, owner of Great Meadows Inc., for $3,500 a month. The lease agreement was for five years, with the option of four three-year renewals. The bank's proxy statement of May 2011 said that it had paid Great Meadows $42,000 in 2009 and 2010. It leased its Fletcher branch from director Steve McManus, owner of McManus Development LLC, for $3,200 a month. The lease was for 10 years, with the option of three five-year renewals. The bank reported in 2011 that after paying McManus $38,400 in 2009 and 2010 it obtained a market appraisal and bought the building plus an adjoining piece of property for $575,000.
  • January 2010: Stock traded at $2.20 to $4.
  • 2010: 1st Financial Services and Mountain 1st enter into "supervisory orders" restricting what the bank can do and closely governing its practices.
  • November 2011: Stock traded at 25 cents to 32 cents.
  • May 2013: Stock traded at about 59 cents but traded as high as $2.69 a share.
  • Aug. 27, 2013: Stock closed at $1.25 (volume of 800)
  • Aug. 28, 2013: Merger agreement announced. Stock closed at 36 cents (volume of 55,800). It has traded at 33 to 37 cents since then.
  • Dec. 10, 2013: 1st Financial and Mountain 1st shareholders meeting at Thomas Auditorium at BRCC.