FNB United Corp. in Asheboro, N.C., said it completed a one-for-100 reverse stock split.
The company's shareholders approved the move last month as part of a plan to satisfy the Nasdaq's $1 minimum bid price, FNB said on Monday. The company did not issue fractional shares.
Former Bank of Granite Corp. shareholders, who were eligible to receive stock as part of the company's sale to FNB, will receive shares on a split-adjusted basis. FNB, the parent company of CommunityONE Bank, bought Bank of Granite on Oct. 21.
After the split, the company has about 21 million outstanding shares.
