AUBURN – After a successful public offering that closed last week, Auburn Savings Bank stock started trading on the OTC, or Over the Counter, Bulletin Board on Monday.

Its ticker is ABBB.

Earlier this year, bank members voted to form Auburn Bancorp, a holding company that would retain 55 percent of Auburn Savings and offer the rest to the public to raise capital. To do that, the bank had to sell a certain number of $10 shares in a limited time. It just passed that hurdle, selling 226,478 by the last day of the offering, according to bank President and CEO Allen Sterling.

“We were very happy we were able to get it closed,” Sterling said.

Investors represented a mix of people in the community and out of state. Some people had the jitters about investing in banks, he said, given the news across the country.

For Auburn Savings the additional funds mean more lending to small businesses and in the real estate market.

Shareholders will receive their first annual reports this fall. The Auburn Bancorp board of directors will meet for the first time Tuesday. The stock can be watched at otcbb.com.

“I’m interested to see where it goes,” Sterling said. “We’re a real small institution, it’s not going to be horribly active.”

– Kathryn Skelton


Only subscribers are eligible to post comments. Please subscribe or to participate in the conversation. Here’s why.

Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.