Business

Macon Bank execs to ring NASDAQ bell

Chuck Edwards serves on the board of the newly formed holding company for Macon Bank.

By Bill Moss, Published: October 3, 2014

Leaders of a newly formed holding company for Macon Bank will ring the closing bell on the NASDAQ this afternoon to celebrate of the financial company's trading as a public company.

Entegra Financial Corp., the holding company for Macon Bank, announced this week the completion of the company's stock offering and the conversion of Macon Bancorp from a mutual holding company to a publicly traded company.
The stock began trading on the NASDAQ Global Market under the symbol ENFC on Wednesday. In two days of trading, the stock climbed by more than 30 percent, ranging from $12.60 to $13.32. More than 2.6 million shares changed hands on opening day. It was trading at $13.16 on Friday morning.
President and CEO is Roger D. Plemens, who has been employed by the bank since 1978 and its chief executive since 2004, will ring the closing bell. Among those who will be on hand is Chuck Edwards, an Entegra director from Hendersonville. Edwards owns C. Edwards Groups, which operates McDonald's franchises in Henderson, Transylvania and Buncombe counties.
The new holding company's stock offering was oversubscribed. It sold 6,546,375 shares of common stock, representing the adjusted maximum of the offering range, at $10 a per share, raising gross proceeds of $65.5 million.
Macon Bank operates 11 branches in Cherokee, Henderson, Jackson, Macon, Polk and Transylvania counties. As of June 30, Entegra Financial Corp. had total assets of $820.3 million, gross loans of $534.9 million, total deposits of $712.6 million and total equity of $39.4 million, the company said. To see a webcast of the Nasdaq Closing Bell visit https://new.livestream.com/nasdaq/live or http://www.nasdaq.com/about/marketsitetowervideo.asx.