GENOA — GenBanc Inc., the holding company for GenoaBank, has announced that its board of directors approved a two-for-one split of the company’s common stock.

“GenoaBank continues to demonstrate solid financial performance due in large part to an effective partnership with our shareholders,” said Martin Sutter, chairman, president and chief executive officer of GenoaBank. “The board’s decision to split the stock reflects confidence in our business model and strength in our strategy in continuing to deliver solid results with a focus on generating significant value for shareholders.”

Each shareholder of record, on May 20 (the “record date”) was eligible was for the stock-split. The distribution for the new shares will be in June. The split will make the stock more affordable to investors, as the bank continues to grow. Following the 2-for-1 stock split, the current market value of one share of GenBanc Inc. stock is $31.

GenoaBank, founded in 1902, is now in its second century of providing a broad range of banking services to business and private customers in Wood, Lucas, Ottawa and Sandusky Counties.

The bank has assets of $525 million and operates branch offices in Rossford, Millbury, Genoa, Elmore, Maumee, Oregon, Port Clinton, Sylvania, and downtown Toledo.