Integrated Financial Holdings, Inc. agreed to Spin-Off unknown minority stake in Dogwood State Bank (OTCPK:DSBX) on March 27, 2024. IFH is expected to distribute its minority equity interest in Dogwood State Bank to IFH shareholders in the form of a dividend equal to approximately 0.469 shares of Dogwood State Bank for each share of IFH common stock, a value of $7.69/share or approximately $18 million. The transaction is expected to be completed in the second half of 2024.

Raymond James & Associates, Inc. acted as financial advisor to Integrated Financial Holdings. Wyrick Robbins Yates & Ponton LLP acted as legal advisor to Integrated Financial Holdings.