Bank of Granite Corporation (GRAN)

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Bank of Granite Corp.’s shares closed Thursday at $1.67, following a run-up in the stock’s price in recent days.

About 1.5 million of the bank’s shares traded hands Thursday, up from a three-month average of 78,826.

The company’s stock closed at 75 cents per share on Friday, 94 cents on Monday, $1.22 cents on Tuesday and $1.52 on Wednesday. Bank of Granite’s shares traded as high as $2.38 per share Thursday.

The last time the bank’s shares closed above $1 was in late September. Over the last year, Bank of Granite’s stock has traded between 40 cents and $3.61 per share.

Bank of Granite (NASDAQ:GRAN) has more than 15 million shares outstanding.

The past year has been troublesome for the company. In November, NASDAQ notified the Granite Falls-based bank that it faced delisting because its stock had traded for less than $1 per share for more than 30 days.

The bank also is operating under a cease-and-desist order from the Federal Deposit Insurance Corp. and North Carolina’s banking commissioner to halt “unsafe and unsound banking practices and violations.” The order, which came after the bank’s capital and loan performance continued to decline as the recession worsened, requires Bank of Granite to make major changes to its management and lending practices.

Also, the company reported a third-quarter loss of $3.7 million.

Bank of Granite operates 20 full-service branches in Mecklenburg, Burke, Caldwell, Catawba, Forsyth, Iredell, Watauga and Wilkes counties.

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