Berkshire Bancorp (BERK) in New York plans to delist from the Nasdaq and deregister its common stock.
Berkshire's board of directors opted to delist and deregister the company's common stock in order to save on the legal, administrative and accounting costs associated with being a public company, according to a press release Friday. It is eligible to deregister because it has fewer than 1,200 shareholders.
The announcement marks yet another twist in a tumultuous year for the $784 million-asset company. This spring Berkshire announced that it had discovered a major accounting error in statements prepared by a third-party tax specialist and vowed to strengthen internal controls over its financial reporting. Steven Rosenberg also resigned as chief executive and chief financial officer this year.