Cecil Bancorp (CECB) in Elkton, Md., plans to deregister its common stock from the OTC Bulletin Board and stop reporting to the Securities and Exchange Commission.

"The decision... was made after careful consideration of the advantages and disadvantages of being a public reporting company and the high costs and demands on management's time arising from compliance with our ongoing reporting requirements, including the costs associated with Sarbanes-Oxley and Dodd-Frank compliance and other reporting requirements," Cecil President and Chief Executive Terrie Spiro said in a Tuesday press release.

The $376 million-asset Cecil is eligible to deregister because it has less than 1,200 shareholders, according to the company's release. The deregistration will be effective 90 days after the company files its paperwork.

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