Century Next Financial (CTUY) in Ruston, La., is planning to deregister its common stock.
The $126 million-asset company expects to be eligible to deregister because its common stock has fewer than 300 shareholders, according a filing Wednesday with the Securities and Exchange Commission. It plans to begin the process in early October.
Century, the holding company of Bank of Ruston, is deregistering in order to cut back on the legal, accounting and administrative costs associated with being a reporting company under the Securities Exchange Act of 1934, according to a press release.
"We carefully considered the advantages and disadvantages of being a public company in light of our size and market capitalization and the costs and demands of ongoing compliance with SEC requirements," Chief Executive William Hogan said in the release. "With this in mind, the board decided that it is in the best interests of the Company and existing shareholders to deregister."