Madison Bancorp (MDSN) in Baltimore, Md., plans to deregister its common stock and stop reporting to the Securities and Exchange Commission.

The $146 million-asset company is taking the step in order to cut back on the legal, accounting and administrative costs associated with reporting to the SEC, according to a Thursday press release.

"The decision by the board of directors to deregister 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 SEC reporting requirements," President and Chief Executive Michael Gavin said in the release.

Madison expects its common stock to continue trading on the OTC Bulletin Board after deregistration, according to the release.

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