Northern States Financial Corp. in Waukegan, Ill., plans to delist its common stock from the Nasdaq by Feb. 17.

The $503 million-asset company said late Tuesday that its stock would move to an over-the-counter listing.

The Nasdaq notifed Northern States last month that the company's common stock was in danger of delisting after it failed to remain above $1 for 30 straight business days. The company was given until July 9 to regain compliance, but instead opted to voluntarily leave the exchange.

"Our decision to voluntarily delist from Nasdaq was made after careful consideration of the advantages and disadvantages of seeking to maintain our listing," said Scott Yelvington, Northern State's president and chief executive, in a press release. He said the board also considered "our ability to regain and maintain compliance with Nasdaq's minimum price rule, particularly in light of our size and recent trading history, as well as the costs and compliance obligations of continuing our listing on Nasdaq."

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