Monarch Community Bancorp Inc. in Coldwater, Mich., said Friday that shareholders would vote Oct. 9 on its plan to go private and delist its shares, which currently trade on the Nasdaq exchange.
If shareholders vote for the plan Monarch's shares would start trading on the OTC Bulletin Board and Pink Sheets on or about Oct. 10, and the company would cease registering its shares with the Securities and Exchange Commission on or about Oct. 19.
The $283 million-asset bank announced in February that its board had approved going private under a plan that would buy out stockholders who own less than 1,000 shares at $13.50 a share. It said then that the costs of being a publicly traded company outweighed the benefits.
Monarch's shares were trading at $12.10 late Friday afternoon.
