Standard Financial (STND) in Monroeville, Pa., plans to delist from the Nasdaq and cease reporting with the Securities and Exchange Commission.
The $438 million-asset company plans to leave the Nasdaq on Sept. 26 and have its shares traded on the OTCQB Marketplace, operated by OTC Markets Group, under the same ticker, it announced Friday. Its deregistration with the SEC would take effect 90 days later.
Standard is deregistering in response to the adoption last year of the Jumpstart Our Small Businesses Act (JOBS Act), which lets banks and bank holding companies deregister if they have fewer than 1,200 shareholders. Standard's board felt "that the significant costs of remaining an SEC reporting company, including the regulatory compliance burden, outweighed the current benefits of being listed on Nasdaq," the news release said.
Standard plans to continue releasing quarterly earnings reports, and its bank, Standard Bank, will continue publishing quarterly call reports through the Federal Deposit Insurance Corp., the company said.
More than 100 banks have deregistered with the SEC since the JOBS Act took effect.