-US CIB Marine Bancshares plans stock deregistration.
BANKING AND CREDIT NEWS-May 23, 2012--US CIB Marine Bancshares plans stock deregistration(C)2012 M2 COMMUNICATIONS http://www.m2.com
23 May 2012 - US bank holding company CIB Marine Bancshares Inc (OTCQB:CIBH) on Tuesday announced plans for a voluntary deregistration of its common shares.
The company's board of directors has backed the filing of a Form 15 with the US Securities and Exchange Commission, which is expected to take place on or about 24 May 2012, with the form due to become effective 90 days after filing.
CIB Marine is eligible for deregistration under the Securities and Exchange Act of 1934, pursuant to the the Jumpstart Our Business Startups Act, because it currently has fewer than 1,200 common stockholders of record. The deregistration does not disqualify the company's shares from being quoted at the OTCQB market tier on the OTC Market, but CIB Marine cannot provide any assurance that its stock will remain listed.
The company's decision to deregister is based on the large costs related to the preparation and filing of periodic reports with the SEC, audit legal and other costs related to such filings and the additional demands placed on the company's management and staff to comply with reporting requirements. CIB Marine plans to continue filing quarterly financial reports with its banking regulators, be audited annually and issue shareholder letters.
CIB Marine, based in Waukesha, Wisconsin, is the parent of CIBM Bank, which has 13 banking offices in Central Illinois, Wisconsin and Indiana.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||May 23, 2012|
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