West Bend-based Westbury Bancorp Inc. has announced it plans to delist its stock from the Nasdaq Stock Market and deregister its stock with the SEC.
Westbury expects to file the necessary paperwork to begin this process on Oct. 6. The last day of trading for its stock on the NASDAQ would then be Oct. 13, and the company plans to list its shares on the OTCQX market beginning Oct. 16.
The SEC deregistration is expected to happen Jan. 15, and Westbury would no longer need to file SEC reports. Westbury is a savings and loan holding company with fewer than 1,200 stockholders of record, which means it is eligible for SEC deregistration.
The company made the decision to delist its stock and end its SEC registration “based on numerous factors,” including the high cost of filing SEC reports, as well as elevated audit, accounting, legal and other costs. Westbury plans to continue publishing its quarterly and annual financial “information” via press releases or postings on the OTCQX website and the Westbury Bank site. It would still be required to submit its detailed quarterly financial reports to the FDIC.
Westbury Bancorp is the holding company for Westbury Bank, which has nine branches in Wisconsin, most of which are in the Milwaukee area. The company went public in 2013. Westbury’s 2016 net income was $3.5 million, down from $4.4 million in 2015. In the second quarter of 2017, Westbury reported net income of $746,000, or 21 cents per share, down from $873,000, or 23 cents per share, in the second quarter of 2016.
This article was originally published by BizTimes Milwaukee.