MACON, Ga., Jan. 21, 2011 (GLOBE NEWSWIRE) -- Atlantic Southern Financial Group, Inc. (Nasdaq:ASFN) (the "Company"), the parent company of Atlantic Southern Bank, today announced its intent to voluntarily delist the Company's common stock from the Nasdaq Stock Market ("Nasdaq"). The Board determined the costs, expenses and administrative burden of maintaining the listing outweighed the benefits, given the level of trading activity in the common stock and the expenses associated with continued listing, including listing fees and compliance costs relating to the issues identified below. The Company has immediately proceeded with delisting by providing a written notice to Nasdaq on January 20, 2011 of its intention to delist and will file a Form 25 with the Securities Exchange Commission on January 31, 2011. The Company anticipates that Nasdaq will suspend trading in the common stock within ten days of submission of its written notice and expects the delisting from Nasdaq to become effective February 10, 2011, ten days after filing its Form 25. Following clearance by the Financial Industry Regulatory Authority of a Form 211 application filed by a market maker in the Company's common stock, the Company expects that its shares will be quoted on the OTC Bulletin Board. The Company will remain subject to the periodic reporting requirements of the Securities Exchange Act of 1934, as amended.
CONTACT: Edward P. Loomis, President & CEO, Atlantic Southern Bank 478-330-5820