LATROBE, Pa., June 19, 2012 /PRNewswire/ -- Commercial National Financial Corporation (NASDAQ: CNAF)(Company), parent Company of Commercial Bank & Trust of PA, today announced that its board of directors approved the voluntary delisting of its common stock from NASDAQ and the deregistration of the Company's common stock with the Securities and Exchange Commission (SEC). The Company has notified The NASDAQ Stock Market of the Company's intent to voluntarily delist its common stock from NASDAQ. The Company intends to file an application on Form 25 to notify the SEC of the Company's withdrawal from NASDAQ on June 29, 2012. The Company anticipates that its common stock would be suspended from trading on June 29, 2012 and that, thereafter, its common stock would be quoted and traded under the symbol "CNAF" on the OTCQB Marketplace, operated by OTC Markets Group. After the Company's common stock is delisted from NASDAQ, the Company will also start the termination of the registration of its common stock under the Securities Exchange Act of 1934 (Exchange Act). The Company intends to file a Form 15 with the SEC on about July 10, 2012 to deregister its common stock under Section 12(g)(4) of the Exchange Act, and expects the deregistration to become effective 90 days after the Form 15 filing. At that point, the Company would suspend its periodic reporting obligations under Section 15(d) of the Exchange Act, including its obligation to file Forms 10-K, 10-Q and 8-K.
The decision comes in response to the recent signing into law of the Jumpstart Our Business Startups (JOBS) Act, which, among other things, makes it possible for banks and bank holding companies to deregister a class of equity securities from the SEC if there are fewer than 1,200 holders of record of such securities.