MINDEN, La., Feb. 6, 2014 (GLOBE NEWSWIRE) -- Minden Bancorp, Inc. (the "Company") (OTC BB:MDNB) announced today that its Board of Directors approved the deregistration of the Company as a reporting company with the Securities and Exchange Commission. The Company intends to file a Form 15 with the SEC on or about February 7, 2014 in order to terminate the registration of the common stock under Section 12 of the Securities Exchange Act of 1934 and expects the deregistration to become effective 90 days after the Form 15 is filed. At such time, the Company's periodic reporting obligations under Sections 13 and 15(d) of the Exchange Act would be suspended, including its obligations to file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The Company's common stock will continue to be quoted and traded under the symbol "MDNB" on the OTCBB.
The Company's decision to deregister the common stock comes in response to the adoption of the Jumpstart Our Business Startups Act (the "JOBS Act"), which, among other things, allows banks and bank holding companies to deregister with the SEC if they have fewer than 1,200 shareholders of record. The Company's Board of Directors authorized the deregistration after concluding that the consequences of remaining an SEC reporting company, including the significant costs associated with regulatory compliance, outweighed the current benefits of remaining as a reporting company. The Board of Directors believes that the expense reductions inherent in deregistering its stock will benefit the Company and its shareholders and serve to maximize the long-term value of the Company. In addition, following deregistration, the Company's senior management will be able to focus more on the day-to-day operations of the Company as opposed to the considerable time and effort necessary to manage compliance with SEC reporting requirements. The Company will continue to be audited by an independent accounting firm.
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