Britton & Koontz Capital Corp., the parent company of Britton & Koontz Bank NA, will delist its stock from Nasdaq and instead trade shares in the over-the-counter markets.
B&K Capital said it plans to file the delisting form with the federal Securities and Exchange Commission around July 10. The company can make the move because it has fewer than 1,200 shareholders for its common stock.
The bank holding company is making the move for a number of reasons, the company said, including the disproportionately high costs involved in filing reports with the SEC and the demands on management and employees to comply with those reporting requirements, as well as the accounting, audit, legal and other costs associated with being a public company.
The savings will directly benefit the company’s earnings and regulatory capital, according to W. Page Ogden, B&K’s chief executive officer.
B&K Capital’s headquarters are in Natchez, Miss. B&K Bank has three offices in Natchez, two in Vicksburg, Miss., three in Baton Rouge and a loan production office in Central.