Southern Indiana Business Report
SALEM – Mid-Southern Bancorp Inc. (Nasdaq:MSVB), the holding company for Mid-Southern Savings Bank, FSB announced its voluntary decision to delist its common stock from The Nasdaq Stock Market LLC and its intent to deregister its common stock with the Securities and Exchange Commission.
In a Thursday news release, the bank said the Board of Directors’ decision to delist and deregister the company’s common stock was based on the conclusion that the significant costs and regulatory compliance burden outweigh the benefits of remaining an SEC-reporting, Nasdaq-listed company.
Mid-Southern, based in Salem, intends to file a Notification of Removal from Listing with the SEC Aug. 14, and expects the last trading day on Nasdaq will be on that day. Following delisting from Nasdaq, Mid-Southern expects its common stock will be quoted on the OTCQX Market beginning on Aug. 15 and expects to retain the symbol “MSVB.”Mid-Southern also intends to file a Certification and Notice of Termination From Registration with the SEC on or about Aug. 24.
Upon filing, the bank’s obligation to file periodic reports with the SEC will be suspended immediately and will terminate when deregistration becomes effective 90 days after the filing.
The company will continue to provide stockholders with an annual report containing audited consolidated financial statements, and quarterly interim financial information will be made available at www.mid-southern.com. The bank will also continue to file quarterly Call Reports with the Federal Deposit Insurance Corporation, which are available at www.fdic.gov.
About the companyMid-Southern Savings Bank, FSB is a federally chartered savings bank headquartered in Salem. It has branch offices in Mitchell and Orleans, and loan production offices in New Albany and Louisville, Kentucky.