Minden Bancorp, Inc. Announces Intention to Deregister as Reporting Company
With the SEC
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.
The Company's wholly-owned banking subsidiary, MBL Bank, will continue to
report detailed quarterly financial results to the Federal Deposit Insurance
Corporation via its Call Reports, which are publicly available on the FDIC's
website at www.fdic.gov.
Minden Bancorp, Inc., headquartered in Minden, Louisiana, is the holding
company for MBL Bank. The Bank is a 103 year old Louisiana-chartered,
FDIC-insured commercial bank serving Minden and the surrounding areas of
northwest Louisiana from two banking offices. The Bank offers a wide variety
of financial services and products throughout its market area.
This news release may contain forward-looking statements as the term is
defined in the Private Securities Litigation Reform Act of l995.
Forward-looking statements include statements regarding anticipated future
events and can be identified by the fact that they do not relate strictly to
historical or current facts. They often include words such as "believe,"
"expect," "anticipate," "estimate," and "intend" or future or conditional
verbs such as "will," "would," "should," "could," or "may." Such
forward-looking statements, by their nature, are subject to risk and
uncertainties which could cause actual results to differ materially from those
currently anticipated due to a number of factors. Such factors include, but
are not limited to, changes to interest rates which could affect the net
interest margin and net interest income, the possibility that increased demand
or prices for the Company's financial services and products may not occur,
changing economic and competitive conditions, technological developments, and
other risks and uncertainties. The Company does not undertake to update any
CONTACTS: Jack E. Byrd, Jr., Chairman/President/CEO
Becky T. Harrell, Treasurer/CFO
Minden Bancorp, Inc. Logo
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