Polonia Bancorp Inc., the holding company for Polonia Bank, recently announced that it will withdraw the company’s common stock from its NASDAQ market listing, effective Monday, Dec. 28.
The announcement was issued from the company's base in Huntingdon Valley, Pennsylvania.
Polonia has notified The NASDAQ Stock Market LLC of its intention to voluntarily withdraw the company’s common stock, par value $0.01 per share, from its listing on NASDAQ. The company has also disclosed its intention to file a notification of removal from listing and registration under the Securities Exchange Act of 1934 with the Securities and Exchange Commission (SEC) on or after Dec. 28.
The company’s decision was based on an analysis of the costs and benefits of ongoing listing, inclusive of expenditures associated with regulatory observance. It was determined that Polonia’s shares were not actively traded to the extent that would justify continued use of the market.
Its board of directors believes that lowered expenses will benefit the company and its stockholders in the long run. The company will maintain compliance with SEC reporting rules.
Polonia Bank has offered community banking to Pennsylvanians for nearly 93 years, with current branch locations in Montgomery County and Philadelphia County. Polonia Bank provides consumer mortgages, loans, mobile banking services and more.
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