NATCHEZ, Miss., June 29, 2012 /PRNewswire-FirstCall/ -- The
Board of Directors of Britton & Koontz Capital Corporation
(Nasdaq: BKBK, "B&K Capital" or "the Company"), the parent
company of Britton & Koontz
Bank, N.A., announced that it has today notified the NASDAQ
Stock Market of its intent to voluntarily delist its common stock
from the NASDAQ Capital Market and to file a Form 25, Notification
of Removal from Listing and/or Registration, with the Securities
and Exchange Commission ("SEC") on or about July 10, 2012. The Company anticipates that
its common stock will trade on the over-the-counter markets
following the completion of its delisting from the NASDAQ Capital
Market.
Subsequent to the effective date of delisting, the Company also
intends to take the necessary action to deregister its common stock
under Sections 12(g) and 15(d) of the Securities Exchange Act of
1934, as amended by the Jumpstart Our Business Startups Act
(commonly referred to as the JOBS Act). The Company is
eligible to deregister because it has fewer than 1,200 holders of
record of its common stock. The Company expects that its
obligation to file periodic reports with the SEC such as Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K, will be suspended after the deregistration of
its common stock under Sections 12(g) and 15(d) is effective.
The Board of Directors determined that delisting and
deregistration of the Company's common stock is in the best
interests of the Company and its shareholders based on a number of
factors, including (a) the disproportionately high costs to a
community bank of preparing and filing periodic reports with the
SEC and complying with NASDAQ listing rules, (b) the accounting,
audit, legal and other costs and expenses associated with being a
public company, (c) the demands placed on Company management and
other personnel to comply with SEC reporting requirements, and (d)
the historically low trading volume in the Company's common
stock.
"Our desire to achieve substantial savings from reduced
accounting, legal and administrative costs associated with being a
public company drove our decision to delist and deregister our
common stock," said W. Page Ogden,
Chief Executive Officer of the Company. "These savings will
directly benefit the Company's earnings and regulatory
capital."
Britton & Koontz Capital Corporation, headquartered in
Natchez, Mississippi, is the
parent company of Britton & Koontz
Bank, N.A. which operates three full service offices in
Natchez, two in Vicksburg, Mississippi, and three in
Baton Rouge, Louisiana, and a loan
production office in Central, Louisiana. As of March 31, 2012, the Company reported assets of
$356.5 million and equity of
$39.3 million. The Company's
stock is traded on NASDAQ under the symbol BKBK and the transfer
agent is American Stock Transfer & Trust Company. Total
shares outstanding at March 31, 2012,
were 2,138,466.
https://www.bkbank.com
SOURCE Britton & Koontz Capital Corporation