MB Bancorp to deregister stock with SEC

Daily Record Staff//July 25, 2019//

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The holding company for Madison Bank of Maryland has chosen to deregister its common stock with the Securities and Exchange Commission.

MB Bancorp Inc. of Forest Hill, filed Form 15 with the SEC, ending the stock’s registration and reporting obligations, the company announced Wednesday.

MB Bancorp President and CEO Phil Phillips said in a news release that the company’s board determined the costs of remaining registered outweighed the benefits and that the resulting cost savings would benefit the company and stockholders. The company has fewer than 78 stockholders and its shares are not actively traded, he said.

MB said it anticipates that the deregistration becomes effective Oct. 22 and that and the bank will still provide reports to the Federal Reserve Board and the Office of the Comptroller of the Currency.

Tags: MB Bancorp Inc.

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