Citizens Holding announces voluntary delisting from the Nasdaq

Citizens Holding Company, the holding company for The Citizens Bank of Philadelphia, announced its voluntary decision to delist its common stock from the Nasdaq Global Market and to deregister its common stock under Section 12(b) of the Securities Exchange Act of 1934. The company has notified Nasdaq of its intent to voluntarily delist and withdraw the registration of its common stock with the Securities and Exchange Commission. The Company intends to file a Form 25 with the SEC on or about December 11 and expects the last trading day on Nasdaq will be on or about December 15. Following delisting from Nasdaq, the company expects its common stock will be quoted on the OTCQX Best Market beginning on or about December 18, under the symbol “CIZN“. Subsequent to the delisting of its common stock from Nasdaq, the company intends to file a Form 15 with the SEC to suspend the company’s obligations to file periodic reports under the Exchange Act. Stacy Brantley, the company’s Chief Executive Officer, stated, “We anticipate significant cost savings and efficiencies resulting from SEC deregistration and delisting from Nasdaq. After careful consideration, the Board of Directors approved this decision after concluding that the benefits to the company and its shareholders outweighed the advantages of remaining an SEC-reporting, Nasdaq-listed company. We are excited to begin trading on the OTCQX Market alongside many investor-focused community banks. The company’s financial statements will continue to be audited by an independent accounting firm, and the company intends to continue publishing quarterly and annual financial information via press releases or by postings on the OTC Markets website and the Bank’s website. The bank will also continue to report detailed quarterly financial reports to its primary federal regulator, which are publicly available.”