Harleysville Savings Financial Corporation announced that its Board of Directors approved the voluntary delisting of its common stock from the Nasdaq Stock Market and the deregistration of the company as a reporting company with the Securities and Exchange Commission. The company anticipates that its common stock would be suspended from trading on Nasdaq on December 27 and that, promptly thereafter, its common stock would be quoted and traded under the symbol “HARL” on the OTCQB Marketplace, operated by OTC Markets Group. The company’s decision to delist and deregister the common stock comes in response to the recent adoption of the Jumpstart Our Business Startups Act, or “JOBS Act”, which, among other things, allows banks and bank holding companies to deregister with the SEC if they have fewer than 1,200 stockholders of record. The company’s board 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 being listed on Nasdaq.
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