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New Bancorp files to deregister common stock


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New Bancorp files to deregister common stock

New Buffalo, Mich.-based New Bancorp Inc filed a Form 15 with the Securities and Exchange Commission to deregister its common stock.

New Bancorp President and CEO Richard Sauerman said the action was taken to reduce operating expenses. "We believe that the continuing increased costs and administrative burdens of public company status, including our reporting obligations with the SEC, outweigh the benefits of public reporting," he said.

New Bancorp unit New Buffalo Savings Bank will continue to report detailed quarterly financial results to its regulators.