West End Indiana Bancshares Inc. on Aug. 9 filed a Form 15 with the Securities and Exchange Commission to deregister its common stock under the Securities Exchange Act of 1934, as amended.
The Richmond, Ind.-based company's obligation to file periodic reports with the SEC was suspended upon filing the Form 15.
West End Indiana Bancshares unit West End Bank SB will continue to report detailed quarterly financial results to its regulators.
The company also intends to continue to post quarterly information about its results of operations and financial condition on the bank's website and will continue to provide stockholders with an annual report containing audited financial statements, West End Indiana Bancshares President and CEO Timothy Frame said.
Frame said the "continuing increased costs and administrative burdens" of public company status outweigh the benefits of public reporting.