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Edgewater Bancorp cuts number of authorized shares

St. Joseph,Mich.-based Edgewater BancorpInc. amended its articles of incorporation to cut the number of itsauthorized common shares and authorized preferred shares.

The number ofthe company's authorized common shares was slashed to 4 million from 50million, while the number of its authorized preferred shares was reduced to 1million from 5 million.

The companyexpects a decrease in its annual state franchise taxes as a result of thesereductions in authorized share counts.