Sykesville, Md.-based Carroll Bancorp Inc. is voluntarily deregistering its common stock as the stock has less than 1,200 holders of record.

The company will file its Form 15 with the SEC on March 22, 2017, with the stock deregistration becoming effective 90 days after. The board approved the filing Dec. 19. At the time of that filing, the company will suspend the filing of certain reports to the SEC, including its Forms 10-K, 10-Q and 8-K.

The company is deregistering is stock as it feels that the cost of compliance outweighs any benefits to shareholders. It expects its common stock to continue to trade on the OTC Pink Market.