Westbury Bancorp, Inc. Announces Intention to Voluntarily Delist from NASDAQ and Deregister its Common Stock
September 26 2017 - 4:30PM
Westbury Bancorp, Inc. (the "Company") (NASDAQ:WBB), the holding
company for Westbury Bank (the "Bank"), announced today its
voluntary decision to delist its common stock from the NASDAQ Stock
Market ("NASDAQ") and deregister its common stock with the
Securities and Exchange Commission ("SEC").
The Company has notified NASDAQ of its intent to voluntarily
delist and withdraw the registration of its common stock with the
SEC. The Company intends to file a Form 25 (Notification of
Removal from Listing) with the SEC on or about October 6,
2017. The Company expects the last day of trading of its
shares of common stock on NASDAQ will be on or about October 13,
2017. Following the NASDAQ delisting, the Company expects its
shares will be quoted on the OTCQX Market under the symbol "WBB"
beginning on or about October 16, 2017.
On or about October 16, 2017, the Company also intends to file a
Form 15 with the SEC to terminate registration under Section 12(g)
of the Exchange Act. It is expected that the Section 12(g)
deregistration will be effective on January 15, 2018. On or
about January 15, 2018, the Company intends to file a second Form
15 to suspend the Company's duty to file reports under Section
15(d) of the Exchange Act. Upon the filing of this second
Form 15, the Company's obligation to file reports with the SEC,
including Forms 10-K, 10-Q and 8-K, will be suspended
immediately.
As a savings and loan holding company, the Company is eligible
to deregister with the SEC because it has fewer than 1,200
stockholders of record. The decision of the Company’s board
of directors to delist and deregister its common stock was based on
numerous factors, including the significant cost savings of no
longer filing periodic reports with the SEC plus reductions in
accounting, audit, legal and other costs. The Company's
financial statements will continue to be audited by an independent
accounting firm and the Company intends to publish quarterly and
annual financial information via press releases or by postings on
the OTCQX website (www.otcmarkets.com/home) and the Bank's website
(www.westburybankwi.com). The Bank will continue to report
detailed quarterly financial results to its primary federal
regulator, which are publicly available on the FDIC's website
(www.fdic.gov).
Westbury Bancorp, Inc. is the holding company for Westbury
Bank. Westbury Bank is an independent community bank serving
communities in Washington, Waukesha, Dane and Outagamie Counties
through its eight full service offices and two loan production
offices providing deposit and loan services to individuals,
professionals, and businesses throughout its markets.
Contact:Kirk Emerich - Executive Vice President and CFO262-306-3921
Westbury Bancorp, Inc. (NASDAQ:WBB)
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