SOURCE: Birmingham Bloomfield Bancshares, Inc.
BIRMINGHAM, MI--(Marketwire - Sep 28, 2012) - Birmingham Bloomfield Bancshares, Inc. (OTCBB: BBBI) ("the Company"), the holding company for Bank of Birmingham, announced today that the Board of Directors has approved filing Form 15 with the Securities and Exchange Commission ("SEC") to voluntarily deregister its common stock under Section 12 (G) of the Securities Exchange Act of 1934 ("the Exchange Act") pursuant to the provisions of the Jumpstart Our Business Startups Act (the "JOBS Act"). The Company filed two Form 15s on September 26, 2012 and expects them to become effective 90 days after filing. The Form 15 filings will allow the Company to suspend its periodic reporting obligations, including annual, quarterly and current reports on Forms 10-K, 10-Q and 8-K.
The JOBS Act legislation was signed into law on April 5, 2012 and permits bank and bank holding companies to deregister with the SEC if they have less than 1,200 shareholders of record. As a result of the increased shareholder threshold, the Company is now eligible to deregister its common stock. The decision to deregister was motivated by the ability of the Company to realize significant annual savings by reducing accounting, legal, professional and administrative costs associated with being an SEC registrant. Management and the Board of Directors concluded the cost of compliance with general SEC reporting requirements does not provide the requisite benefit to the Company or its shareholders.
Chief Executive Officer Rob Farr commented, "We expect to generate a substantial reduction in annual costs associated with this decision and it will allow senior management to focus resources on the core operations of the Bank, opposed to meeting the filing requirements of the SEC."
The Company will continue to publish comprehensive press releases regarding its current financial performance and provide quarterly and annual reports to shareholders that will include substantially the same information currently disclosed in the SEC reports. The election is also not expected to impact the trading of the Company's common stock, shares will continue to be traded on the Over the Counter Bulletin Board ("OTCBB").
Birmingham Bloomfield Bancshares, Inc. is the holding company for Bank of Birmingham, a full-service community bank serving Oakland County. Bank of Birmingham is dedicated to providing financial services to small and medium sized businesses; their owners and employees; professionals; and individuals who work or reside in the Oakland County market area. Every Bank of Birmingham customer has a relationship manager who serves a single point of contact empowered to provide all the bank's services. Birmingham Bloomfield Bancshares, Inc. marketmakers include Howe Barnes Hoefer and Arnett (acquired by Raymond James), Chicago; Monroe Securities, Chicago; and Hudson Securities, Inc., Jersey City, New Jersey.
This news release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), which involve significant risks and uncertainties. Actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include: changes in interest rates and interest-rate relationships; changes in the national and local economy; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulations; changes in tax laws; changes in prices, levies, and assessments; our ability to successfully integrate acquisitions into our existing operations, and the availability of new acquisitions, joint ventures and alliance opportunities; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and other factors included in the Company's filings with the Securities and Exchange Commission, available free via EDGAR. The Company assumes no responsibility to update forward-looking statements.