The American Banker has reported that “since the Jumpstart Our Business Startups Act, or JOBS Act, went into effect last April, 109 banks have voluntarily deregistered.” The article continuous by noting this includes 65 banks with fewer than 750 shareholders.
According to the article, Paul Garrigues the chief financial officer of Coastal Banking—with $475 million in asset—estimated that being able to deregister with the SEC will save the institution $150,000 a year.
Harleyville Savings Financial—with $814 million in assets—estimated that it will be able to save $250,000 a year by deregistering with the SEC, according to the American Banker article.
The SEC threshold changes, which has allowed these banks to deregistered with the SEC, capped a seven-year advocacy effort by ABA, which first proposed the increase in a 2005 letter to the agency.
Read more through the ABARegPolicy twitter feed on the right of the ABA Dodd-Frank Tracker homepage.