CHAMPAIGN — Central Illinois Bank's parent company plans to deregister its stock by the end of summer.
Once that happens, the company — Wisconsin-based CIB Marine Bancshares — would no longer have to make periodic filings with the Securities and Exchange Commission.
The bank holding company, which has 13 banking offices in Illinois, Wisconsin and Indiana, would still file quarterly financial reports with banking regulators.
Federal legislation passed in spring allows companies to deregister if they have fewer than 1,200 shareholders — which CIB Marine does. Formerly, companies couldn't deregister if they had 300 or more shareholders.
CIB Marine said being registered with the SEC is costly in terms of preparing and filing periodic reports.
"We anticipate significant annual cost savings, which will directly benefit CIB Marine's earnings and regulatory capital," said CEO Charles J. Ponicki in a prepared statement.
Shareholders can continue to get information on the company's performance from quarterly letters, publicly available bank regulatory reports and the company's website.
CIB Marine stock is quoted at the OTCQB market tier on the OTC Market. Deregistration won't disqualify the company's shares from being quoted on that market, but CIB Marine said it can't ensure its shares will continue to be quoted there.
CIB Marine is the parent company of Champaign-based CIBM Bank, which operates as Central Illinois Bank in central Illinois and as Marine Bank in the Milwaukee and Indianapolis metro areas.
Central Illinois Bank has nine offices: two in Champaign and one each in Urbana, Danville, Monticello, Sidney, Bloomington, Peoria and East Peoria.
Marine Bank has three offices in the Milwaukee area and one in the Indianapolis area. It is not affiliated with Springfield-based Marine Bank, which has two offices in Champaign.