Auburn Bancorp Inc. is seeking to deregister with the U.S. Securities and Exchange Commission as a public company. The company is the parent of Auburn Savings Bank.
The company's board of directors recently approved terminating the registration of its common stock, according to a press release. The company plans to file paperwork with the SEC on or about Feb. 21. President and CEO Allen Sterling said the company is deciding to deregister "in order to reduce operating expenses." He added that "the continuing increased costs and administrative burdens of public company status, including our reporting obligations with the SEC, outweigh the benefits of public reporting." He said the company will continue to provide stockholders with an annual report containing audited financial statements.
Auburn Savings Bank employs 14 people in two offices in Lewiston and Auburn. As of Sept. 30, 2011, Auburn Bancorp had total assets of $78 million and liabilities of about the same amount. Its net income was $61,000, or 12 cents per common share.