Story last updated at 6/20/2012 - 2:02 pm
First National Bank Alaska has filed a Form 15 with the Office of the Comptroller of the Currency to voluntarily deregister its shares of common stock under the Securities Exchange Act of 1934, as amended. Upon such filing, the bank's obligation to file certain reports with the OCC, including annual, quarterly and current reports on Form 10-K, Form 10-Q and Form 8-K, respectively, was immediately suspended. Shares of the bank's common stock trading under the symbol FBAK will continue to trade on the Over-The-Counter Bulletin Board without interruption.
The action comes in response to the recent signing into law of the Jumpstart Our Business Startups Act, in particular the provision that now makes it possible for companies to deregister a class of equity securities if it has fewer than 1,200 shareholders of record.
The bank expects to generate annual savings by reducing accounting, legal and administrative costs associated with being a registrant. The savings will allow First National executives and employees to focus on other areas of the bank's operations to further the strategic direction set by the Board of Directors.
First National will continue to report quarterly financial results to the Federal Deposit Insurance Corporation via Call Reports which are publicly available on the FDIC website at www2.fdic.gov/Call_TFR_Rpts. The bank will also undergo annual independent financial statement and internal control audits as well as routine regulatory compliance examinations by the Office of the Comptroller of the Currency. Periodic and annual financial statement information will be available to shareholders on the bank's website at FNBAlaska.com.
There is no change to the Share Repurchase Program currently authorized through March 2013. Shareholders interested in the Share Repurchase Program can contact Bob Tannahill, Senior Trust Officer at First National Bank Alaska.
Established in 1922, First National is Alaska's largest Alaskan-owned and operated bank, with ATMs and 30 branches in 18 communities throughout Alaska.