Cecil Bancorp will delist its stock, a move that will lead to the end of over the counter trading.
The bank’s stock had been trading at less than 40 cents a share, down from a 52-week high of 75 cents. Its main holding is Cecil Bank.
The bank, based in Elkton, can delist because of its small number of shareholders, the banking publication reported.
In November, long-time president Mary Halsey retired from the bank after a 33-year career. She has been active in local affairs in Cecil County and in the state of Maryland.
Cecil, which has branches throughout the county, also announced the appointment of Terrie G. Spiro as CEO.. Spiro has more than 25 years of banking experience in the mid-Atlantic region, according to a release. Cecil Bank has struggled with problem loans for a number of years and like other banks received investments from the government in the Troubled Assets Relief Program (TARP).
According to regulatory reports, the bank has $72 million in troubled assets out of a total of $376 million in assets. That was down from $91 million in troubled assets, according to the Investigative Reporting Workshop at American University.
