Northern States Financial to delist From Nasdaq

Waukegan-based Northern States Financial Corp. holding company for NorStates Bank, said it has notified The Nasdaq Stock Market of its intent to voluntarily delist its common stock from the Nasdaq Capital Market.

Nasdaq notified the company in January that its common stock had not maintained the required minimum closing bid price of at least $1 per share during the prior 30 consecutive business days. At that time, Nasdaq said unless the company could not maintain the minimum closing bid by July 9, its common stock would be delisted.

As a result, the company’s board of directors decided to voluntarily delist Northern States’ common stock from Nasdaq.

“Our decision to voluntarily delist from Nasdaq was made after careful consideration of the advantages and disadvantages of seeking to maintain our listing, our ability to regain and maintain compliance with NASDAQ’s minimum price rule, particularly in light of our size and recent trading history, as well as the costs and compliance obligations of continuing our listing on Nasdaq,” said Scott Yelvington, president and chief executive officer.

The stock should be delisted around Feb. 17, the company said in a statement.