Citizens First Bancorp Announces Voluntary
NASDAQ Delisting
February 12, 2010 06:00 PM Eastern Time
PORT HURON, Mich.--(EON: Enhanced Online News)--Citizens First Bancorp, Inc. (NASDAQ: CTZN) (the
“Company”), the holding company for CF Bancorp, announced today that it has given formal written notice to the
NASDAQ Stock Market (“NASDAQ”) of its intention to voluntarily delist its common stock from the NASDAQ
Capital Market.
The Company previously reported that its Board of Directors instructed management to prepare an analysis of the
alternatives to the continued listing of its common stock on the NASDAQ Global Select Market, including the
transfer to The NASDAQ Capital Market or trading of the Company’s securities on the OTC Bulletin Board. Based
on management’s recommendation, the Company thereafter applied for and transferred from the NASDAQ Global
Select Market to the NASDAQ Capital Market on December 16, 2009. The decision to delist from the NASDAQ
Capital Market has now been reached as part of the Company’s overall strategy to conserve resources and improve
cost-effectiveness as the benefits of maintaining a NASDAQ listing have declined over time. The limited trading
volume and low trading prices on NASDAQ of the Company’s common stock, and additional complexities and
administrative burdens associated with being a listed security, outweigh the benefits to the Company and its
shareholders of continued NASDAQ listing.
The Company intends to file a Form 25 with the Securities and Exchange Commission (“SEC”) and NASDAQ on
February 22, 2010 to effect the voluntary delisting of its common stock from the NASDAQ Capital Market. The
Company’s common stock will be suspended from trading as of the date of the Form 25 filing with the SEC. The
official delisting of the Company’s common stock will be effective ten days thereafter, or March 4, 2010.
Following the effectiveness of the Form 25 filing, the Company’s common stock will not be eligible for trading on
any national exchange or the