MORRISTOWN, Tenn., Dec. 9, 2008 (GLOBE NEWSWIRE) -- Community National Bank of the Lakeway Area (Nasdaq:CNLA) today announced its intent to voluntarily delist from the NASDAQ National Market ("NASDAQ"). The Bank will immediately proceed with delisting by providing a written notice to NASDAQ today of its intention to delist and file a Form 25 with the Office of the Comptroller of the currency on or about December 19, 2008. The delisting from NASDAQ is expected to become effective 10 days after such filing, although we expect NASDAQ will suspend trading at the open of trading on December 19, 2008. Following clearance by the Financial Industry Regulatory Authority of a Form 211 application filed by a market maker in the Bank's stock, the Bank expects that its shares will be quoted on the OTC Bulletin Board. The Bank will remain subject to the periodic reporting requirements of the Securities Exchange Act through the Office of the Comptroller of the Currency.
The Bank is taking this action to reduce and more effectively manage its regulatory and administrative costs, and to enable Bank management to better focus on the growth and development of the Bank's business and prospects. The Bank has determined that the perceived benefit of being listed on NASDAQ no longer merits the capital and human investment involved in maintaining the listing. The benefits of maintaining a NASDAQ listing has declined over time as the trading volume has declined on NASDAQ. The Bank's average daily trading volume for the last three months has been less than 550 shares a day, and the stock has not been traded on at least half the trading days during 2008. Considering the limited trading volume on NASDAQ, the Bank has concluded the costs, expenses and administrative burden associated with maintaining a NASDAQ listing outweigh the benefits to be achieved by maintaining the listing.
After delisting, the Bank will continue to provide investors access to information filed with the Office of the Comptroller of the Currency or other information required to be made public under securities laws on the Bank's website at http://www.cnbla.com.