Solera National Bancorp on Wednesday announced its deregistration from the US Securities and Exchange Commission amid its second-quarter financials slipped slightly from 2013.
“De-registering from reporting to the commission is expected to save the company between USD 100,000 and USD 150,000 annually,” newly named CEO Robert Fenton said in a statement.
However, the holding company registered debacle in the second-quarter from last year but the financials continued to be strong enough to press forward.
He further adds, “We believe the company is positioned to grow and operate with greater efficiency.”
Meanwhile, the publicly traded Solera’s shares fell 3 percent to USD 4.75 on Wednesday. The bank reported a net loss of 15 cents a share for the six months that ended on June 30. It recorded a net income of 24 cents a share for the same period in 2013.
The company’s deposits grew slightly to USD 128 million as compared to USD 4 million from last year. The portfolio loans also grew in 2014 as compared with a year ago. The bank’s total assets also dipped to nearly USD 168 million this year. It was USD 170 million in 2013.
Melissa Larkin, newly named chief financial officer, said, “We will still have transparent financial reporting through publication of quarterly earnings releases and annual audited financial statements.”
Two months ago, Solera National Bancorp had changed its leadership with major reshuffles in the board of directors.