Beverly Hills Bancorp to Drop Stock Listing

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Beverly Hills Bancorp Inc., the Calabasas-based parent of First Bank of Beverly Hills, said it will terminate its common stock listing from the Nasdaq Global Select Market exchange.


The company said after the market closed Thursday that it has not arranged to be listed on any other exchange and will cease to be a reporting company Feb. 11.


“We have made this determination because we believe that the substantial financial and administrative burden of periodic reporting far outweigh the benefits of continued listing and registration,” said Chief Executive Larry Faigin in a statement. He did not immediately return calls for comment.


In its most recent regulatory filing, Beverly Hills Bancorp, which has assets of $1.3 billion, reported a third quarter net loss of $11.9 million due to a sharp increase in its provision to cover loan losses.


Shares closed Thursday at 35 cents.

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