Niles bank takes stock off Nasdaq listing

NILES -- First Niles Financial is having its common stock removed from the Nasdaq stock listings.
The move was made because it has become too costly to abide by new federal regulations for publicly traded companies, said William Stephens, company president.
New rules on corporate governance have been enacted since the scandals at public companies such as Enron.
The move will save First Niles more than 100,000 a year, Stephens said.
He said the local company, which is the holding company for Home Federal Savings and Loan Association of Niles, has the necessary internal audits and other controls to be sure operations are running properly.
First Niles filed an application Thursday with the U.S. Securities Exchange Commission to have the stock de-listed.
The move was approved by shareholders Dec. 14.
The plan called for shareholders with less than 300 shares of common stock to have their stock converted to preferred shares.
The company's common stock will be carried on the over-the-counter market under the symbol FNFI.PK. This market handles stocks that are sold by brokers and not major markets.