Citizens Holding Company, the holding company for The Citizens Bank of Philadelphia announced it will delist its common stock from Nasdaq and deregister its common stock. The company expects its common stock to be on the QTCQX Best Market by Dec. 18 under the symbol CIZN, according to a press release.

"We anticipate significant cost savings and efficiencies resulting from SEC deregistration and delisting from Nasdaq. After careful consideration, the board of directors approved this decision after concluding that the benefits to the company and its shareholders outweighed the advantages of remaining an SEC-reporting, Nasdaq-listed company," Stacy M. Brantley, CEO, Citizens, said in the release. "We are excited to begin trading on the OTCQX Market alongside many investor-focused community banks. The company's financial statements will continue to be audited by an independent accounting firm, and the company intends to continue publishing quarterly and annual financial information via press releases or by postings on the OTC Markets website."

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