The recent passing of the Jumpstart Our Business Startups Act (JOBS Act) caused a shift in the registration of the Securities and Exchange Commission. As of May 29, 2012, 61 banks filed to “deregister” their common stop and suspend securities reporting requirements. According to SNL Financial, more banks have “deregistered” in this quarter than in the last 16 quarters combined.
Reports show that the majority of deregistration filers held under $1 billion in assets, and even more held less than $500 million in assets. SNL implemented a new threshold, which states that in order to deregister, a bank must have less than 1,200 shareholders.