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PSB Group buys back shares to save on Sarbanes-Oxley costs.(News)
Crain's Detroit Business, May, 2007 by Henderson, Tom
Byline: Tom Henderson A decision to skip the cost of Sarbanes-Oxley compliance was good last week for shareholders of Madison Heights-based PSB Group Inc., the bank-holding company for Peoples State Bank. The board of directors voted Wednesday to pay a premium to buy all the shares of those stockholders who own fewer than 1,380 shares.
That would leave fewer than 300 shareholders, the threshold for no longer having to comply with Sarbanes-Oxley requirements that kick in for small-cap companies next March. PSB would also cease making filings with the U.S. Securities and Exchange Commission. "We estimate we'll save between $300,000 and $400,000 a year, a cost we wouldn't get any benefit from,'' said President and CEO Michael Tierney. "A lot of the changes...
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