Shelbyville bank company delisting from NASDAQ

September 7, 2007
Blue River Bancshares Inc. said yesterday that it will delist its stock from NASDAQ to save money.

"We believe the costs associated with being a filing company outweigh the benefits," CEO Russell Breeden III said in a statement.

Costs to comply with the 2002 Sarbanes-Oxley Act also played into the decision, Breeden said.

Yet another reason was the bank's inability to take advantage of its publicly traded status.

Blue River shares have been mired between $4 and $7 since early in the decade. In the past year, the stock traded as high as $5.60, but generally has trended downward. It closed at $5.03 yesterday.

The bank plans to continue publicly releasing its financial performance.

Blue River operates Shelby County Bank in Shelbyville and Paramount Bank in Lexington, Ky.
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