If approved, the parent of locally based Marine National Bank of Naples would no longer file public financials with the federal regulatory agency. Federal banking laws, however, still compel disclosure of the bank's financials.

Although Marine National is a full service bank, the company primarily focuses much of its lending activity on small-business and commercial real estate development.

Besides saving on regulatory filing costs, the holding company expects to better serve its mostly locally based shareholders as a private company.

"Our common stock is held almost exclusively by people in the local community," Pierce T. Neese, Marine Bancshares chairman and chief executive officer, says in a prepared statement. "Since our public offering has been extremely thinly traded, the board of directors decided the advantages of being a reporting company…do not offset the costs associated with SEC reporting requirements."

Neese says that after deregistration, Marine Bancshares "will incur significantly reduced accounting and legal fees and the administrative burdens of our management will be reduced."

Stock in Marine Bancshares took a nosedive on the announcement, with shares trading down $1.18 around 10:30 a.m. Tuesday at $5 on volume of 8,200--just 25 cents off the 52-week low.