First Advantage going private

The board of directors for First Advantage Bancorp has voted to leave the Nasdaq and take the $360 million bank holding company private. Officials say the move will “dramatically” cuts their administrative costs and let them focus on their plans.

The delisting is expected to be completed May 10. After that, First Advantage — which had 564 shareholders of record at the end of 2012 — will use the SecondMarket for the trading of its stock.