Press Release Source: First State Bancorporation On Thursday December 17, 2009, 5:24 pm EST
ALBUQUERQUE, N.M.--(BUSINESS WIRE)--First State Bancorporation (“First State”) (NASDAQ: FSNM - News) announced today that it has been notified by The Nasdaq Stock Market (“Nasdaq”) that First State no longer meets the $1.00 per share requirement for continued listing on The Nasdaq Global Select Market under Listing Rule 5450(a)(1). This notice does not result in an immediate delisting of First State’s common stock from The Nasdaq Global Select Market, as a grace period of 180 calendar days (June 14, 2010) is provided under the listing rules.
The deficiency letter, dated December 14, 2009, states that First State has a grace period of 180 calendar days in which to regain compliance. If at any time during this grace period the bid price of First State’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, Nasdaq will provide First State written confirmation of compliance. In the event that First State does not regain compliance prior to the expiration of the grace period, Nasdaq will provide written notification that First State’s common stock is subject to delisting. First State may apply for the transfer of its common stock to The Nasdaq Capital Market prior to the delisting date if it satisfies all of the requirements, other than the minimum bid price requirement, for initial listing on The Nasdaq Capital Market as set forth in Listing Rule 5505. If First State elects to apply for such transfer, and the application is approved, First State would be eligible for an additional 180-calendar-day grace period. The requirements for initial listing on The Nasdaq Capital Market include a minimum market value of publicly held shares of $15 million, which First State does not currently meet.
“First State is evaluating all of its options following receipt of this notification and intends to work diligently to attempt to retain listing of its common stock on The Nasdaq Global Select Market,” stated H. Patrick Dee, Executive Vice President and Chief Operating Officer. “We believe that improved financial performance that results in an increased stock price, much closer to our tangible book value, is the best potential solution for regaining compliance with the minimum bid price requirement,” continued Dee.
First State Bancorporation is a New Mexico based commercial bank holding company (NASDAQ: FSNM - News). First State provides services, through its subsidiary First Community Bank, to customers from a total of 40 branches located in New Mexico and Arizona. On Thursday, December 17, 2009, First State’s stock closed at $0.40 per share.
Certain statements in this news release are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). These statements are based on management’s current expectations or predictions of future results or events. We make these forward-looking statements in reliance on the safe harbor provisions provided under the Private Securities Litigation Reform Act of 1995.
News 
Market Data 
Discover 
