STOCKTON, Calif., May 18 /PRNewswire-FirstCall/ -- Pacific State
Bancorp (Nasdaq: PSBC), the parent company of Pacific State Bank,
today announced that it has received a Nasdaq staff determination
letter dated May 12, 2010, notifying
Bancorp that it has not complied with Nasdaq Listing Rule
5550(a)(2). Pacific State Bancorp ("Bancorp") had initially been
notified on November 10, 2009 that
the bid price of its common stock had closed at less than
$1.00 per share over the previous 30
consecutive business days.
In accordance with Listing Rule 5810(c)(3)(A), Bancorp was
provided 180 calendar days, or until May 10, 2010, to regain
compliance with the Rule. Because Bancorp has not regained
compliance, the Nasdaq Staff has determined to delist Bancorp's
securities from the Capital Market. Accordingly, trading of
Bancorp's common stock will be suspended at the opening of business
on May 19, 2010 and a Form 25-NSE will be filed with the Securities
and Exchange Commission (the "SEC"), which will remove Bancorp's
securities from listing and registration on The Nasdaq Stock
Market.
Bancorp was advised by Nasdaq that Bancorp may appeal the Nasdaq
Staff's determinations to a Nasdaq Hearings Panel (the "Panel"),
pursuant to the procedures set forth in the Nasdaq Marketplace Rule
5800 Series. However, Bancorp does not plan to appeal the
determination. The Company has decided to move the trading of its
common stock to the OTC Bulletin Board ("OTCBB"). Bancorp's
securities will not be immediately eligible to trade on the OTCBB
or in the "Pink Sheets." The securities may become eligible if a
market maker makes application to register in and quote the
security in accordance with SEC Rule 15c2-11, and such application
(a "Form 211") is cleared. Only a market maker, not Bancorp, may
file a Form 211. Pursuant to FINRA Marketplace Rules 6530 and 6540,
a Form 211 cannot be cleared if the issuer is not current in its
filing obligations. Bancorp filings are current. Management will
take steps to establish trading on the OTC Bulletin Board and will
give notice as soon as this is accomplished.
SOURCE Pacific State Bancorp