Tennessee Commerce Bancorp Receives Notice of Deficiency From Nasdaq Regarding Listing Rule 5250(c)(1)
25 Avril 2011 - 11:34PM
Tennessee Commerce Bancorp, Inc. (Nasdaq:TNCC) (the "Company")
today reported that it has received a letter from The Nasdaq Stock
Market ("Nasdaq"), dated April 19, 2011, indicating that the
Company is not in compliance with the requirements for continued
listing under Nasdaq Listing Rule 5250(c)(1), which requires that
Nasdaq-listed companies file their required periodic financial
reports with the U.S. Securities and Exchange Commission ("SEC") on
a timely basis. The Nasdaq letter was issued in accordance with
standard Nasdaq procedures due to a qualification contained in the
Report of Independent Registered Public Accounting Firm ("Report")
included in the Company's Annual Report on Form 10-K for the period
ended December 31, 2010, as filed with the SEC on April 18, 2011.
The Nasdaq takes the position that because the Report includes a
qualification, the Form 10-K is incomplete and views an incomplete
filing to be a delinquent filing. The qualification included
in the Report was due to an unresolved report of examination from
the Federal Deposit Insurance Corporation and Tennessee Department
of Financial Institutions that could require adjustments to the
Company's banking subsidiary's allowance for loan and lease losses
("ALLL").
The Company continues to work with its registered public
accounting firm and regulators of its banking subsidiary to resolve
any matters relating to the ALLL which led to the qualification,
and intends to cure the deficiency by filing an amended Form 10-K
removing the qualification as soon as this process is
completed. Unless the deficiency is otherwise resolved
earlier, the Company has up to 60 calendar days or until June 20,
2011 to submit a plan to the Nasdaq to regain compliance with the
filing requirements for continued listing on the Nasdaq Marketplace
(the "Plan"). If the Plan is accepted, the Company can be
granted an exception of up to 180 calendar days or until October
12, 2011, to regain compliance. Pending submission of the Plan, the
Company's common stock will continue to be listed for trading on
The Nasdaq Stock Market. The Company expects to resolve the matter
as soon as possible or otherwise timely file the Plan; however,
there can be no assurance that the Plan will be accepted by the
Nasdaq. In the event the Plan is not accepted, the Company has
the right to appeal to the Nasdaq Hearings Panel.
About Tennessee Commerce Bancorp, Inc.
Tennessee Commerce Bancorp, Inc. is the parent company of
Tennessee Commerce Bank. The Bank provides a wide range of
banking services and is primarily focused on business
accounts. Its corporate and banking offices are located in
Franklin, Tennessee. Tennessee Commerce Bancorp's stock is
traded on the Nasdaq Global Market under the symbol
TNCC. Additional information concerning Tennessee Commerce
Bancorp can be accessed at www.tncommercebank.com.
Forward-Looking Statements
Certain statements contained in this news release may not be
based on historical facts and are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements may be identified by
their reference to a future period or periods or by the use of
forward-looking terminology such as "anticipate," "believe,"
"estimate," "expect," "may," "might," "will," "would," "could," or
"intend." These forward-looking statements include, without
limitation, statements relating to the listing of the Company's
securities and enhancements to the Company's long-term success.
We caution you not to place undue reliance on any
forward-looking statement contained in this news release in that
actual results could differ materially from those indicated in such
forward-looking statements because of a variety of
factors. These factors may include, but are not limited to,
Nasdaq's corporate governance listing standards and changes to
those standards, the Company's ongoing compliance efforts and
ability to meet those standards.
CONTACT: Frank Perez
Chief Financial Officer
(615) 599-2274
Tennessee Commerce Bancorp (TN) (MM) (NASDAQ:TNCC)
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