STOCKTON, Calif., May 18 /PRNewswire-FirstCall/ -- Pacific State Bancorp , 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.
Pacific State Bancorp
CONTACT: Rick D. Simas, CEO, rsimas@pacificstatebank.com; or Don
Kalkofen, Director of Finance, dkalkofen@pacificstatebank.com, both of Pacific
State Bancorp, +1-209-870-3214
