Cardinal State Bank Receives NASDAQ Staff Determination
20 November 2007 - 9:10AM
PR Newswire (US)
DURHAM, N.C., Nov. 19 /PRNewswire-FirstCall/ -- Cardinal State Bank
(NASDAQ:CSNC), a North Carolina state chartered bank headquartered
in Durham, North Carolina, announced today that it received a Staff
Determination from NASDAQ on November 14, 2007 regarding its
noncompliance with the filing requirements for its Form 10-QSB for
the third quarter ended September 30, 2007. In not meeting these
filing requirements for continued listing, the Bank's common stock
is therefore subject to delisting from the NASDAQ Capital Market
until regulatory compliance is satisfied. John W. Mallard, Jr.,
President and CEO of Cardinal State Bank noted, "In connection with
our pending merger with Yadkin Valley Bank and Yadkin Valley
Financial Corporation, we have identified certain accounting issues
relative to an unrecorded liability for post retirement health care
benefits and the positive effect of recording the deferred tax
asset that relates to the Bank's operating loss carryforwards, the
net effect of which would be positive. We are in the process of
addressing these issues with the FDIC and the Securities and
Exchange Commission. We are moving swiftly with our external and
internal accounting team members to resolve these issues and bring
our filings current with NASDAQ." Mallard further noted "Our
pending merger is well underway and we anticipate having our
Shareholders' Meeting to approve the transaction early in the first
quarter of 2008 with closing shortly thereafter." Cardinal State
Bank is a full-service community bank. Founded in 2001, the Bank
has three offices in Durham: Homestead Market, Independence Park
and Westgate Drive and one office in Hillsborough at 100 S. Churton
Street. This news release may contain, among other things, certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without
limitation, (i) statements regarding certain of Cardinal State
Bank's goals and expectations with respect to earnings, earnings
per share, revenue, expenses and the growth rate in such items, as
well as other measures of economic performance, including
statements relating to estimates of credit quality trends, and (ii)
statements preceded by, followed by or that include the words
"may", "could", "should", "would", "believe", "anticipate",
"estimate", "expect", "intend", "plan", "projects", "outlook" or
similar expressions. These statements are based upon the current
beliefs and expectations of Cardinal State Bank's management and
are subject to significant risks and uncertainties. Actual results
may differ from those set forth in the forward-looking statements.
These forward-looking statements involve certain risks and
uncertainties that are subject to change based on various factors
(many of which are beyond Cardinal State Bank's control).
DATASOURCE: Cardinal State Bank CONTACT: John W. Mallard, Jr.,
President and Chief Executive Officer, Cardinal State Bank,
+1-919-403-2833, Web site: http://www.cardinalstatebank.com/
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