Frontier Financial Corporation Receives Nasdaq Notice of Minimum Bid Price Noncompliance
23 September 2009 - 5:00AM
Marketwired
On September 15, 2009 Frontier Financial Corporation (NASDAQ: FTBK)
received notice from the Nasdaq Stock Market stating that the
minimum bid price of the Company's common stock was below $1.00 per
share for 30 consecutive business days and that the Company was
therefore not in compliance with Marketplace Rule 5450(a)(1). The
notification letter has no effect at this time on the listing of
the Company's common stock on the NASDAQ Global Market. Frontier's
common stock will continue to trade on the NASDAQ Global Market
under the symbol FTBK.
The notification letter states that Frontier will be afforded
180 calendar days, or until March 15, 2010, to regain compliance
with the minimum closing bid price requirement. To regain
compliance, the closing bid price of the Company's common stock
must meet or exceed $1.00 per share for at least ten consecutive
business days. Nasdaq may, in its discretion, require the Company's
common stock to maintain a bid price of at least $1.00 per share
for a period in excess of ten consecutive business days, but
generally no more than 20 consecutive days, before determining that
the Company has demonstrated an ability to maintain long-term
compliance.
If the Company does not regain compliance by March 15, 2010,
Nasdaq will provide written notification to the Company that the
Company's common stock will be delisted. At that time, the Company
may appeal Nasdaq's delisting determination to a Nasdaq Listing
Qualifications Panel. Alternatively, the Company could apply to
transfer its common stock to The NASDAQ Capital Market if it
satisfies all of the requirements, other than the minimum bid price
requirement, for initial listing on The NASDAQ Capital Market set
forth in Marketplace Rule 5505. If the Company were to elect to
apply for such transfer and if it satisfies the applicable
requirements and its application is approved, the Company would
have an additional 180 days to regain compliance with the minimum
bid price rule while listed on The NASDAQ Capital Market.
The Company intends to actively monitor the bid price for its
common stock between now and March 15, 2010, and will consider
available options to resolve the deficiency and regain compliance
with the Nasdaq minimum bid price requirement.
About Frontier
Frontier Financial Corporation is a Washington-based financial
holding company, providing financial services through its
commercial bank subsidiary, Frontier Bank, since 1978. Frontier
Bank offers a wide range of banking and financial services to
businesses and individuals in its market area, including trust,
cash management, and investment and insurance products. Frontier
operates 48 offices in Clallam, Jefferson, King, Kitsap, Pierce,
Skagit, Snohomish, Thurston, Whatcom counties in Washington and 3
offices in Oregon. Additional information regarding Frontier Bank
and its services can be found at the bank's website:
www.frontierbank.com.
This press release includes forward-looking statements and
Frontier Financial Corporation intends for such statements to be
covered by the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
describe Frontier Financial Corporation's expectations regarding
future events, including the Company's ability to attain compliance
with certain NASDAQ rules. Future events are difficult to predict
and are subject to risk and uncertainty which could cause actual
results to differ materially and adversely. Additional information
regarding risks and uncertainties is included in Frontier Financial
Corporation's periodic filings on Forms 10-K and 10-Q with the
Securities and Exchange Commission. Frontier Financial Corporation
undertakes no obligation to revise or amend any forward-looking
statements to reflect subsequent events or circumstances.
Contact: Patrick M. Fahey Chairman and CEO Frontier Financial
Corporation 425-514-0700
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