The $1.2 billion-asset company said Tuesday that it has not filed its financial statement with the Securities and Exchange Commission for the quarter that ended Sept. 30. Tennessee Commerce has until Jan. 23 to submit a plan to the Nasdaq to regain compliance with listing requirements. However, the company said that it expects to submit its delinquent financial statement before this deadline.
Tennessee Commerce reported a los of $120 million in the first nine months of the year due mostly to a $92.6 million loan-loss provision in the third quarter. The company said that the loss had left its banking unit, Tennessee Commerce Bank, critically undercapitalized with a Tier 1 capital-to-assets ratio of 0.95% and total risk-based capital ratio of 2.34%.
The Tennessee Department Financial Institutions has ordered the bank to maintain a Tier 1 leverage capital ratio of at least 8.5% and a Tier 1 risk-based capital ratio of at least 10%, according to a filing with the SEC.
Separately, Suffolk Bancorp in Riverhead, N.Y., said Wednesday that a Nasdaq hearings panel granted it a stay for delisting its common stock pending a hearing on Jan. 19. The company is appealing a previously issued delisting determination.
The $1.6 billion-asset Suffolk has not filed its financial statements with the SEC for the first three quarters of the year due to inconsistencies with its method for accounting for its allowance for loan losses. It also has to restate earnings for quarters that ended Sept. 30, 2010 and Dec. 31, 2010.
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