Nasdaq Warns Connecticut Bank About Delay

Nasdaq has warned Naugatuck Valley Financial (NVSL) in Connecticut that it is in violation of the exchange’s rules because of a delay in filing its latest quarterly report.

The parent company of the $528 million-asset Naugatuck Valley Savings and Loan said Friday that it received the Nasdaq warning on May 22. It said it plans to file its quarterly report by May 31.

Naugatuck's filing for the quarter ended March 31 is delayed because it recently hired a new chief financial officer, the company said in a filing with the Securities and Exchange Commission earlier this week. Naugatuck named James Hastings chief financial officer in April, replacing interim CFO Thomas Van Lenten.

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