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Several community banks have decided to forgo an appeal of decisions by major stock exchanges to delist their shares, deciding the benefits of a listing aren't worth the cost of the fight.
November 28
Bank of the Carolinas Corp. in Mocksville, N.C., will be delisted from the Nasdaq after failing to maintain a market value of publicly traded shares of at least $5 million.
The $486 million-asset company said in a news release on Wednesday that it had chosen not to appeal the decision because of the "management time and expense involved in pursuing an appeal." The bank's market value of publicly traded shares totaled roughly $1.5 million on Thursday.
Trading will be suspended on March 5, at which point the company's stock will move to the OTC Pink market. It said that it will pursue being listed on the OTC Bulletin Board. Bank of the Carolinas lost $29.2 million last year amid a spike in problem loans and mounting costs related to foreclosed real estate. The company has lost more than $40 million since 2008.
In September, the company entered into
The company's stock was trading at 38 cents on Thursday afternoon, down more than 16% from Wednesday's closing price.
