Crescent Banking Co. said it notified the Nasdaq Stock Market that it intends to stop trading July 22.
The Jasper, Ga., bank holding company said Monday that it plans to file its delisting with the Securities and Exchange Commission. It was notified in April that it did not meet the minimum requirements of Nasdaq's listing rule.
The $1 billion-asset Crescent Banking had a consolidated shareholders' deficit of $12.8 million and 5.3 million shares in outstanding common stock as of March 31.
The top five banks and thrifts have combined total assets of nearly $13 trillion.
The Connecticut bank —a regional traditionally regarded as a cautious lender — said nonperforming loans and leases rose 53% year-over-year. The uptick was in mostly the commercial-and-industrial loan space, although there was one nonperforming commercial real estate loan, executives said.
The two regional banks are anticipating that borrower demand will increase in the back half of the year. High interest rates and economic uncertainty have been muting the appetite for borrowing.
In a letter to Treasury Secretary Janet Yellen last week, the Massachusetts senator highlighted the growing use of cryptocurrencies by malicious organizations abroad and underscored the need for anti-money-laundering and counterterrorism provisions in future proposals.
Brendon Falconer, finance chief of the Indiana company since 2019, faces felony child molestation charges. But CEO James Ryan says management is focused on the CapStar integration and organic growth.
The banking-as-a-service middleware provider will be acquired by TabaPay. Other middleware providers may be forced to evolve or face the same fate.
