First Chester County Corp. of West Chester, Pa., said that a top executive resigned from the board of directors, and that the company failed to file its annual report, according to a filing with the Securities and Exchange Commission.
The missed filing deadline prompted an April 1 letter from the Nasdaq, which notified First Chester that it no longer complies with the market's requirement that companies file regular financial reports.
The $1.1 billion-asset company said it expects to submit a plan in 60 days to regain compliance. If it does not comply, its stock could be delisted.
It also said James M. Deitch, the chief operating officer, resigned from the board. Deitch also is managing director of its American Home Bank mortgage division, which First Chester is trying to sell.